More than half of Americans over 65 will need help with basic activities like eating or bathing, according to the U.S. Department of Health and Human Services. The cost of providing long-term assistance continues to rise: In 2023, a year in a nursing home averaged $100,000, while an in-home nurse or aide ran $60,000.
Long-term care (LTC) insurance can help pay for a caregiver or modifications to your house, so you can stay at home longer. If you need more help, it can also reimburse you for physical therapy or assisted living.
We compared more than 24 insurance providers that offer both hybrid and standalone long-term care policies, and chose the best in a variety of categories. (See our methodology for more information.)
What is long-term care insurance?
Long-term care insurance can pay for services and support if someone is diagnosed with a disability or chronic medical condition and needs help with the basic activities of daily living (ADL):
- Bathing
- Dressing
- Eating
- Continence
- Using the bathroom
- Moving from a bed to a chair
In most cases, you must be unable to perform two out of six ADLs for LTC benefits to be triggered. And, as with other kinds of insurance, there are coverage limits and waiting periods.
Standalone long-term care policies are increasingly rare: Most providers only offer hybrid options tied to life insurance or annuity plans.
Long term care insurance can help pay for in-home care or physical therapy, plus, premiums can be tax-deductible.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Mutual of Omaha offers two LTC policies for individuals between 30 and 79 years old. with add-ons like inflation protection and return of premium benefits. Discounts available to applicants in good health.
Best long-term care insurance
Best for seniors: Mutual of Omaha
Mutual of Omaha Long-Term Care Insurance
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Standout features
Mutual of Omaha offers two standalone LTC policies with add-ons like inflation protection and return of premium benefits. Discounts available to applicants in good health.
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Age limits
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Maximum benefit
MutualCare Secure Solution: $1,500 to $10,000 per month. MutualCare Custom Solution: Up to $10,000 per month.
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Maximum benefits period
Pros
- Flexible elimination period options
- Discounts available for couples and people in good health
- Available in all 50 states
Cons
- Return of premium and inflation protection cost extra
Who’s this for? Mutual of Omaha accepts applicants up to age 79, older than many competitors.
Standout benefits: Mutual of Omaha offers a 15% discount for couples who enroll together and a 5% discount if only one partner gets coverage. There is also a 15% discount if you meet certain health qualifications. Policies include access to a care coordinator and your premiums are waived while you receive benefits.
Best for comparison shopping: GoldenCare
GoldenCare
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Standout features
Founded in 1974, GoldenCare is one of the largest LTC brokers in America, with policies from Mutual of Omaha, Cigna, Nationwide and other top providers, as well as Medicare Advantage, prescription drug and critical illness plans
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Age limits
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Maximum benefit
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Benefits period
Pros
- Medicare Advantage available
- Offers prescription drug and critical illness plans
Cons
- Insurance broker, not a provider
- Can’t compare plans online
- Not all plans are available in all areas
Who’s this for? GoldenCare is a long-term care marketplace that’s great for comparing rates and coverage options. Its offerings include major providers like Nationwide, National Guardian Life Insurance and Mutual of Omaha.
Standout benefits: GoldenCare also offers Medicare Advantage plans, as well as life insurance, critical illness and annuity policies.
Best hybrid long-term care insurance: Nationwide
Nationwide CareMatters
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Standout benefits
Nationwide’s CareMatters and CareMatters Together combine life insurance and LTC benefits. They’re cash indemnity policies, so policyholders get the full amount upfront instead of waiting for reimbursement.
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Age limits
Available to ages 30 to 75; Up to age 70 for CareMatters Together.
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Maximum benefit
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Benefits period
CareMatters: 2 to 7 years. CareMatters Together: 48, 72 or 96 months.
Pros
- Highly rated for customer service
- Cash indemnity benefit with no restrictions
Cons
- Standalone policies not available
- Medical exam may be required
- Nationwide CareMatters Together not available in California or New York
Who’s this for? Nationwide‘s hybrid policies are a good fit if you want to combine whole life insurance with long-term care benefits. The CareMatters and CareMatters Together solutions have a cash indemnity benefit, so you don’t have to wait for expenses to be approved.
