New York Life
From our critical and in-depth assessment, we found that the best long-term care insurance policy is New York Life. Its strength at the top of the list can obviously be seen from its
- Long-standing history
- High ratings
- Death benefits
- Traditional long-term care coverage alongside the insurance
- Flexibility to choose the type of care (you could choose to stay in an assisted living facility, at home, or cared for by a loved one)
- Plans that protect members against inflation, and
- Money-back guarantee if the insurance would no longer be needed.
As the best long-term care insurance, New York Life offers two types of LTC insurance: A combination insurance plan that covers both long-term care and the insurance benefits, and the stand-alone long term care insurance.
Northwestern Mutual
Established in 1859, Northwestern Mutual is ranked among the best long-term care insurance for customer service and has an AM Best Financial Strength Rating of A++ (Superior).
The company has sported a notable financial stability since its inception. Additionally, it offers long-term care coverage both through life insurance riders and as stand-alone policies. These attributes makes it a quick pick when it comes to the best life insurance policy, sitting right next to New York Life.
On digging deep, we discovered Northwestern Mutual has coverage available for individuals as young as 18 years up to 79.
You also have the option of selecting coverage daily limits ranging from $50 to $400. Care could be giving at home, at an assisted living facility, or through community care. The insurance also comes with death benefits and spousal coverage.
Mutual of Omaha
If you are looking for a great long term care insurance for a highly affordable price, then look to Mutual of Ohama. This company takes the spot as best for value for its many discount offers to its customers.
- It offers three types of premium discounts
- It has an AM Best Rating of A+ (Superior) for financial strength
- Has a long-standing history since 1909.
- Customers can choose to receive either cash benefits or reimbursement for actual costs
- Customers are not obliged to pay monthly premiums while receiving care
- Customers enjoy access to a care coordinator who will evaluate their needs and set up their LTC accordingly
- Inflation protection
- Shared care (for spouses)
- Money-back guarantee for benefits not received
For seniors having chronic diseases, assistance would only be required with 2 out of the 6 activities of daily living for 90 days before the coverage gets activated. For cognitive impairment on the other hand, continuous supervision will be required in order to get the benefits.
Lincoln Financial Group
Typically, most other long-term care insurance will require you to wait for months before they’re processed. While waiting, you may have to pay for your care out-of-pocket. This is undesirable.
If you are looking for the best Long-Term Care insurance policy that is fast to kick in with no waiting period, the Lincoln Financial Group is the way to go.
Lincoln Financial is the best long-term care insurance in terms of no-waiting period. The only other company that offers no-waiting period is Pacific Life, but it does so with several exceptions.
Bottom line
Middle class households are the most prone to costs of long-term care and could leverage long-term care insurance. Without coverage, a prolonged long-term care stay could result in liquidation of savings and investments or even the sale of your home.
In Long Island the Medicaid program pays the nursing home and personal care of qualified residents.
Importantly, you need to meet the eligibility requirements which states that your assets must be below a certain threshold. Medicaid can offer coverage in several cases of low-income households who don’t have enough assets or home equity. If you have a considerable amount of assets that can fund up to $100,000 each year for up to three or more years, long-term care insurance is optional.
Get expert help for you long-term care planning
Are you looking to plan towards long-term care? Our elder law attorneys are ready to help you. Give us a call.
