The best long-term care insurance policies can assist you in covering your care needs during your golden years.

Long-term care insurance can guarantee that you will have access to top-notch care in case of an impairment or illness in your later years.

The probability of requiring long-term care or support for someone turning 65 is approximately 70%, according to the Administration for Community Living and the Administration on Aging.

Not all long-term care insurance policies cover only nursing facility stays; many also cover care at home or in an assisted living facility.

Long-term care insurance can help you receive the care you need to enjoy your golden years to the fullest. CNBC Select has researched and compiled a list of the best long-term care insurance companies to help you make an informed decision. (For more information on our methodology, please refer to the section below.)

Best for inflation protection

Brighthouse's long-term care insurance policies provide hybrid options that can participate in market growth through an indexed or fixed growth option or remain the same with a level option, ensuring long-term care benefits for anyone seeking certainty.

Brighthouse provides cash indemnity policies that offer monthly cash payments instead of requiring monthly reimbursements.

Best for versatility

Anyone seeking to combine universal life insurance with long-term care insurance can benefit from Nationwide's hybrid policies. The company offers individual and couple policies through its CareMatters and CareMatters Together policies.

CareMatters policies from Nationwide provide various coverage options, including one-time payments or annual or monthly payments for five years, 10 years, or up to age 65 or 100. Additionally, CareMatters policies offer benefit periods ranging from two to seven years and inflation protection options of 3%, 5%, or indexed by the Medical Care Component of the Consumer Price Index from the Bureau of Labor Statistics.

Best for customer service

What are CareChoice One and CareChoice Select from MassMutual? These are hybrid whole life insurance policies that offer a guaranteed long-term care benefit pool, death benefit, and surrender value.

J.D. Power's individual life insurance survey ranked MassMutual highly for customer satisfaction, while the National Association of Insurance Commissioners reported a low complaint index for the company.

Best for discounts

What sets New York Life apart is its diverse range of policy options, including two traditional long-term care insurance plans and Asset Flex, a hybrid policy. These policies come with multiple riders and coverage levels to help you find the perfect fit for your needs and budget.

New York Life's My Care long-term care insurance policy offers a 25% discount for couples, which decreases to 10% if only one partner is approved. Current New York Life customers can also save 5% on premiums in the first year. Additionally, premiums are guaranteed not to increase in the first three years, unless changes are made to the coverage.

Best for seniors

Senior applicants can apply for coverage from Mutual of Omaha, which accepts applicants between the ages of 30 and 79. A medical exam may be required, but Mutual of Omaha offers discounts for couples, including a 15% discount for those in the premier health class and a 5% discount if only one partner is insured.

Access to a care coordinator and waived premiums are standout benefits of Mutual of Omaha policies.

Best for comparison shopping

What is GoldenCare? It is a long-term care and Medicare marketplace that allows individuals to compare coverage and shop around to save money. Carriers in the marketplace include Nationwide, National Guardian, and Mutual of Omaha, among others.

In addition to its primary services, the company provides Medicare supplement and advantage plans, life insurance, and annuities.

Compare offers to find the best life insurance

More on our top long-term care insurance companies

Brighthouse

Brighthouse offers annuity and life insurance products, with over 2 million contracts in its portfolio. The company specializes in hybrid life insurance and long-term care policies, but not stand-alone long-term care policies. Brighthouse distinguishes itself by providing cash indemnity benefits, which means customers do not need to submit receipts to receive payments.

2023 J.D. Power Individual Life Insurance Customer Satisfaction Index

739 out of 1,000

A.M. Best rating

A

NAIC complaint index (1 is expected)

.38, low

Nationwide

For over 90 years, Nationwide has been a prominent player in the insurance industry, offering a range of insurance products, including car and homeowners insurance. Its long-term care coverage is highly customizable, with no restrictions on how long-term care benefits can be used, allowing you to utilize benefits to pay for care provided by relatives or unlicensed caregivers.

2023 J.D. Power Individual Life Insurance Customer Satisfaction Index

840 out of 1,000

A.M. Best rating

A+

NAIC complaint index (1 is expected)

.07, low

MassMutual

Since 1851, MassMutual has been insuring Americans, with a financial strength and customer satisfaction that remain points of pride today. Its CareChoice long-term care products are hybrid whole life insurance policies, which offer standalone long-term care coverage.

2023 J.D. Power Individual Life Insurance Customer Satisfaction Index

809 out of 1,000

A.M. Best rating

A++

NAIC complaint index (1 is expected)

.02, low

New York Life

Since 1845, New York Life has been providing Americans with financial protection and stability through its long-term care and life insurance policies. It offers standalone long-term care policies as well as life insurance policies with long-term care coverage as an add-on. In the event of the policyholder's death before age 65, their premiums will be returned to their beneficiaries.

2023 J.D. Power Individual Life Insurance Customer Satisfaction Index

794 out of 1,000

A.M. Best rating

A++

NAIC complaint index (1 is expected)

.14, low

Mutual of Omaha

Omaha Mutual is a highly rated life insurance provider that is also a top pick for seniors and children. It is known for its excellent customer satisfaction and financial strength, and is one of the few companies to offer stand-alone long-term care plans.

2023 J.D. Power Individual Life Insurance Customer Satisfaction Index

805 out of 1,000

A.M. Best rating

A+

NAIC complaint index (1 is expected)

.81, below average

GoldenCare

Since 1974, GoldenCare has been a long-term care insurance brokerage that collaborates with more than a dozen top insurance providers, including some of those mentioned above.

2023 J.D. Power Individual Life Insurance Customer Satisfaction Index

Varies by company

A.M. Best rating

Varies by company

NAIC complaint index (1 is expected)

Varies by company

Bottom line

Obtaining coverage for long-term care for a chronic condition is not a pleasant thought, but it can safeguard your assets and provide assistance to your family if you require help with self-care in the future. Securing coverage at a younger age can help you save on premiums and ensure that any future health issues won't prevent you from obtaining coverage later on.

Long-term care insurance policies typically have a lifetime maximum on payouts, which can range from two to four years. However, unlimited policies are also available. If you choose a policy with a lower limit, consider setting aside extra funds in a deposit account that is insured and earns interest, such as a high-yield savings account.

Why trust CNBC Select?

At CNBC Select, our goal is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions with their money. Our long-term care insurance reviews are based on thorough reporting by our team of expert writers and editors who possess extensive knowledge of long-term care insurance products. To identify the best long-term care insurance companies, we conducted extensive research, collecting over 100 data points on more than a dozen companies. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we uphold our journalistic standards and ethics. For more information on how we select the best long-term care insurance companies, please refer to our methodology.

Our methodology

CNBC Select evaluated numerous long-term care insurance companies and compared them according to multiple criteria to identify the top long-term care insurance providers.

In our search for the best long-term care insurance companies, we evaluated various factors such as elimination periods, benefit or face amounts, and benefits periods. We also assessed the company's A.M. Best rating, which measures financial strength and claim payment ability. Additionally, we examined complaint indices from the National Association of Insurance Commissioners and J.D. Power's Individual Life Insurance Customer Satisfaction Index. Other factors we considered included discounts, medical exam requirements, rider availability, and issue ages for new policies.

The premiums and policy structures offered by long-term care insurance companies may change based on their individual policies.

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