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Long-term care (LTC) insurance can be a strategic way to prepare for medical costs you may face later in life. Approximately 70% of those 65 and older are expected to require long-term care during their lifetime, but not everyone has LTC insurance to protect them, leaving them vulnerable to the exorbitant costs associated with healthcare. In 2025, the median cost for a private room in a nursing home is $10,965 per month, while in-home care can cost as much as $12,000 a month.
While some government programs like Medicaid or state agencies may help cover some of the costs, LTC insurance is one of the best ways to prepare for your medical expenses. The best long-term care insurance providers can help you financially prepare for your later years with widespread coverage, low fees and reliable service. Before you buy a new policy, consider these providers for your LTC insurance.
For help building a financial plan that covers your long-term care needs, consider working with a financial advisor.
Data and Methodology
We identified the plan options below through exhaustive research and analysis of the long-term care insurance market. They are listed in an order that’s in direct correlation with their individual composite score based on our methodology, which includes how much the accounts typically charge in fees and what the maximum benefit period is for each plan.
1. Pacific Life
Established in 1868, Pacific Life is a well-established insurer known primarily for its life insurance and annuities. It also offers long-term care solutions that are designed to provide stability and peace of mind. Its long-standing financial strength ratings from agencies like AM Best underscore its ability to meet policyholder obligations, an important factor for anyone evaluating long-term care insurance providers.
Unlike some competitors that focus on stand-alone long-term care insurance, Pacific Life emphasizes hybrid policies that combine life insurance with long-term care benefits. This allows policyholders to access their death benefit early to cover care expenses, ensuring that the money set aside never goes unused. For families who want both protection and flexibility, this structure can be an appealing option, particularly if they are wary of paying premiums for benefits they may never need.
Pacific Life offers policyholders flexibility in how they structure their coverage. Buyers can choose benefit amounts, durations and inflation protection options that align with their budget and care needs. One example is the Pacific Horizon IUL 2, an indexed universal life insurance policy. Pacific Life offers this policy an optional long-term care rider called the Premier LTC Rider.
This level of customization makes it easier to tailor a plan that works for both current financial circumstances and future care considerations.
2. (Tied) New York Life
New York Life is one of the most recognizable and established insurers in the country, with its founding dating back to 1845.
The company is known for its financial stability and consistent performance, making it a suitable option for those planning for long-term care. Its top ratings from leading agencies like AM Best, S&P Global and Fitch reflect its ability to provide reliable coverage for decades to come.
When buying an insurance policy, be sure to choose an insurer that is financially stable. One way to confirm this is to research company ratings from independent agencies. An unstable insurer is always going to be at a higher risk of failure, especially if there is an economic downturn. With that in mind, one of the best choices for stability is New York Life.
Unlike some insurers that only offer combination products, New York Life provides both stand-alone long-term care insurance and hybrid policies. Blending life insurance with long-term care benefits, For those who want dedicated coverage, the stand-alone policies focus entirely on care costs, while the hybrid products allow policyholders to leave behind a life insurance benefit if long-term care is not needed.
This dual approach gives consumers more flexibility, depending on their preferences and financial situation.
2. (Tied) Nationwide
Nationwide is another popular insurer with a long history of serving policyholders across the country.
With strong financial ratings from S&P Global and AM Best, Nationwide has built a reputation as a stable and dependable provider. It specializes in a broad suite of insurance types and investment products, such as mutual funds, annuities and retirement plans. Because of this, it is a great fit for consumers who prefer to keep all of their financial planning under one trusted brand.
There are three ways to get long-term care coverage from Nationwide:
- Nationwide Care Matters. This provides individual LTC insurance is linked to a fixed-premium universal life insurance policy and features guaranteed premiums with a death benefit.
- Nationwide CareMatters Together. For couples looking for joint coverage, Nationwide offers LTC insurance for two people. It includes a death benefit on the second partner who passes away.
- Long-Term care rider. Nationwide’s LTC rider can be added to any Nationwide’s universal life insurance policies for LTC coverage with your normal life insurance policy.
Such options make it easier for policyholders to customizecoverage to their evolving financial goals while still maintaining protection against future care needs.
4. Thrivent
Thrivent stands out in the insurance industry as a not-for-profit, membership-based company with Christian roots. With more than a century of experience, it combines financial services with a mission-driven approach, often appealing to consumers who value aligning their financial planning with personal values. Despite its unique structure, Thrivent maintains strong financial ratings, which help ensure reliability in meeting long-term care needs.
Unlike many competitors that have shifted almost entirely to hybrid policies, Thrivent continues to offer traditional stand-alone long-term care insurance. It is designed to provide focused coverage for care costs without the additional expense of life insurance benefits.
This makes Thrivent a strong option for individuals who want straightforward, dedicated long-term care protection. Even if you are not familiar with life insurance and retirement planning, Thrivent has financial advisors to help you create a long-term care strategy.
Thrivent’s long-term care products come with a variety of customizable features, including choices around benefit amounts, waiting periods and inflation protection. Some policies also include shared care riders, which allow couples to pool benefits for greater flexibility.
This level of customization makes it easier for policyholders to tailor coverage to reflect both their personal needs and financial goals.
5. Brighthouse Financial
As one of today’s best long-term care insurance providers, Brighthouse Financial is a relatively new name in the insurance industry, having split from MetLife in 2017.
Despite its short history as an independent insurer, Brighthouse Financial benefits from a legacy of experience and stability inherited from one of the largest insurers in the world. With good financial ratings, Brighthouse has quickly built credibility as a reliable provider of annuities and life insurance products, including long-term care solutions.
