Aging is a natural phenomenon, and there is no escape for the same. As we grow older, we fail to perform even the easiest tasks with the required precision. Often, people who are 65 or older need help performing their daily activities such as bathing, dressing, eating, and so on. In such cases, checking themselves into a nursing facility or opting for assisted living is the only option available for seniors. Moreover, nursing facilities are quite expensive and can drain the retirement savings. In addition to this dilemma, even if the individual has Medicare, it is rendered futile since it doesn’t include long-term care costs.
To ensure that you do not drain your life’s savings for seeking long-term care, you can opt for long-term care insurance that is designed especially for people whose failing health demands long-term care. This policy is instrumental in providing benefits to people who have cognitive or functional impairments.
Long-term care insurance offers two types of policies:
- Traditional long-term care insurance policy
This type of long-term care insurance offers flexible insurance coverage that covers the healthcare expenses for an extended period of time. Moreover, it is a convenient choice since it requires you to pay a small amount upfront to begin the coverage. - Hybrid long-term care insurance policy
As the name suggests, this type of long-term care insurance combines the traditional long-term care insurance policy with a life insurance policy. You will have to make an initial investment of $50,000 or more to start the policy. The highlight of this policy is that it covers your long-term care payouts, and in case the benefits are not used by you, the payment of the same is made to your beneficiaries after your death.
If you wish to avail of long-term care insurance, here are some of the best long-term insurance companies for you to choose from.
- Mutual of Omaha
It is a respectable, privately-held insurance company that has been actively providing life insurance, long-term care insurance, retirement, and other products across all the 50 states in the country. It offers the best long-term care insurance since it offers inflation protection coupled with benefits where the elimination periods are calculated in calendar days instead of service days. This is essential since it implies that you can start receiving your benefits sooner than later and that too without the need to submit receipts to prove that you received service on that particular day. The benefits of the policy are available in terms of two to five years. - MassMutual
Founded in the year 1851, MassMutual has been a consistent contender amongst the insurance companies that provide the best long-term care insurance. It offers traditional long-term care insurances with a 6-year maximum benefit period which is more than what other insurance providers offer. Moreover, it offers an inflation protection rider that proves handy in the long run. It offers certain policies that are tax-deductible, and the claims are usually paid according to the reimbursement model which implies that you need to maintain your receipts for out-of-pocket expenses. MassMutual has garnered a lot of policyholders owing to high financial scores given by highly credible financial rating sites such as the AM Best, and Moody’s. - Transamerica
It is among the top insurance companies known to provide the best long-term care insurance policies. Transamerica has been a leading insurance company since its inception in 1928 and has been termed as “customer-friendly” since it provides cash alternative caps at 30%, and its total benefits amount begins at a lower amount, as low as $18,000, which is a commendable option. This makes it one of the best long-term care insurance providers since not all insurance companies offer such benefits. The “zero-day” waiting period for home health benefits makes it more appealing. - AXA
This insurance company offers the best hybrid long-term care insurance. Anyone in the age group of 20 to 75 can opt for these, and the payments are made in the form of monthly benefits rather than through reimbursement. The elimination period for this policy is 90 days, and you might need a certification of disability for payment of claims. The hybrid policy offered by this insurance company is quite convenient since it doubles as a long-term care insurance and a potential supplemental retirement income. - Northwestern Mutual
While choosing the best long-term care insurance provider, you need to choose the one with a sound financial backing, and the Northwestern Mutual is one such insurance company. This company offers its customers a comprehensive list of plans and benefits that are amongst the best plans offered currently. It even offers an automatic inflation-protection at 3%, 4%, and 5%. This implies that even if you opt for a plan without inflation protection that provides $100 daily benefit, you can enhance it to $200 daily benefit with inflation protection. - LTC Financial Solutions
A leading insurance provider, LTC Financial Solutions, LLC houses long-term care specialists who make it easier for the clients to find the best long-term care insurance for themselves. In fact, most of the long-term care solutions are tailored according to their needs, and these specialists help the customers find the perfect plan for them that offers the best services within their budget.
