Best Options for Long-term Care Insurance
Top-Notch Policies for Extended Senior Care (Long-Term Care Insurance)
Got a long-term care situation on your hands? Scouring for the perfect insurance to cater to your needs? Look no further! We've got the inside scoop on the cream of the crop in long-term care insurance providers. Our research, based on financial stability, rich benefits, and stellar customer service, paints a clear picture.
Wondering which insurance companies stand tall among the rest? Here are our top picks:
- Northwestern Mutual - Best in Show
- Thrivent - Runner Up
- Mutual of Omaha - No Waiting Period Champion
- National Guardian - Lifetime Benefits Heavyweight
Northwestern Mutual - Elevating Care to a Higher Level
- Monthly Maximum Benefit: $12,000
- Customer complaints: Fewer than expected
Northwestern Mutual's long-term care insurance shines with a plethora of benefits and impressive financial strength. It's the perfect choice for comprehensive coverage with a generous maximum benefit.
- High Benefit Limit
- Online claim filing
- Minimal Customer complaints
- Strong Financial footing
- Future claims may require a 6-week wait
Northwestern Mutual is our top pick for long-term care insurance. It excels in offering a monthly maximum benefit of $12,000, making it second best only to Thrivent in our survey. A high benefit amount ensures you're well-equipped to handle complex care expenses.
When it's time to access benefits, Northwestern provides the convenience of online claim filing. The company's solid financial health and low rate of customer complaints imply it's more likely to fulfill its future obligations to its policyholders.
However, Northwestern did raise rates on some of its long-term care policies sold before early 2013. The insurance sector has adjusted in recent years to ensure they can pay future claims, as previously rates were too low compared to payouts. The American Association of Long-Term Care Insurance even published a report demonstrating that modern regulations make it unlikely that policies today will face future rate increases. [1]
In terms of policies, Northwestern's standalone long-term care insurance policy, known as QuietCare, includes coverage enhancements such as inflation protection, survivorship benefits for couples, and paid-up nonforfeiture benefits. But, there is a 6-week elimination period before benefits kick in.
For the unacquainted, an elimination period in long-term care insurance is the duration you wait to receive benefits following an injury or illness onset.
In 2022, Northwestern introduced a hybrid life insurance policy called Long-Term Advantage, which pays out a life insurance benefit if long-term care isn't needed.
Northwestern Mutual was established in 1857 and calls Milwaukee home.
Thrivent - A Solid Option for the Faithful
- Monthly Maximum Benefit: $15,000
- Customer complaints: Fewer than expected
Claim Your PolicyThrivent is a financially resilient company with exceptional customer service and benefits, making it an alluring choice, especially for the Christian community.
- $15,000 Maximum Monthly Benefit Amount (highest in our study)
- 8-year maximum benefit period
- Financial strength
- Few customer complaints
- Includes a care coordinator
- Policies only accessible to Christians or Christian spouses
- No online claims
Thrivent could be an attractive alternative to long-term care insurance. Its financial stability guarantees it's likely to meet its long-term responsibilities to policyholders. The longevity of long-term care insurance is crucial, as it covers expenses years into the future.
AM Best rates insurance companies based on their financial outlook, evaluating each using a scale. [2] Thrivent and Northwestern Mutual both received the highest possible grade, A++.
A lower rate of customer complaints indicates Thrivent boasts efficient customer service and claims-handling processes. Customer service matters significantly for long-term care insurance, as claims can be complex and emotionally charged.
Thrivent presents the highest maximum monthly benefit amount in our analysis ($15,000), and an 8-year maximum benefit period, the second-longest in our review. These features enable you to tap into considerable financial support to address long-term care costs across extended time frames. Since the average length of long-term care stands at 3.6 years for women and 2.5 years for men, Thrivent's extended duration might provide coverage well beyond what's typical. [3]
Thrivent's long-term care insurance policy includes a benefit providing a licensed health care coordinator to assist in developing a care plan, identify local providers, and monitor ongoing needs. Furthermore, the Shared Care Benefit Rider enables couples to share their benefits. For example, if you exhaust your policy's benefits, you can tap into your partner's.
However, Thrivent has some constraints. Policies are only accessible to Christians or Christian spouses, which limits availability for many individuals. Additionally, online claim filing is not available, which might create some inconvenience.