Standout benefits: Policyholders can make one-time, monthly or annual payments for five or 10 years or to age 65 or 100, and receive benefits for from two to seven years.
Best for couples: New York Life
New York Life My Care
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Standout benefits
New York Life’s My Care plan is a standalone LTC policy with four tiers that cover up to 80% of expenses at home or in a facility.
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Age limits
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Maximum benefit
Between $1,500 and $7,000.
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Benefits period
2 to 7 years, with a lifetime benefits option.
Pros
- One of the few stand-alone long-term care options
- Discount for couples and existing New York Life customers
- Available in all 50 states
- Care-planning team available to policyholders
Cons
- Only offers 80% reimbursement rate
- Quotes not available online
Who’s this for? New York Life is one of the few providers with standalone long-term care insurance. Its My Care and Secure Care policies offer riders and coverage levels to fit different budgets and needs.
Standout benefits: My Care offers a generous 25% discount for couples and a 10% discount if only one partner is enrolled. Already have a New York Life insurance, annuity or mutual fund policy? You can save 5% on your premiums in the first year.
Best for customer service: MassMutual
MassMutual CareChoice Long Term Care and Life Insurance
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Standout benefits
MassMutual’s CareChoice One and CareChoice Select plans combine the usefulness of a long-term care insurance rider with the convenience of a whole life insurance policy. Policies include a guaranteed long-term care benefit, death benefit and an increasing surrender value.
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Age limits
Available to ages 35 to 69.
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Maximum benefit
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Benefits period
Pros
- High customer satisfaction ratings from J.D. Power
- Low volume of complaints
Cons
- Little information on policies available online
- Only offers hybrid whole life insurance with long-term care rider
Who’s this for? MassMutual routinely scores highly for customer satisfaction on J.D. Power’s life insurance surveys and receives far fewer complaints than other providers, according to the National Association of Insurance Commissioners.
Standout benefits: MassMutual’s CareChoice One and CareChoice Select are hybrid whole life insurance policies with a benefit pool that includes a long-term care benefit, a death benefit and a surrender value if you cancel your policy.
Best for high benefit limits: Northwestern Mutual
Northwestern Mutual Long-Term Care Insurance
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Standout features
Northwestern Mutual offers QuietCare, a standalone LTC policy, and Long-Term Advantage, a tax-deductible hybrid plan that taps life insurance benefits.
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Age limits
QuietCare: 30 to 79, Long-Term Advantage: 40 to 75
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Maximum benefit
Monthly benefits for QuietCare: $12,000 per month ($15,000 in some states). Long-Term Advantage: Up to $15,000 per month.
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Benefits period
QuietCare: 36 to 72 months; Long-Term Advantage: Up to 72 months
Pros
- Standalone policies are available up to age 79
- Spousal discount up to 30%
- Benefit limits up to $15,000 a month
Cons
- Policies require a medical exam
- Long-Term Advantage not available in New York or California
- Limited information on website
Who’s this for? If you’re worried about having enough to pay for care, Northwestern Mutual policies cap out at $15,000 in some states, higher than many other providers.
Standout benefits: Northwestern Mutual also has a standalone LTC policy, QuietCare, open to applicants as old as 80, with customizeable coverage and elimination periods.
Best for inflation protection: Brighthouse Financial
Brighthouse SmartCare
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Standout benefits
Brighthouse SmartCare is a hybrid life insurance policy with a guaranteed death benefit for your loved ones and a long-term care benefit if you need it. The indexed universal life plan can remain level, be tied to a fixed rate or grow with a market index.
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Age limits
Available to ages 40 to 75.
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Maximum benefit
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Maximum benefits period
Pros
- Offered as a level-benefit, fixed-growth or indexed universal life policy.
- Cash indemnity benefit
- May not require medical exam
Cons
- Strict approval guidelines with many disqualifying conditions
- No online quotes
- Somewhat high volume of complaints
Who’s this for? Brighthouse‘s hybrid policies can stand the test of time. Its SmartCare plan can be set up as a fixed-growth policy, which increases 5% annually to protect against inflation, or as an indexed universal life insurance policy, which links your benefits to an index like the S&P 500 but retains a minimum interest rate to protect you from market downturns.
