The 5 Best Long Term Care Insurance Products for Seniors

Shawn Plummer

CEO, The Annuity Expert

If you are a senior, it is important to start thinking about long-term care insurance. This type of insurance can provide you with peace of mind in knowing that you will be taken care of if you need long-term medical care. There are many different insurance providers of long term care insurance, and it can be difficult to decide which one is right for you. That’s why we have put together a list of the 5 best long term care insurance products!

The Best Long Term Care Insurance Companies

  • OneAmerica is one of the largest long-term care insurance companies in the United States today. They have a wide range of life insurance policies and annuities that can meet the needs of any senior citizen. The insurance company also has a strong financial strength rating, which means you can be confident that they will be able to pay out any claims you may have.
  • Global Atlantic is another great choice for long-term care insurance. They offer a long-term care annuity, and they have a strong financial strength rating.
  • Guaranty Income Life Insurance Company (GILICO) offers a long-term care annuity that can triple the value for qualified long-term care expenses, and the financial stability rating could be better but is improving.
  • Lincoln Financial Group is a large insurance company that offers a hybrid policy combining universal life insurance and long-term care insurance. They have a good financial strength rating.

The Best Long Term Care Insurance Utilizing Life Insurance

OneAmerica AssetCare hybrid policies are whole life insurance that allows you to access the full death benefit of your life insurance policy (living benefits) to assist pay for qualifying LTC expenses. You may choose to accelerate your death benefit and use it to pay for care now if a need for care arises. If your death benefit is used up, you have the option of extending benefits for a certain period or indefinitely. Asset Care can help individuals plan ahead for retirement sooner in their lives.

  • Premium Payment Period: The multi-pay option allows you to pay premium payments for your protection over 5 to 20 years, or even your lifetime. This way, you can be sure that your financial commitments won’t be affected if you need long-term care.
  • Inflation Protection: An optional inflation protection rider is offered at an additional cost.
  • LTC Insurance Benefits: Covered care insurance includes a long term care facility, assisted living facility, home health care, homemaker services, hospice care, adult day care centers, international facilities, respite care, bed reservation, care coordination, supportive equipment, and caregiver training.
  • Benefit Periods: The insured must be unable to perform two of the six activities of daily living. The elimination period or waiting period is 90 days.
  • Death Benefit: Unlike traditional long term care insurance, any unused money in the whole life insurance policy can be passed on to beneficiaries as a death benefit, tax-free.

The Best Long Term Care Insurance With An Optional Extension Of Benefits

OneAmerica Annuity Care Long Term Care Annuity are hybrid policies that can help you convert your taxable assets to tax-free when they’re used for qualifying long-term care (assisted living facilities, nursing homes, and home health care). This single premium deferred annuity helps protect your retirement income stream if the need for care arises.

The long-term care annuity also includes an optional continuation of benefits provision that is paid for with a monthly charge taken from your base annuity to extend the length of your protection for as long as you desire. In addition, your one-time premium may be used to help pay for LTC in a tax-efficient manner.

  • Medical exam: There is no medical exam required, and the average Annuity Care application process takes 30 minutes over the phone to find out if you qualify and are approved.
  • LTC Benefits: Covered care insurance includes a long term care facility, assisted living facility, home health care, homemaker services, hospice care, adult day care, international facilities, respite care, nursing home, bed reservation, care coordination, supportive equipment, and caregiver training.
  • Benefit Periods: The insured must be unable to perform two of the six activities of daily living.  The elimination period or waiting period is 7 days.
  • Death Benefits: Unlike traditional long-term care insurance, any unused money in the contract can be passed on to beneficiaries as a death benefit.

The Best Long Term Care Insurance With A Built-In Extension Of Benefits

One America AnuityCare II Long Term Care Annuity can help you convert your taxable assets to tax-free when they’re used for qualifying long-term care. This single premium deferred annuity helps protect your retirement income stream if the need for care arises.

The retirement plan also includes a built-in continuation of benefits provision that is paid for with a monthly charge taken from your base annuity to extend the length of your protection for as long as you desire. In addition, your one-time premium may be used to help pay for LTC costs in a tax-efficient manner.

  • Medical exam: There is no medical exam required, and the average AnnuiCare II application process takes 30 minutes over the phone to find out if you qualify and are approved.
  • LTC Benefits: Covered care insurance includes a long term care facility, assisted living facility, home health care, homemaker services, hospice care, adult day care, international facilities, respite care, bed reservation, care coordination, supportive equipment, and caregiver training.
  • Benefit Period: The insured must be unable to perform two of the six activities of daily living.  The elimination period or waiting period is 90 days.
  • Death Benefit: Unlike traditional long-term care insurance, any unused money in the contract can be passed on to beneficiaries as a death benefit.

The Best Long Term Care Insurance For Spouses

Global Atlantic ForeCare Long Term Care Annuity is a fixed annuity with Long-Term Care Benefits. When planning for retirement, we often think about protecting our assets from market volatility, taxes, or inflation. Still, there’s also an increasing need to consider the potential effect of long-term care costs. This long term care coverage is two or three times the value of your annuity (depending on medical history), and it is much cheaper than traditional long-term care insurance.

  • Medical Exam: There is no medical exam required, and the average ForeCare application process takes 30 minutes over the phone to find out if you qualify and are approved. Coverage levels are:
  • The standard level provides double the amount of your contract value for qualified LTC expenses.
  • The premier level provides triple the amount of your contract value for qualified long-term care expenses.
  • LTC Benefits: Covered care includes home care, personal care, homemaker services, chores services, home health aide, nurse and therapist help, respite care, adult daycare, assisted living facilities, hospice care, and a nursing home.
  • Waiting Periods: The insured must be unable to perform two of the six activities of daily living or be severely cognitively impaired.  The elimination period or waiting period is 90 days.
  • Spouses: ForeCare lets you and your spouse take out money for long-term care expenses at the same time or separately, whenever long-term care is needed. Spouses can be on one policy as well.
  • Inflation Protection: An optional inflation protection benefit is offered at an additional cost.
  • Death Benefit: Unlike traditional long-term care insurance, the policy’s death benefit is any unused money in the contract that can be passed on to beneficiaries.

The Best Long Care Insurance For An IRA

GILICO AnnuiCare Long Term Care Annuity is a tax-deferred fixed annuity that also provides long-term care coverage. The hybrid-policy coverage is three times the value of your annuity, and it is much cheaper than traditional long-term care insurance. Plus, the premiums for long-term care are paid from the annuity’s value, so you don’t have to worry about large, out-of-pocket payments. IRA and other qualified retirement plans may fund this long-term care insurance plan.

  • LTC Benefits: Covered care includes in-home care, personal care, chores services, home health aide, nurse and therapist help, respite care, adult daycare, assisted living facility, hospice care, and a nursing home.
  • Benefit Period: The insured must be unable to perform two of the six activities of daily living or have severe cognitive impairment.  The elimination period or waiting period is 90 days.
  • Inflation Protection: An inflation protection benefit is offered at no additional cost.
  • Application Process: There is no medical exam required, and the average AnnuiCare application process takes 30 minutes over the phone to find out if you qualify and are approved.
  • Death Benefit: Unlike traditional long-term care insurance, any unused money in the policy can be passed on to beneficiaries as a death benefit.

Conclusion

If you are a retiree, it is important to start thinking about long term care insurance while you are in good health, and how much coverage you need. This type of medical insurance can provide you with peace of mind in knowing that you will be taken care of if you need long-term medical care. The Annuity Expert is a licensed long-term care insurance agency that can help you find the best policy for your needs. Request a quote today and let an LTC insurance agent help you get started on securing your future.

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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