Thrivent was founded in 1902 and is based in Minneapolis.
Mutual of Omaha - Immediate Coverage Available
- Monthly Maximum Benefit: $10,000
- Customer complaints: Fewer than expected
Lock in ProtectionMutual of Omaha offers policy options without waiting periods for benefits, ensuring you're covered for care from day one.
- Options with no waiting period accessible
- Minimal customer complaints
- No online claims
Mutual of Omaha provides two long-term insurance policy options, MutualCare Secure and MutualCare Custom. MutualCare Custom caters to customized coverage based on personal needs, with adjustable policy limits, benefits, and waiting periods.
Mutual of Omaha even offers a policy option with no waiting period. This enables immediate access to benefits following qualification from a future illness or injury (provided you pass medical underwriting). Keep in mind that someone who already requires long-term care at application time may get denied coverage.
Both policies offer the option for a cash benefit, which provides part of the monthly benefit in advance, with no elimination period, for coverage-related expenses. Mutual of Omaha receives few customer complaints, signifying customers generally appreciate the service.
However, Mutual of Omaha does not provide online claim filing, which might create some inconvenience.
Mutual of Omaha was founded in 1909 and is headquartered in Omaha, Nebraska.
National Guardian - Peace of Mind for Lifetime Benefits
- Monthly Maximum Benefit: $9,000
- Customer complaints: Fewer than expected
Secure Your FutureNational Guardian's long-term care insurance offers the option for lifetime benefits, ensuring coverage continues even as needs persist over the long haul.
- Lifetime benefits available with a rider
- Policy with no waiting period available
- Minimal customer complaints
- Lower maximum monthly benefit compared to competitors
- No online claims
National Guardian's long-term care insurance policy, EssentialLTC, incorporates an optional rider extending the initial three-year benefit period to four, five, or six years, or even a lifetime. National Guardian is the sole company in our analysis to offer a lifetime benefit option. A lifetime benefitprovides comfort in knowing you'll still have coverage for ongoing issues that may exhaust benefits in other policies.
EssentialLTC offers flexible premium payment options, allowing you to pay over 10 years, all at once, or throughout the life of the policy, aligning with your financial objectives.
National Guardian receives few customer complaints for a company of its size, indicating customers are generally content with service and claim handling.
There are a few potential drawbacks. National Guardian does not offer online claim filing, which might cause some inconvenience.
The $9,000 Maximum Monthly Benefit isn't as high as those provided by Thrivent or Northwestern Mutual, so it might not be enough to cover total care costs in some regions. The national average cost for a private room in a nursing home is more than $9,500 a month.
National Guardian Life Insurance Company was founded in 1909 and is based in Madison, Wisconsin.
Trust Us With Your Long-term Care Insurance Decision
- Investopedia's Criteria: Investopedia's long-term care insurance assessments are based on the unbiased research and analysis of our staff. Our list of top long-term care insurance companies rests on data from 11 companies, focusing on coverage, financial stability, customer complaints, and additional features to help you choose the best provider. Investopedia has been a trusted source of financial information since 1999 and has reviewed long-term care insurance since 2020.
How We Chose the Best Long-Term Care Insurance Companies
Investopedia's list of top long-term care insurance companies stems from the analysis of 11 companies. Each company had to meet Investopedia's standards for online transparency and financial stability to be included.
We collated 32 data points from each company, obtained from company web pages, media representatives, rating agencies (AM Best and the National Association of Insurance Commissioners), and customer service calls. The research took place from April 2 to April 24, 2025.
Staff editors and research analysts then scored each company using a weighted quantitative model based on eight major categories. We weighted the categories as follows:
- Coverage limits: 38%
- Financial strength: 15%
- Customer complaints: 10%
- Types of care covered: 10%
- Online claims: 10%
- Riders: 9%
- Discounts: 4%
- Standalone policy availability: 4%
References:1. LTC News. "Future Long-term Care Insurance Rate Increase Risk Near Zero."2. AM Best. "Guide to Best's Financial Strength Ratings."3. Department of Health & Human Services. "Long-Term Services and Supports for Older Americans: Risks and Financing, 2022." Page 5.
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