Guide Best Long Term Care Insurance for Seniors

— Last Updated May 27, 2022

Best Long Term Care Insurance for Seniors

In this article

— Last Updated May 27, 2022

Read Time
4 mins
Reviewed by
Eric Berkman

Best Long Term Care Insurance for Seniors

Stephanie Wilson

Director of Operations

Read Time

4 mins

Reviewed by

Eric Berkman

In this article

Best long-term care insurance for seniors

At the moment you may be in perfect health, but If you are over 60, the chances are that your health may deteriorate and, in the not too distant future, you’ll require help with daily living, including some type of care from others.

Possibly, you may end up with chronic health concerns that will require long-term care services at home, in a nursing home facility or another type of assisted living facility. With any of these scenarios will come long-term care expenses.

If you don’t have the right kind of long-term care coverage or the insurer is slow to pay up for your long-term care costs and medical expense, then the financial burden that the payment for the cost of care brings can decimate your savings, pension pot and other assets rapidly. Investing in a robust long-term care insurance policy with a reputable long-term care insurer may be the best way forward for you.

So, what is the best long-term care insurance policy options on the market for seniors? In this article we’ll review some of the major long-term care insurance companies, and provide our perspective on the best long-term care insurance for seniors.

One of the main things we do at Policy Solver is we look to find the best long-term care insurance and rates for YOU, and we know that your situation and the type of policy you need are different from others.

So, while many folks spend a good period of time searching for the best long-term care for seniors by looking for generic overall ratings and reviews, this method has its limits. We’ll tell you the truth, not just what we think you want to hear. If you talk with us, we’ll take the time to discuss in depth your specific requirements, and find the best long-term care insurance for you, your family, and your unique long-term care needs.

And we’ll even tell you if we don’t think long-term care insurance is right for your situation. We’ll go a step further to also help you find a better solution. So, let’s first get started with some general thoughts on the best long-term care for seniors, and then of course, it’s up to you to decide the best approach to go further. Whether it’s reach out to carriers directly, or get a consultation with one of our agents, where we can help guide you.

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What criteria do we use to decide the best long-term care insurance for seniors?

  • Financial stability of the company. Long-term care insurance needs to be able to pay you benefits when you will need them. If the company that you have a policy through isn’t in a good financial situation or has a poor financial strength rating then it increases your risk that they will not be financially solvent enough to have the funds necessary to pay out your benefits when you will need them. Insurance as a whole is based on a simple phrase in the industry – the promise to pay. This means, once the underwriting of the policy is sorted, you pay an annual premium to have the insurance and the insurance company promises to pay out monthly benefit amounts when you file a claim that gets approved. So, that’s why we look at the major financial ratings agencies who assess the financial standing of the insurers.
  • Track record of the company. We like companies who have either been around a long time, or have a commitment in the long-term care space. This gives us confidence that they will be there to help during time of need in terms of having the right processes in place to facilitate getting things moving when claims are filed.
  • Commitment to Long-term care insurance. There is no secret that the long-term care insurance industry has taken on some challenges over the past 20 years, so that’s why we like companies that have either been able to keep selling long-term care insurance or have gotten into it, because it shows they can still make it work and are committed to the space.

So with that criteria laid out, we’ll take a look at our list.

Here’s our list of the best long-term care insurance for seniors.

Thrivent – This is one of our top choices on the list of best long-term care insurance for seniors. It’s financial stability ratings are A++ by Moody’s, which is the highest rating they offer. Moody’s is basically saying that Thrivent has superior financial standing and their ability to pay claims when needed is excellent. So, if you were to get a long-term care policy from Thrivent you’d be getting a policy from company who will almost overwhelmingly be there when you them. We also like them for their services and their varied products offerings. They’ve been around since 1902, and have evolved as a leader in the long-term care insurance space.

Mutual of Omaha – They make our list of the best long-term care for seniors, too. Mutual of Omaha has an A1 rating by Moody’s, which is the 5th highest rating they offer. Sure, compared to Thrivent, they’re a little lower, but an A1 rating is still excellent, and Mutual of Omaha have been around since 1909, with a stellar reputation for payment of claims and working with customers quickly. We include Mutual of Omaha in our set of the best long-term care insurance for seniors because of these reasons.

National Guardian Life – This company is also on our list of best long-term care insurance for seniors, and similar to Thriven, National Guardian Life also have an A++ rating by Moody’s. Like Mutual of Omaha, they’ve been around since 1909, too. They offer a great long-term care insurance product that’s typically on the affordable side, while still offering many great benefits and features.

In summary

Generally speaking, these three companies, Thrivent, Mutual of Omaha, and National Guardian Life are the best long-term care insurance companies on our list. But, please know that we constantly keep up with the insurers, changes in the industry, and of course will always get our clients matched up with the right product with the right benefits and price that meets their needs. And so we will look at other carriers if we think it makes sense. Check out our long-term care insurance guide or if you’re ready to get a quote, please connect with us.

May 26, 2022

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