Standout benefits: SmartCare is only offered as a cash indemnity policy, so you get the full amount each month instead of having to file receipts for reimbursement.
What does long-term care insurance cover?
Depending on the provider, a policy can cover:
- Home health care
- Adult daycare
- Respite care
- Nursing home/assisted living facility
Riders and supplements can also help with meal delivery, medical equipment, home modifications (like ramps and stair lifts) and training a family member to help with caregiving.
What are the main types of long-term care insurance?
There are three types of long-term care insurance. The right choice for you depends on your budget, your desire for care and whether you have life insurance.
Standalone
Separate from life insurance entirely, a standalone policy is solely intended to pay for care. Due to rising health care costs and increased longevity, many insurers have stopped offering standalone policies, which now account for less than 20% of long-term care insurance.
Hybrid
Hybrid or linked-benefit policies tie LTC coverage to a life insurance policy. Using LTC benefits reduces the amount available for the death benefit or cash surrender value.
Long-term care rider
Another hybrid option is adding a long-term care rider to your life insurance policy. This would enable you to access some or all of your death benefits while you’re alive to cover expenses.
How much does long-term care insurance cost?
The annual cost of long-term care insurance for a 55-year-old single man in 2024 was about $950 for $165,000 in benefits, according to the American Association for Long-Term Care Insurance.
For a 55-year-old woman, the average rate was about $1,500 per year. For couples who are both 55, the cost of a joint policy was about $2,080.
Long-term care insurance: Pros and cons
Pros
- Allows you to stay in-home longer, with access to caregivers and medical equipment.
- If your policy qualifies as a long-term care partnership plan, each dollar you contribute equals a dollar you don’t have to spend to qualify for Medicaid.
- LTC insurance premiums can be tax-deductible and the benefits you receive are usually tax-free.
Cons
- Can be expensive, especially for retirees on a fixed income.
- Long-term care insurance generally doesn’t cover hospice care or medical treatments and many do not compensate family caregivers.
- If you are older, have a pre-existing condition or are in poor health, you may face higher premiums.
- You may ultimately never use your policy.
Long term care insurance FAQs
What is the biggest drawback of long-term care insurance?
Cost can be a big obstacle for long-term care insurance, especially if you want a standalone policy. Policies average $950 to $1,500 for individuals and over $2,000 for a married couple.
What is the oldest age you can get long-term care insurance?
There’s no set age limit for long-term care insurance, but most companies cap new policies to people in their 60s or early 70s. Mutual of Omaha issues new policies to people as old as 79.
At what age should I get long-term care insurance?
There are long-term care policies available to people in their 40s. but AARP recommends purchasing coverage in your 50s or early 60s. At that age, you’re more likely to still be in good health.
What disqualifies you from long-term care insurance?
There are a variety of reasons you may be turned down for long-term care insurance, including your age. According to AARP, 50% of people age 70 to 74 were denied policies. Pre-existing conditions, like Alzheimer’s disease or cancer, may also exclude you from coverage or result in extremely high premiums.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every insurance review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of insurance products. To research the best long-term care insurance companies, we compiled over 100 data points on more than a dozen long-term care insurance companies. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
CNBC Select compared dozens of long-term care insurance companies based on cost, availability, discounts, elimination period, face amounts, riders, benefits periods and age restrictions.
We incorporated customer satisfaction ratings from J.D. Power, the National Association of Insurance Commissioners’ complaint index and the Better Business Bureau, as well as financial strength scores from A.M. Best
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
Based on these criteria, our choices for the best long-term care insurnace is:
Best for seniors: Mutual of Omaha
Best for comparison shopping: GoldenCare
Best hybrid long-term care insurance: Nationwide
Best for couples: New York Life
For customer service: MassMutual\For high benefit limits: Northwestern Mutual
For inflation protection: Brighthouse
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
