FYI: For stand-alone long-term care insurance policies, be sure to check out our guide to this year’s best long-term care insurance.
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August 9, 2023
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Founded in 1922, USAA offers life, vehicle, property, health, and supplemental insurance products to seniors, veterans, and members of the military and their families. Those who previously purchased a long-term care insurance policy before 2018 through USAA are encouraged to reach out to issuing companies such as John Hancock, Genworth, MetLife, and Fortis.
USAA offers a long-term care policy rider through John Hancock. Unfortunately, the state of New York is excluded from long-term care policies, and USAA stand-alone long-term care policies are no longer available at this time.
FYI: For stand-alone long-term care insurance policies, be sure to check out our guide to this year’s best long-term care insurance.
USAA doesn’t offer a stand-alone long-term care policy at this time. However, a representative referred us to the John Hancock USAA Long Term Care Rider.
USAA recommends that federal employees or service members and qualifying relatives consider the Federal Long Term Care Insurance Program (FLTCIP). You can check eligibility by visiting the FLTCIP website.
Offered by John Hancock, this long-term care rider helps lock in financial security and plan for long-term care. As a personalized life insurance policy with a long-term care rider, you can use your policy’s death benefit to help pay for long-term care expenses — including in-home or adult day care and assisted living or nursing home facilities.
The policy offers flexible issue ages between the ages of 20 and 75. Additionally, the rate for the rider is guaranteed not to change over the life of the policy. You will need to satisfy a 90-day elimination period before you can receive long-term care insurance benefits. The maximum amount of coverage per month is $50,000, but this is dependent on your long-term care needs. Benefits are tax-free and eligibility for benefits is contingent on whether a physician can affirm that you are unable to perform two of six activities of daily living.
The FLTCIP is designed to help pay for long-term care services in an assisted living facility, adult daycare, home, or nursing home. Under this program, insured clients will receive comprehensive coverage, including international benefits outside of the United States. It also provides stay-at-home benefits and compensation for informal care provided by friends and family caregivers.
The program also offers benefits such as a waiver of premiums while you’re receiving long-term care benefits as well as respite care to your primary caregiver up to 30 times your daily benefit amount each year.
Although USAA doesn’t currently offer free online quotes on long-term insurance, the company has provided a referral link to John Hancock’s “Cost of Long Term Care Calculator.” This calculator helps estimate the cost of long-term care depending on your state of residence. For example, the cost of a one-bedroom in an assisted living facility is $5,770.34 monthly. The long-term care rider through John Hancock can help pay for services needed at an assisted living facility, skilled nursing facility, or home care setting (up to your maximum monthly benefit limit).
Benefits for long-term care coverage are paid through a reimbursement or indemnity benefit model. To use the long-term care rider offered with John Hancock’s life insurance, you need to be between the ages of 20 and 75 when applying for the rider. You will also need a physician to attest that you are unable to perform two of the six activities of daily living to be eligible for benefits. Additionally, you need to fulfill a 90-day elimination period before long-term care benefits can be paid out. The maximum coverage amount each month is up to $50,000, and these benefits are tax-free.
The John Hancock USAA Long Term Care Rider offers the following benefits.
To purchase a USAA insurance policy, we recommend contacting 800-531-8722 if you’re a member of USAA. If you purchased a long-term care policy previously through USAA before 2018, you will need to contact the following issuing companies for further assistance:
The BBB gives USAA an A+ rating in customer satisfaction, despite the company not being BBB-accredited. In terms of customer complaints, USAA has had 2,065 complaints closed in the last three years and 1,021 complaints closed in the last 12 months.
According to Consumer Affairs, the overall satisfaction rating for USAA (for auto insurance) is 3.9 out of 5, with high overall satisfaction ratings and coverage for military members and their families.
It’s important to choose an insurance provider with a strong financial standing and exceptional customer satisfaction ratings. AM Best, a global credit rating agency, gave USAA an A++ or Superior financial rating, followed by Aa1 for Moody’s Investors Service, and AA+ rating by S&P Global Ratings.
Having an insurance provider that’s in strong financial standing is important. AM Best, a global credit rating agency, gave Nationwide an A+ (Superior) rating for financial strength. Additionally, S&P Global Ratings affirmed the A+ rating for financial strength, and A1 (Good rating) by Moody’s Investors Service, making them financially reliable and among the highest-rated insurance providers in the nation.
Overall, USAA is a strong contender for life insurance and other types of insurance coverage. Although the insurer doesn't currently offer stand-alone traditional long-term care policies, you can look into their life insurance policies through USAA Life Insurance Company of New York.
Additionally, if you’re looking for a life insurance policy with long-term care insurance, you can look into the John Hancock USAA Long-Term Care Rider, issued by John Hancock. If you’re a member of the military, a veteran, or have family members that need to get insured, we’d recommend considering membership through USAA.
To learn more about our favorite long-term care insurance providers, check out our other guides:
USAA doesn’t currently sell stand-alone long-term care policies, but you can look into riders offered by other providers.
Products and services offered by USAA are open to current and former military members including their spouses.
The long-term care insurance rider offered by John Hancock covers up to $50,000 in long-term care expenses per month, depending on your long-term care needs. Additionally, the rider cost is set at the rate you initially pay and is guaranteed not to change over the life of the policy.