What Is The Best Long-Term Care Insurance Policy?

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What is the Best Long-Term Care Insurance Policy?

The age of 65 is a time many people look forward to. A time to look back and see how much you’ve accomplished so far, and a time when you will most likely start to need long-term care (LTC) for the rest part of your life.

Long-term care is expensive and can be a heavy burden if you’re paying for it out-of-pocket. But the good thing is one can opt for a long-term care insurance policy now to cover the cost of long term care later when the time comes.

With several long-term care insurance companies out there, you are most likely asking yourself which is the best out of the lot.

Now, we have compiled a list of the best insurance policies that offers the best to NY Bronx residents in 2021. We have done our homework and compiled this list using some criteria. Without much ado, let us move on.

The best long-term care insurance policy of 2021

  • Best overall: New York Life
  • Best overall runner-up: Northwestern Mutual
  • Best for Discounts: Mutual of Omaha
  • Best for speed of processing: Lincoln Financial Group

Best overall: New York Life

From our critical and in-depth assessment, we found that the best long-term care insurance policy is New York Life. Its strength at the top of the list can obviously be seen from its

  • Long-standing history
  • High ratings
  • Death benefits
  • Traditional long-term care coverage alongside the insurance
  • 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)
  • Plans that protect members against inflation, and
  • Money-back guarantee if the insurance would no longer be needed.

As the best long-term care insurance, New York Life offers two types of LTC insurance: A combination insurance plan that covers both long-term care and the insurance benefits, and the stand-alone long term care insurance.

Best overall runner-up: Northwestern Mutual

Established in 1859, Northwestern Mutual is ranked among the best long-term care insurance for customer service and has an AM Best Financial Strength Rating of A++ (Superior).

The company has sported a notable financial stability since its inception. Additionally, it offers long-term care coverage both through life insurance riders and as stand-alone policies. These attributes makes it a quick pick when it comes to the best life insurance policy, sitting right next to New York Life.

On digging deep, we discovered Northwestern Mutual has coverage available for individuals as young as 18 years up to 79.

You also have the 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.

The insurance also comes with death benefits and spousal coverage.

Best for Discounts: Mutual of Omaha

If you are looking for a great long term care insurance for a highly affordable price, then look to Mutual of Ohama. This company takes the spot as best for value for its many discount offers to its customers.

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

For seniors having chronic diseases, assistance would only be required with 2 out of the 6 activities of daily living for 90 days before the coverage gets activated. For cognitive impairment on the other hand, continuous supervision will be required in order to get the benefits.

Best for speed of processing: Lincoln Financial Group

Typically, most other long-term care insurance will require you to wait for months before they’re processed. While waiting, you may have to pay for your care out-of-pocket. This is undesirable.

If you are looking for the best Long-Term Care insurance policy that is fast to kick in with no waiting period, the Lincoln Financial Group is the way to go.

Lincoln Financial is the best long-term care insurance in terms of no-waiting period. The only other company that offers no-waiting period is Pacific Life, but it does so with several exceptions.

Get expert help for you long-term care planning

Looking to plan towards long-term care? 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.

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