These expenditures may include care supplied in a hospital, services offered in a nursing home, medical services provided in your home, and treatment for illnesses such as Alzheimer's. The most reliable companies with good ratings and generally favorable customer evaluations will be the ones that give the very best long-term care insurance. It will provide savings, as well as numerous forms of coverage, in addition to affordable costs. Some service providers provide discounts, while others do not need customers to go through any waiting periods before receiving their services.

New York Life

New York Life offers customers various plan options, care flexibility, high daily coverage limits, and a guarantee of their money back.

Pros

• Being in business since the year 1845
• Plans protect against inflation, long-term care insurance, and plans that combine long-term and life insurance.

Cons

• No online quotations
• You need to consult with an agent to acquire pricing.
• There are grace periods built into every policy.

Overview

New York Life Insurance Company, which began operations in 1845, is consistently ranked among the best companies offering long-term care insurance in terms of their overall financial soundness. The most reputable rating firms, including AM Best, have awarded it its highest possible grades for its robust financial position, and one of those grades is an A++.

New York Life, selected by our Investopedia team as one of the finest firms to provide life insurance in 2022, offers two distinct kinds of long-term care insurance. According to the plan's name, its combined long-term care insurance plan provides either long-term care (if required) or a greater reward from the life insurance policy. Long-term care insurance provides coverage for the costs associated with various care options, including care provided by a facility, care provided at home, or care provided by a family member.

Mutual of Omaha

Mutual of Omaha is our top recommendation for customers searching for discounts on their long-term care insurance. They provide customers with three different kinds of discounts, each of which may result in savings of up to 15%.

Pros

• Three different reductions on the premiums
• Excellent standing in the financial markets
• Having been in operation since 1909

Cons

• Additional fees are charged for inflation protection.
• Premium refunds cost extra
• One and only one strategy for long-term care

Overview

Mutual of Omaha is an insurance provider that was established in 1909 and had an A+ (Superior) rating from AM Best. The company provides one basic plan for long-term care. It comes with preconfigured features that specific requirements may alter. Customers have the option of getting the following as part of the basic plan:

• Monetary advantages instead of reimbursement for the expenditures incurred.
• Access to a care coordinator who can evaluate your requirements, create an individualized care plan for you, and schedule services on an as-needed basis
• Remission of the premium.

Lincoln Financial Group

Lincoln Financial Group gives advantages to individuals residing overseas in addition to offering four different plans with no waiting periods.

Pros

• There is no pause before use.
• Excellent standing in the financial markets
• The international advantages that are offered

Cons

• No online quotations
• Please get in touch with the agent for further price information.
• You will not get your premium money back for the next six years.

Overview

AM Best has rated Lincoln Financial Group as A+ (Superior), even though the company has been operating since 1905. Our research has shown that this firm is head and shoulders above its rivals when it comes to no-waiting period policies. These are its MoneyGuard II and MoneyGuard III plans, providing coverage for nursing homes and assisted living institutions with zero-day elimination periods for accessing their benefits. Before providing coverage for these services, most other businesses on this list demand that the applicant waits at least ninety days.

Bright House Financial

Because it does not need dependents to provide receipts to collect payments, this firm is the greatest option for easily accessible payouts.

Pros

• There is no need for receipts.
• Excellent standing in the financial markets
• Constantly operating since its founding in 1863

Cons

• No online quotations
• Please get in touch with the agent for further information about the plan.
• There is just one plan.

Overview

Brighthouse Financial was founded in 1863 and was initially a division of Travelers Insurance Company. Today, the company serves more than two million clients and has an A rating (Excellent) from AM Best.

The hybrid life insurance and long-term care insurance plan offered by the firm provides clients with the option to acquire either LTC coverage if required or payment for dependents. This plan allows clients to expand their long-term care benefits, with built-in security during economic downturns and the ability to lock in the value anytime. This is a distinctive characteristic of the plan, including the possibility of linking it to market indexes.