Best Long-term Care Insurance Companies: A Complete Guide for 2026
Last reviewed: June 2026
You are 58 years old and have seen the cost of a nursing home climb to $95,000 a year in your state. You worry that your savings will not cover a three-year stay.
You may need to replace that amount with a policy that pays a daily benefit of $250 for up to 36 months. That could protect a half-million dollars of assets.
This post shows how to compare carriers, what features matter most, and which companies rank highest for value, stability, and flexibility.
This article provides educational information only and does not constitute financial or legal advice.
Key Takeaways
| Provider | Standout Feature | Best For |
|---|---|---|
| Mutual of Omaha | Flexible 24-72 month benefit | Hybrid life option seekers |
| Genworth Financial | Shared care rider | Spouses splitting benefits |
| MassMutual | Caregiver support rider | Strong customer service |
| New York Life | Lifetime Benefit option | Coverage past age 85 |
| Northwestern Mutual | Benefit increase, no exam | Flexible future coverage |
- Check a carrier’s financial strength rating from A.M. Best or Moody’s before buying
- Look for policies that allow inflation protection without raising premiums every year.
- Choose a benefit period that matches your health outlook; 36 months is common for moderate risk.
- Review elimination periods; a 90-day wait lowers premiums but requires cash flow.
- Consider hybrid policies that blend life insurance with long-term care benefits.
- Get at least three quotes and compare the total cost over the first ten years.
How to Evaluate Long-Term Care Insurers
For a vetted, regularly updated list of tools that can help, explore our AI insurance tools directory.
Start with the insurer’s financial health. A rating of A- or higher from A.M. Best signals the ability to pay claims decades from now. Check the latest rating reports on the rating agency’s website.
Next, examine the policy’s core features. Daily benefit amounts, benefit periods, and inflation riders determine how much care you can afford. A $200 daily benefit for 36 months covers roughly $2.2 million in total benefits.
Inflation protection adds a percentage each year to the daily benefit. A 5 % rider can increase the benefit to $260 after ten years, but it also raises the premium. Some carriers offer a “capped” rider that limits the increase to a set maximum.
Elimination periods act like deductibles. A 30-day period means the policy starts paying after the first month of care. Longer periods lower premiums but require you to have cash ready.
Finally, look at optional riders. Waiver-of-premium riders keep the policy active if you become disabled. Return-of-premium riders refund a portion of premiums if you never use the benefit.
Top Rated Long-Term Care Companies in 2026
Mutual of Omaha
Mutual of Omaha holds an A+ rating from A.M. Best. The company offers a flexible benefit period from 24 to 72 months. Daily benefits start at $150 and can be increased with a 3 % or 5 % inflation rider. The elimination period ranges from 30 to 180 days.
Mutual’s policies include a “Hybrid Life” option that adds a death benefit if the care benefit is never used. Premiums for a 58-year-old male, $250 daily benefit, 36-month period, and 5 % inflation rider average $2,850 per year.
Genworth Financial
Genworth carries an A rating from Moody’s. Its flagship “Genworth Life Care” plan offers a 5 % inflation rider at a modest premium increase. The company provides a “shared care” rider that splits benefits between the policyholder and a spouse.
A typical quote for a 58-year-old female with a $200 daily benefit, 36-month period, and 90-day elimination period is $2,600 annually. The policy can be converted to a hybrid life plan after five years.
MassMutual
MassMutual is rated A++ by A.M. Best. It is known for strong customer service and a straightforward enrollment process. The “MassMutual LTC” plan allows a benefit period up to 72 months and offers a 3 % inflation rider at no extra cost for the first three years.
Premiums for a 58-year-old male, $250 daily benefit, 36-month period, and 30-day elimination period average $3,100 per year. The policy includes a “caregiver support” rider that pays a small stipend to family caregivers.
New York Life
New York Life holds an A+ rating from Standard & Poor’s. Its “New York Life LTC” policy features a “Lifetime Benefit” option that extends coverage beyond the original benefit period if the insured lives past age 85.
A sample policy for a 58-year-old female, $200 daily benefit, 36-month period, 5 % inflation, and 90-day elimination period costs $2,750 per year. The plan also offers a “Return of Premium” rider after 20 years of continuous coverage.
Northwestern Mutual
Northwestern Mutual is rated A++ by A.M. Best. The company’s “Northwestern LTC” plan emphasizes flexibility. It allows you to increase the daily benefit by up to 20 % after the first five years without a new medical exam.
