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Best Long-Term Care Insurance in 2023

Best long-term care insurance

If you are looking for the best long-term care insurance in 2023, look no further! I will make it simple and easy for you.

However, keep in mind that there are not many companies offering long-term care insurance in 2023. Today’s market is limited to a small handful of companies and product options.

When making this consideration, I considered factors such as:

  • Coverage
  • Benefits
  • Rates
  • Underwriting requirements &
  • Ease of approval

Therefore, based on the current market and my experience, here are the best long-term care insurance products in 2023:

  1. Nationwide Care Matters
  2. OneAmerica Asset Care
  3. Mutual of Omaha

Now these picks are not in order from best to worst. All 3 products are really good options. Which one you choose is best determined by your individual needs.

With that being said, let’s get a quick overview of each product so we can see why they are the best long-term care insurance products in 2023.

1. Nationwide CareMatters – 100% Cash Indemnity Benefits & Competitive Pricing!

First things first is Nationwide CareMatters. Before we discuss their long-term care insurance, let me tell you a little bit about their history and financial strength.

Nationwide is a well-known insurance company as they have great brand recognition. Now Nationwide has been helping individuals since 1925 and has an “A+” (Superior) financial rating from AM Best. Therefore, they are a solid company.

Now currently, Nationwide’s CareMatters is one of the best long-term care insurance products of 2023.

Nationwide CareMatters is a 100% cash indemnity long-term care insurance product! What this means for you is in the event you need care, your benefits will be paid you as a 100% cash benefit!

There will be no need to submit bills or receipts of long-term care services you received in order to get your benefits. Instead, once you are eligible for claims, Nationwide CareMatters will provide you with your monthly benefits check (up to your policy’s benefit limits) no questions asked!

Nationwide CareMatters is one of two long-term care products with 100% cash indemnity benefits on the market. Most if not all other policies pay benefits as a reimbursement (must submit bills or receipts in order to receive benefits).

Also, as a hybrid long-term care insurance product. Nationwide CareMatters offers a return of premium option if you change your mind or a death benefit to your loved ones if you die without needing long-term care services.

In regards to pricing, it is currently the most competitively priced hybrid long-term care insurance policy on the market with a 6-year benefit period.

If you are considering paying for coverage using a single premium, you will get coverage for premium dollars paid.

In addition, while their single premium option is really competitive, their flexible premium option is also the best flexible premium option on the market for hybrid long-term care insurance!

Nationwide CareMatters allows you to spread your premium payments up to age 100!

With the option to spread premiums to age 100, this can make your long-term care insurance premiums more affordable.

Also, the premiums are guaranteed so you never have to worry about premium increases when you least expect it!

Between the 100% cash indemnity benefits, the competitive pricing, the single premium or flexible premium payment options to age 100, and the guaranteed premiums, Nationwide CareMatters is undoubtedly one of the best long-term care insurance options in 2023!

Here is an example of a Nationwide CareMatters quote:

Nationwide CareMatters illustration Married Male age 60

The quote above is for a 60 year old male with a $70,000 premium deposit. This deposit can generate a $555,446 long-term care benefit pool at age 80! More importantly, these benefits can be distributed on a monthly basis to him as a cash benefit!

Again, this is what makes Nationwide CareMatters one of the best long-term care insurance products in 2023.

I would recommend this policy to anyone considering long-term care coverage!

2. OneAmerica’s Asset Care – Unlimitied Lifetime Coverage

OneAmerica is not only one of the oldest asset based long-term care insurance companies in the market, they also offer one of the best long-term care insurance products in 2023.

OneAmerica’s Asset Care is practically the only asset based product that offers unlimited lifetime coverage to its policyholders! That’s right, with a OneAmerica Asset Care policy, you can never outlive the coverage or benefits!

An Asset Care policy has the potential to pay out benefits as long as you need long-term care services making this level of coverage unmatched!

From a pricing perspective, OneAmerica’s Asset Care is great for couples! It is the only asset based policy where both spouses can obtain coverage on a single policy!

This works well for spouses looking to pool their funds together to get the most long-term care coverage possible.

Now Asset Care policy’s premiums and coverage are guaranteed. You never have to wonder if your rates and benefits will change.

In addition, as an asset based or hybrid long-term care insurance policy, you can get a return of premium (cash surrender value) if you change your mind or a death benefit for your loved ones if you die without needing care.

With OneAmerica Asset Care’s longevity in the long-term care insurance market, its unlimited lifetime coverage, and spousal policies, it is one of the best long-term care insurance products in 2023.

I highly recommend it!

Mutual of Omaha – Very Affordable Long-Term Care Insurance

Last but definitely not least on the list of best long-term care insurance products of 2023 is Mutual of Omaha Secure Solution.

Now Mutual of Omaha Secure Solution is a traditional long-term care insurance policy. While many traditional long-term care insurance companies have left the market, Mutual of Omaha is still offering valuable coverage today!

As a traditional long-term care insurance product, you do not need a significant upfront premium to obtain coverage. You can secure a Mutual of Omaha Secure Solution policy with a low monthly rate that is paid for the life of the policy.

In addition, since this policy is a traditional policy and not a hybrid, all of your premium is used to secure the most long-term care insurance possible! From a coverage stand point, you are getting the most bang for your buck for long-term care insurance with Mutual of Omaha’s Secure Solution.

All of this makes this policy is great for someone who is looking for affordable coverage and simply wants long-term care insurance without the bells and whistles of a hybrid long-term care insurance policy.

Lastly, Mutual of Omaha offers added flexibility by allowing you to customize your policy with various riders and by offering cash benefit feature if you ever need cash during a long-term care event.

There’s also a couples discount for married individuals and the ability to share policy benefits.

All in all, this is why Mutual of Omaha Secure Solution is one of the best long-term care insurance products of 2023!

It deserves a recommendation when considering long-term care insurance.

Getting The Right Policy For Your Needs

Finding the right policy for your long-term care insurance is doable and can be very simple. Hopefully this article helps you get started in the right direction.

Now this list is not set in stone as companies are continuously making changes to their products, entering and leaving the market, or changing their rates.

Therefore, to help ensure that you get the best policy for your needs, the best thing you can do is get the right help in your corner.

If you are considering long-term care insurance, your next step should be speaking with someone who knows this market. That being said, I am happy to assist you with your long-term care insurance needs and any questions you may have!

If you are interested in obtaining a long-term care insurance and would like some assistance with quotes or questions, please reach out!

You may start below by scheduling a call for a free quote. I look forward to speaking with you!

Disclaimer: By submitting a request for a free quote, you agree to our privacy policy and consent to have agent Michael Chapman contact you by email, phone call, or text/SMS message at the phone number & email you provide for the purpose of providing you a free quote and offers for insurance. We will not sell your information. The only insurance agent that will contact you regarding your quote is Michael Chapman. You will not be contacted by numerous agents by submitting this quote.