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Our Top 3 Picks for Long Term Care Insurance Companies

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Just like you shop around for the best auto insurance coverage, you should also shop around for Long Term Care insurance (LTCI). Here, we’re helping you by recommending our top three picks for Long Term Care Insurance companies.

Our review comes from decades of experience working in the LTCI market. We’ve watched carriers come and go, release policy series rate increases, innovate with new products, and most importantly, pay claims.

Learn more about these top three LTCI carriers (in alphabetical order) and why they’re leading the market today.

Genworth Life Insurance Company

Genworth has been a steady player in the LTCI industry for many years. As a policyholder, you gain access to Live + Well, a specialized wellness program with Mayo Clinic educational information and tools to help maintain better health.

Genworth’s LTCI plan is unique in the market because it contains a Home Assistance Benefit which offers training for anyone providing care in the home. If you’re interested in more ways to stay healthy and stay at home, Genworth offers great solutions included in their LTCI plans to help meet your needs.

Mutual of Omaha Insurance Company

Mutual of Omaha is a financially top-rated company and offers many advantages with their LTCI plans. The best part? You can create a 100% customized plan with the features and benefits you want and need.

As an added plus, their plans contain a built-in monthly benefit (a recommended plan feature) while other carriers offer a standard daily benefit. Mutual of Omaha also offers a spousal security benefit which provides coverage for your spouse should they experience an extended health care event while you are on claim.

Transamerica Life Insurance Company

Transamerica is back and going strong after a brief market exit to rebrand, regroup, and build new, sustainable products. Transamerica’s LTCI products offer a 0-day elimination period (no deductible) for home health care services. This feature gives policyholders access to benefits for home care from day one of a long term care event.

They also offer a built-in Return of Premium up to age 67 which pays your beneficiary the premiums you paid, less any claims paid, if you pass away before age 67.

Understanding LTCI Plan Differences

Most LTCI carriers offer the same standard benefits including a daily or monthly benefit, benefit duration options (years of coverage or pool of money), inflation options, and additional riders for added benefits.

Depending on the care you want or need, the following are a few LTCI features that are important to consider when buying a policy.

Keep these features in mind:

  1. Monthly Benefit – This feature allows you to receive services on a day-to-day basis at any cost. The invoice for services will deduct from your monthly benefit amount.
  2. Waiver of Premium – Automatically waives your premium payments while on claim.
  3. 0-Day (no deductible) for Home Health Care Services – Beneficial for those receiving home health care services (70% of claims are paid in the home).
  4. Inflation Protection – Look for plans with flexible inflation options to help meet your current budget and coverage needs in the future.

Claims Experience

Since long term care insurance is a policy you will have for a long time, it is very important to choose a company that is committed to their product and has strong financials.  In the end, you want a company that is easy to work with when it matters the most, claim time.  You have likely heard the phrase ‘Practice makes perfect’ and in the case of a claim experience, you want a carrier with enough of a track record that they have a smooth, well thought out process that will be easy for you during your difficult time.

Ready to compare rates between the top LTCI carriers? Try our online LTCI quoting tool for free today.

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