What Is The Best Long-Term Care Insurance Policy?

Share This Post:

What Is The Best Long-Term Care Insurance Policy?

It gets to a point in everyone’s life when they can’t cater for themselves anymore as they used to. This is not necessarily a bad thing as it is just a phase in the circle of life. This is that time you look back at your life and recount all the things you did, the things you achieved, the ones you could not etc. This is your reward and resting stage in life.

At this stage one ought to get a long term care for the remaining part of your life. Getting a long-term care isn’t the issue. The issue is long term care service are very expensive and paying from one’s pocket might be a really big deal. This brings us to the issue of a long term care insurance policy. With this type of insurance policy, you can start now to save little by little so that at your old age you will have enough cash to pay for a long term care.

The best long-term care insurance policy in New York 2021

After careful investigation and assessment, we have come up with the below list of long term care insurance policies which we believe are the best in New York.

  •  New York Life
  •  Northwestern Mutual
  • Mutual of Omaha
  • Lincoln Financial Group

New York Life

After much assessment the New York Life has top our list as the best  long-term care insurance policy in New York. Below are some reasons it made it way to the top of our list.

  1. Long-standing history
  2. High ratings
  3. Death benefits
  4. Traditional long-term care coverage alongside the insurance
  5. Flexibility to choose the type of care (you could choose to stay in an assisted living facility, at home, or cared for by a loved one)
  6. Plans that protect members against inflation, and
  7. Money-back guarantee if the insurance would no longer be needed.

At New York Life two types of long term care insurance are available:

  1.  A combination insurance plan that covers both long-term care and the insurance benefits
  2. Stand-alone long term care insurance.

 Northwestern Mutual

Northwestern Mutual is ranked among the best long-term care insurance for customer service. Some of its features are listed below.

  1. Established in 1859
  2. It has an AM Best Financial Strength Rating of A++ (Superior).
  3. The company has sported a notable financial stability since its inception.
  4. It offers long-term care coverage both through life insurance riders and as stand-alone policies.
  5. N option of selecting coverage daily limits ranging from $50 to $400. Care could be giving at home, at an assisted living facility, or through community care.
  6. The insurance also comes with death benefits and spousal coverage.

These attributes makes it a quick pick when it comes to the best life insurance policy.

 Mutual of Omaha

Mutual for Omaha is best know for its highly affordable price. Hence for a long term care insurance with affordable price, Mutual of Omaha is your choice. They also offer various discounts to their customers.

Some Mutual of Omaha’s features include

  1. It offers three types of premium discounts
  2. It has an AM Best Rating of A+ (Superior) for financial strength
  3. Has a long-standing history since 1909.
  4. Customers can choose to receive either cash benefits or reimbursement for actual costs
  5. Customers are not obliged to pay monthly premiums while receiving care
  6. Customers enjoy access to a care coordinator who will evaluate their needs and set up their LTC accordingly
  7. Inflation protection
  8. Shared care (for spouses)
  9. Money-back guarantee for benefits not received

Lincoln Financial Group

Lincoln Financial Group is the go-to for a fast and great long-term care insurance policy. Unlike other long term care insurance, Lincoln Financial group is the best long-term care insurance in terms of no-waiting period. They offer this no-waiting period with no expectations.

Instead of waiting for months before processing your long-term care insurance, Lincoln is fast and it got you covered.

Get expert help for you long-term care planning

Sooner or later you will have to plan for a long term care and this means right now you need the best suitable insurance policy which you can afford. This will help you save for your future long-term care costs. Our elder law attorneys are ready to help you. Give us a call.

DISCLAIMER: The information provided in this blog is for informational purposes only and should not be considered legal advice. The content of this blog may not reflect the most current legal developments. No attorney-client relationship is formed by reading this blog or contacting Morgan Legal Group.

Got a Problem? Consult With Us

For Assistance, Please Give us a call or schedule a virtual appointment.