Most Affordable Long-Term Care Insurance Plans of 2024
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November 16, 2023
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It’s no secret that long-term care insurance can be expensive. You can expect to pay anywhere from $79 to upwards of $500 per month for a policy, but it’s clear that long-term care insurance can be a lifesaver when you consider that assisted living and nursing homes can run you over $6,000 per month.
To help you find affordable long-term care insurance providers, we compiled a list of insurers that issue policies with low premiums and maximal coverage amounts. Your total cost will vary greatly based on your age, location, and health, but all these insurers offer policies for under $200 per month.
Did You Know: To learn more about long-term care insurance, read our guide to long-term care insurance.
The Cheapest Long-Term Care Insurance Companies of 2024
- Nationwide : Best for long-term care riders
- Mutual of Omaha : Best for spouses
- USAA : Best for Veterans and Members of the Military
- Lincoln Financial Group : Best for Protecting Your Legacy
- Northwestern Mutual : Affordable and Flexible Premiums
How We Chose Our Favorites
When evaluating the most affordable long-term care insurance providers, we examined the following criteria:
- Affordable premiums: We chose long-term care insurance providers with low premiums and payment plans that stretch across two, five, or 10 years.
- Issue ages: Many long-term care insurance providers won’t issue policies to people over age 65, but all the providers we included issue policies to people in their 70s.
- Financial ratings: Several long-term care insurance companies have recently gone out of business, and were thus unable to pay out claims. That’s why we chose only insurers with strong financial ratings.
1. Nationwide - Best for long-term care riders
What We Like Most:
- Death benefits for beneficiaries
- Family caregiver payments
- Options for how benefits will be paid out
- Inflation options to protect from rising costs
Most affordable policy: Long-term care rider
A.M. Best rating: A+
Cost: Contact agent
Nationwide has helped protect people from unexpected financial situations since 1925. The provider offers a variety of insurance, investing, and banking solutions for individuals and businesses across the U.S. For affordable long-term care insurance, we recommend looking into Nationwide’s long-term care rider. Rider regulations, however, may be different depending on the state you’re in.
For older adults who want to leave a legacy or make sure their loved ones are taken care of, we recommend choosing life insurance policies with a rider. With flexible premiums, a rider lets you access death benefits while you’re alive, as long as eligibility is met. You can also choose to be reimbursed for long-term care expenses or receive up to 100 percent of your available monthly cash benefits. One downside is that not all insurance products are available in certain states.
To learn more about this provider, check out our guide to Nationwide long-term care insurance.
Pros
- Unused long-term care benefits go to beneficiaries
- Flexible premiums
- Premiums guaranteed not to increase
- 100 percent of monthly cash benefits available
- No restrictions on how benefits can be used
Cons
- Some products not FDIC- or NCUSIF-insured
- Products not available in all states
2. Mutual of Omaha - Best for spouses
What We Like Most:
- Policies issued up to age 79
- Inflation protection
- Partner benefits
- No elimination period for cash benefits
Most affordable policy: MutualCare Secure Solution
A.M. Best rating: A++ (Superior)
Cost: $225 monthly estimate for a monthly benefit amount of $3,100
Based in Omaha, Nebraska, Mutual of Omaha is a mutual insurance and financial services company that has been around since 1909. In addition to offering Medicare Supplement Insurance and life insurance plans, Mutual of Omaha has several affordable long-term care insurance solutions for older adults.
We recommend the MutualCare Secure Solution, which is great for older adults looking to share their benefits with a partner or spouse. If you exhaust all your long-term care benefits and still need additional care, for example, then you can tap into your partner’s policy for more benefits.
Other optional benefits you can add to your existing policy include inflation protection and a security benefit, which can help pay for the care of living expenses of a partner who is uninsured. Mutual of Omaha has many ways to save on your monthly premium, such as taking advantage of partner or spouse discounts. If you and your partner both purchase MutualCare Secure Solution long-term care insurance policies, for example, you can get up to a 30 percent discount. Depending on your location, you could pay around $225 monthly for long-term care coverage with a maximum of $3,100 per month.
One of the downsides of Mutual of Omaha is that a medical exam may be required for policies, and premium rates are subject to change.
Pros
- 30-day look period
- Couples discounts
- Inflation protection
- Shared care benefits
- 90-, 180-, or 365-day elimination period options
Cons
- Medical exam may be required
- Premium rates may change at any time
3. USAA - Best for Veterans and Members of the Military
What We Like Most:
- Exceptional customer service
- Streamlined mobile app
- Affordable life insurance policies
- Free membership
Most affordable policy: John Hancock USAA Long Term Care Rider
A.M. Best rating: A++ (Superior)
Cost: Contact agent
Founded in 1922, USAA offers financial and insurance protection for veterans, members of the military, and their families. It doesn’t offer stand-alone long-term care insurance policies, but it recommends contacting issuing companies such as John Hancock or Genworth for long-term care policies purchased before 2018.
We recommend the John Hancock USAA Long Term Care Rider, which has late issue ages of 20 and 75, along with guaranteed premiums that don’t change. With a maximum of $50,000 in coverage per month, you can get coverage for skilled, intermediate, and custodial care in a variety of facilities such as assisted living or adult day care.
