Best long-term care insurance companies

With the cost of healthcare steadily rising, paying for necessary medical care can be tough, especially for seniors. After all, the average lifespan is increasing, but the health issues that come with aging can be expensive, especially if they're tied to longer-term medical problems. And while Medicare and Medicare supplemental coverage often cover a large portion of seniors' health-related expenses, what it won't typically cover is the cost of long-term care.

That's where long-term care insurance comes in. This type of coverage can help fill a crucial gap in healthcare coverage by helping pay for extended care services that traditional health insurance or Medicare typically won't cover. For example, the costs for nursing homes, assisted living facilities and in-home care currently run, on average, between $6,600 and over $10,000 each month, but these types of expenses are excluded from Medicare coverage. But if you have a long-term care insurance policy in place, you have a way to pay for these types of expenses. 

So how do you find the right long-term care policy and coverage for your needs? That search typically starts by looking at the top long-term care insurance providers, which can help you narrow down the options to find one that matches your financial situation and care preferences.

Learn more about your long-term care insurance options by getting a free price quote here.

Best long-term care insurance companies

Here are some of the best long-term care insurance companies available now, broken down into five categories.

• Best for comparing multiple providers: GoldenCare
• Best for discounts: Northwestern Mutual
• Best for seniors: New York Life
• Best for policy customization: Mutual of Omaha
• Best overall: Nationwide

Best for comparing multiple providers: GoldenCare

GoldenCare is an online brokerage specifically for long-term care insurance and other similar products, like critical care insurance, prescription plans, annuities and more. The company partners with nearly two dozen different healthcare and insurance providers, so when you fill out a quote form, GoldenCare's brokers can recommend a wide range of products and policies that might fit your needs. 

Golden Care can even help with hybrid insurance plans, which combine traditional life insurance with long-term care benefits. Learn more about long-term care insurance with GoldenCare here.

Best for discounts: Northwestern Mutual

If you're looking for a company that offers plenty of discounts to lower your premiums, then Northwestern Mutual is a great option. Northwestern offers a 15% discount — for both you and your partner — if you each have a long-term care policy with the company. There are also discounts depending on how you pay your premium.

Northwestern's policies come in as both standalone policies and hybrid ones, which combine a whole life insurance policy with a long-term care rider.

Best for seniors: New York Life

New York Life is a good choice for seniors in need of long-term care coverage. The insurer offers traditional policies, as well as a life insurance policy with add-on long-term care options. If the additional long-term care benefits are not used within a certain time frame, you'll get the premiums for that coverage back in full.

Best for policy customization: Mutual of Omaha

Mutual of Omaha is your best bet if you want to personalize your policy for your specific needs. Not only does the company offer standard long-term care insurance with a built-in care coordinator, but you can also add on benefits like inflation protection, which increases your benefits based on the rising costs of care annually, and return of premium add-on that return your premiums — minus the benefits you used — at the end of your term. You can also opt for shared care to extend your benefits to a spouse or partner. 

Learn more about your long-term care insurance options here now.

Best overall: Nationwide

Nationwide's wide array of long-term care insurance offerings makes it our pick for the top insurer. The company offers three types of policies — one with guaranteed benefits (whether or not long-term care is ever needed), one with a shared pool of benefits for couples, and a third that combines universal life insurance with a rider to cover long-term care costs. Nationwide customers also get access to the company's caregiver advocate tool, which helps connect you with long-term care options in your area. 

Compare your options

Premiums and coverage differ from one insurer to the next, so get at least a few quotes before determining who to buy your long-term care insurance policy from. Make sure to consider any discounts offered, and look for extra perks that could improve your experience, like caregiver advocates, money-back guarantees or pooled spousal benefits, for instance. Get started here today!