Brighthouse focuses on hybrid life insurance policies with long-term care riders, rather than traditional stand-alone coverage. These products allow policyholders to access life insurance benefits early if they need care, ensuring that the policy delivers value regardless of future circumstances. For many consumers, this model helps solve the common worry of paying premiums for coverage they never use.
Brighthouse’s long-term care riders are designed to provide flexibility in how benefits are accessed. Policyholders can choose different payout structures, benefit periods and optional riders, such as an Extension of Benefits rider. The company also emphasizes simplicity, streamlining its product offerings to make them easier to understand and manage. This can be particularly appealing for consumers who want straightforward coverage without excessive complexity.
6. Lincoln Financial
Established in 1905, Lincoln Financial is a popular choice for insurance and retirement planning.
It is known for its financial strength and consistent performance, earning high ratings from agencies like AM Best and Fitch. This reputation gives policyholders confidence that Lincoln can deliver on its promises regarding long-term care needs.
Lincoln Financial is also an insurer known for its hybrid life insurance policies, particularly the popular MoneyGuard series. These policies combine life insurance with long-term care benefits, allowing policyholders to use their death benefit for care costs. If long-term care is never needed, the life insurance component ensures that the premiums provide lasting value to beneficiaries.
Lincoln’s hybrid policies are designed with flexibility in mind, offering options for benefit periods, inflation protection and return-of-premium features. Policyholders can also access cash indemnity benefits, which allow funds to be used more freely for different types of care, from in-home care to long-term care facilities like assisted living facilities.
This adaptability makes Lincoln’s coverage well-suited to the diverse and often unpredictable nature of long-term care needs.
7. Northwestern Mutual
In 1998, Northwestern Long Term Care Insurance Company, underwriter of Northwestern Mutual policies, introduced its QuietCare product. This is a traditional LTC insurance policy rather than an LTC policy paired with a life insurance policy or annuity. However, Northwestern offers other options, too, including hybrid policies and life insurance with an accelerated payout.
Over the years, the company has introduced various enhancements to its LTC policies, including adding caregiver training, a hospice care benefit, an exchange program for existing policyowners and a companion discount in approved states. The company, which also offers the ability to obtain care in Canada, provides some inflation protection, as well.
Policyholders may have their premiums waived when they meet requirements for care, a benefit that is available even if policyholders are not getting benefits. The policyholder must be disabled for a minimum of six months.
These enhancements and additions have been well received. It receives top ratings by AM Best, S&P Global and Fitch Ratings, with an A- rating from the Better Business Bureau.
8. National Guardian Life
While it may not be as well-known as larger national companies, National Guardian Life (NGL) has been around for over 100 years. With a steady financial performance, it serves as a reliable option for long-term care coverage, and, as a mutual company, NGL prioritizes it policyholders over shareholders, appealing to consumers who value member-driven organizations.
Unlike other providers like Fidelity and MassMutual that concentrate on hybrid policies, NGL remains committed to offering traditional stand-alone long-term care insurance. Its policies are designed to cover a wide range of services, from in-home care to assisted living and nursing facilities. This focus ensures consumers receive dedicated coverage without the additional cost of life insurance features.
NGL’s long-term care products offer customizable features like Lifetime Benefits, Return of Premium riders and flexible premium payment options. Some policies also include shared care options, allowing couples to share benefits if one partner exhausts their coverage.
This flexibility makes it easier for individuals and families to build a plan that reflects their unique needs and financial circumstances.
9. Bankers Life
Bankers Life is a retirement-focused insurance company specializing in long-term care. While some life insurance companies only offer a one-size-fits-all option, Bankers Life gives you two types of long-term care insurance to choose from.
The first choice is comprehensive LTC insurance. This covers critical coverage for nursing homes, assisted living facilities, home care services and adult day care centers.
The alternative option is facility-only insurance, which does not cover any at-home services. Instead, this is only used if your condition requires you to move into an LTC facility, including nursing homes, assisted living facilities and Alzheimer’s facilities. However, while this policy features lower premiums, there is less flexibility in the long run.
Bankers Life is highly rated by both S&P Global and Fitch Ratings, although it only receives a Good rating from AM Best.
10. Mutual of Omaha
Mutual of Omaha is a Nebraska-based firm offering a variety of insurance products, including long-term care insurance.
Eligible long-term care insurance policies come with a host of benefits, including a cash benefit, care coordinator support, alternate care and a waiver of premium. Optional benefits are available for customized coverage, including inflation protection, a return of premium benefit, security benefit and shared care between partners.To help you save, Mutual of Omaha policyholders receive a 15% discount if they are healthy or buying a policy with a partner. If only one spouse has a policy, a 5% discount will apply.
Bottom Line
Choosing the best long-term care insurance provider ultimately depends on your financial plan. It is important to ensure that your life insurance policy combines personal needs and financial security with flexibility and a high level of service. While some insurers focus on hybrid options combining life insurance with long-term care benefits, others remain dedicated to offering traditional stand-alone coverage. For a compromise, consider a hybrid policy that provides flexible long-term insurance care with all the benefits and coverage you need for your later years.
Long-Term Care Insurance Tips
- Long-term care insurance can be difficult to account for on your own. A financial advisor can help you build a financial plan for this. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Life insurance may be a part of a LTC insurance package. Find out how much you need with SmartAsset’s life insurance calculator.
Photo credit: ©iStock.com/Sanja Radin, New York Life, Brighthouse Financial, Mutual of Omaha, Northwestern Mutual, Bankers Life, ©iStock.com/Hispanolistic