One of the downsides of USAA, however, is that there’s no stand-alone long-term care insurance policy, so you’d have to reach out to other providers.
To learn more about this provider, read our guide to USAA long-term care insurance.
Pros
- High financial ratings
- Excellent customer service
- User-friendly USAA mobile app to manage finances and insurance
- Wide availability in 50 states
- Offers a variety of life insurance policies
- Late issue ages
Cons
- No stand-alone long-term care insurance policy
- Need to contact other insurance providers for long-term riders
4. Lincoln Financial Group - Best for Protecting Your Legacy
What We Like Most:
- No premium increases
- Couples discounts
- No elimination period for policies
- Hybrid policies with long-term care benefit riders
Most affordable policy: Lincoln MoneyGuard III
A.M. Best rating: A+ (Superior)
Cost: Contact agent
Lincoln Mutual has been around since 1905, providing individuals with better financial security and assistance with annuities, life insurance, and other pertinent services.
We recommend the Lincoln MoneyGuard III policy, which is a universal life insurance policy with a long-term care benefits rider. The rider is ideal for seniors who want to preserve their legacy and ensure their families are taken care of when they pass away. The policy can be issued to people ages 30 to 80, making it ideal for older adults who want long-term care insurance.
There’s no elimination period to qualify for long-term care benefits right away, and you have a free 30-day look period if you’re not satisfied with the long-term care insurance product for any reason. Other benefits include possible coverage for facilities such as adult day care, assisted living, and home health care. One of the downsides of Lincoln is that its hybrid plans may cost more than traditional long-term care policies.
Pros
- Residual death benefits
- Inflation protection
- Free look period
- Late issue ages (30 to 80)
- Hybrid policies
- Couples discount
Cons
- $250 administrative fees
- Limited long-term insurance products
- Surrender charges
- Hybrid plans may be more expensive than traditional long-term care
5. Northwestern Mutual - Affordable and Flexible Premiums
What We Like Most:
- Superior financial strength
- Great customer service
- Over 6,400 financial advisors
- High-quality insurance and investment products
Most affordable policy: QuietCare
A.M. Best rating: A++ (Superior)
Cost: Contact agent
Northwestern Mutual has been around for over 160 years, helping seniors with financial planning and insurance policies. With superior financial strength ratings and over $4.8 billion paid to its policyholders or beneficiaries, Northwestern Mutual is a great choice for affordable and flexible premiums that can be paid out monthly or over a specified period.
We recommend QuietCare, a long-term care product introduced in 1998 by Northwestern Long Term Care Insurance Company. The policy offers a maximum monthly limit of $12,000 per month. With QuietCare, you can opt for a waiver of premium, which means the premiums for your long-term care policy will be waived when you need long-term care.
In addition to these benefits, QuietCare offers optional inflation protection to protect your long-term care coverage expenses, and a survivorship benefit to ensure no future premiums will be due following the death of a partner or spouse. The long-term care product also offers spousal discounts of up to 30 percent, as well as flexible premium payment options that enable you to either pay regular premiums monthly for the life of the policy or choose a 10-year plan.
One of the downsides of Northwestern Mutual is that it doesn’t offer a free online quote tool to figure out estimated monthly premiums.
Pros
- Great financial strength
- Flexible payment options
- Premium discounts
Cons
- No hybrid policies
- No free online quotes
How to Find Cheap Long-Term Care Insurance
Buy Policies When You’re Young
It’s generally better to buy insurance policies when you’re younger. Insurance companies may be hesitant to sell their products to someone who is in poor health or poses a risk or liability. Rates tend to go up with age, so purchasing a policy as soon as possible is a good idea.
Find a Trustworthy Agent
Finding an agent you can trust can help you navigate the process of long-term care with ease. You want to work with an agent who is certified and has years of experience selling insurance to consumers like you. They should understand the market and be able to help you find the best policies with affordable premiums for your individual needs.
Consider Potential Care Needs
If cancer runs in your family or you anticipate needing to leave your family in steady financial hands, then you may want to look into long-term care insurance or life insurance. If you have a chronic illness or pre-existing condition, then you’ll want to see if you can receive coverage for potential care needs. You could also be in excellent health but still need long-term care coverage in the future due to an unexpected chronic or terminal illness. Take a moment to consider your potential care needs and how long-term care policies can help alleviate the rising costs of long-term care.
Obtain Multiple Quotes
When in doubt, do your research ahead of time. Many insurance providers will offer free quotes or sample policies to give you an idea of the type of products they offer. Usually, they will have a special online quote calculator where you can input your age, location, smoking habits, and whether your spouse or partner needs coverage. You can then compare the monthly quotes to find the best affordable long-term care insurance provider.
Bottom Line
Navigating the process of finding long-term care insurance can be daunting. Luckily, there are many resources, local agents, and trusted family and friends who can help you get started on securing your finances and long-term care health. We recommend going over your budget, making a detailed list of providers you plan to contact, and creating a list of pros and cons to help get the best long-term care coverage for you or a loved one.
To learn more about our favorite insurance options, check out our helpful guides: