Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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Best long term care insurance companies

Who is the best long term care insurance company you can choose? First, consider what long-term care insurance covers. This is an insurance policy that helps pay for the cost of long-term clinic care for an elderly or disabled person.

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A long term care insurance policy usually cites coverage for a predetermined period of time. This is not the same policy as a standard health insurance plan. This type of coverage is usually not covered by Medicare or Medicaid. Definitions of long term care insurance, the risk and investment involved and some of the most respected and popular providers follow.

What is Long-Term Care Insurance?

It’s important to understand that patients who have this coverage are usually not sick, but may be unable to get around and take care of themselves throughout the day. Long-term care insurance, by definition, provides help to individuals in areas of eating, bathing, toileting, transferring, dressing and walking.

Though seniors are obviously the majority in long-term cases, age itself is not a disqualifying factor when looking for an insurance policy. About 40% of all cases involve people under the age of 64, leaving 60% of senior age.

How can you determine the best insurance company when looking for long-term care for a loved one? First, determine whether you want to search by insurance company or by insurance agent. An insurance agent may have access to several policies from a variety of companies. If it’s a matter of comparing plans, then you have to start analyzing the details; what is covered and what isn’t?

Generally speaking, consumers want the basics of long-term care covered, meaning home care (the previous list of daily routine help), as well as a few specialty care services. Assisted living facilities coverage refers to a home that provides frequent assistance to individuals who need help with daily living.

Nursing homes provide constant surveillance and a trained nursing staff on-hand. Adult daycares mainly provide association and activities for members. There are also services for hospice care, Alzheimer’s patients care, and respite care, which is the service of relieving a regular caretaker for a period of time.

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Risk and Long-Term Investment

Naturally, the best insurance policy for long-term care is a policy that offers all of these niceties. However, few insurance companies can afford to provide the royal service. Therefore, family members of long-term care patients have to decide what options are most important to them.

Naturally, the best insurance policies offer the insured and family members the option of choosing a nursing home or assisted living facility when that is the need. The best policy can afford a stay in a well-reviewed privately owned facility. Other policies may not pay for a live-in facility, but instead provide a live-caregiver, or perhaps a visiting caregiver.

Depending on the price of the policy, a nurse may be available 24 hours a week, or a therapist once or twice a week. It’s important to note that services extend only as far as the policy benefit maximum provides.

Buying long-term care at the age of retirement is risky. Policy premiums spike in price and benefits are usually only paid by reimbursement. Some companies offer per-diem benefits at a slightly higher rate. One important issue to consider is location. Some policies may be selective about doing business with continental or international sources.

Before considering the best insurance company, first consider the factors that are going to directly influence your premiums: the age of the insured, the daily benefit (sometimes compiled by month), the length of the benefit, the elimination period, and the health rating. You also have to consider protection against inflation.

The best insurance policy will not only find a preferred health facility, but also provide you long-term financial protection. If you are planning to take care of two aging parents, then you would look into your insurance provider’s multi-life discounts. There are also other issues of spousal survivorship, non-forfeiture, benefit restoration and premium return to consider.

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Some of the Most Popular Long-Term Care Companies

Some of the companies mentioned favorably for long-term care insurance (according to the American Association for Long-Term Care Insurance) include:

  • Genworth Life
  • John Hancock
  • LifeSecure
  • Mass Mutual
  • MedAmerica
  • MetLife
  • Mutual of Omaha
  • Prudential
  • Transamerica

All of these companies scored As and Bs according to trustworthy organizations like Standard and Poor’s and AM Best Company.

Be sure to compare quotes before deciding on a long-term care company. This is quite possibly a once in a lifetime decision, as a good policy will last you until the end of the insured’s life. Consider important questions like: “Is this policy guaranteed for life?” or “Can the insurance company cancel it for any reason besides non-payment?” Don’t forget to verify the waiting period as well. The recommended waiting period is no longer than three months.

Why not start comparing policies between different long-term care insurance companies right now? You can use the comparison tool on this page, at no fee, to get an idea of all the top insurance companies and the policies they offer.

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