A typical quote for a 58-year-old male, $250 daily benefit, 36-month period, 5 % inflation, and 30-day elimination period is $3,200 per year. The policy includes a “Partial Waiver of Premium” rider that pauses payments if you enter a qualified care setting.
Hybrid Policies: Combining Life Insurance and LTC
Hybrid policies blend long-term care benefits with a death benefit. If you never need care, the policy pays a lump sum to heirs. If you do need care, the benefit is paid out first, and any remaining death benefit is reduced.
One popular hybrid is a “Life Insurance with LTC Rider.” For a $250,000 universal life policy, the rider might provide $150 daily LTC benefits for 36 months. Premiums are higher than a stand-alone LTC policy but lower than buying two separate policies.
Another option is “LTC Annuities.” You purchase an annuity that converts to LTC payments when a qualifying event occurs. The annuity’s cash value can be accessed if you never need care, providing flexibility.
Hybrid policies are attractive for estate planners who want to protect assets while ensuring care coverage. Always verify the rider’s trigger definitions, as they can differ between carriers.
How State Regulations Affect Your Choice
Each state sets its own rules for LTC insurance. Some states require a minimum inflation rider, while others cap the maximum daily benefit. For example, Florida mandates a 5 % inflation rider for policies sold after 2022.
Licensing also varies. Not all carriers operate in every state. Before you request a quote, confirm that the insurer is licensed in your state. The state insurance department’s website lists approved carriers and any consumer complaints.
Some states offer “LTC tax credits.” In Texas, residents can claim a credit of up to $2,500 per year for premiums paid on qualified policies. Check your state’s tax agency for current limits.
Tips for Getting the Best Price
1. Buy early. Premiums rise about 5 % each year after age 55. Purchasing at 55 can save you 15 % over a policy bought at 58.
2. Choose a modest benefit. A $150 daily benefit covers basic assisted-living costs in many regions and keeps premiums lower.
3. Select a longer elimination period. A 180-day period can cut premiums by up to 20 % if you have emergency savings.
4. Limit inflation riders. A 3 % rider costs less than 5 % and still provides growth.
5. Bundle with other insurance. Some carriers offer discounts if you also hold home or auto policies with them.
6. Review the policy annually. Life changes may allow you to adjust benefits without penalty during the first few years.
What to Expect During the Application Process
You will complete a health questionnaire covering chronic conditions, medications, and recent hospitalizations. The insurer may request a medical exam, especially for high-benefit plans.
If the underwriter flags a condition, you can request a “non-medical” rating, which raises the premium but avoids the exam. Some carriers waive exams for policies with lower daily benefits.
After approval, you receive a contract with a “free look” period of 10 days. You can cancel for a full refund within that window. Keep the contract for future reference; it outlines the elimination period, benefit triggers, and rider options.
When to Reevaluate Your Coverage
Life events such as retirement, a spouse’s diagnosis, or a change in assets can affect your LTC needs. Review your policy every two years or after any major health change.
If you have a hybrid policy, check the remaining death benefit after any LTC payouts. You may want to increase the life component to maintain estate goals.
Consider converting a stand-alone LTC policy to a hybrid after ten years if you have not used any benefits. Some carriers allow conversion without a new health exam, preserving insurability.
Frequently Asked Questions
How much does long-term care insurance typically cost?
Premiums vary by age, health, and benefit design. For a 58-year-old in good health, a $200 daily benefit with a 36-month period and 5 % inflation rider averages $2,600 to $3,200 per year. Prices rise sharply after age 60.
What is the difference between a benefit period and a lifetime benefit?
A benefit period limits payments to a set number of months, such as 36 or 60. A lifetime benefit continues paying the daily amount for the rest of the insured’s life, often at a higher premium.
Can I change my daily benefit after the policy starts?
Many carriers allow a one-time increase after five years, usually up to 20 % of the original benefit, without a new medical exam. Check the rider details for limits.
Do hybrid policies affect my eligibility for Medicaid?
Hybrid policies that retain cash value can be counted as an asset for Medicaid eligibility. However, the LTC benefit itself is typically excluded. Consult a Medicaid specialist before purchasing.
How does the elimination period work in practice?
If your policy has a 90-day elimination period, you must pay for the first 90 days of care out of pocket. After that, the insurer begins paying the daily benefit. The period is designed to filter out short-term stays.
Are there tax advantages to paying LTC premiums?
In most states, LTC premiums are not deductible on federal returns. Some states, like Texas and Arizona, offer tax credits or deductions. Verify the current rules with your state tax agency.
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