With the cost of healthcare steadily rising, paying for necessary medical care can be tough, especially for seniors. After all, the health issues that come with aging can be expensive, especially if they’re tied to longer-term medical problems. And while Medicare and Medicare supplemental coverage often cover a large portion of seniors’ health-related expenses, what it won’t typically cover is the cost of long-term care.

That’s where long-term care insurance comes in. This type of coverage can help fill a crucial gap in healthcare coverage by helping pay for extended care services that traditional health insurance or Medicare typically won’t cover. For example, the costs for nursing homes, assisted living facilities and in-home care currently run, on average, between $6,600 and nearly $11,000 each month in 2025, but these types of expenses are excluded from Medicare coverage. But if you have a long-term care insurance policy in place, you have a way to pay for these types of expenses. 

So how do you find the right long-term care policy and coverage for your needs? That search typically starts by looking at the top long-term care insurance providers, which can help you narrow down the options to find one that matches your financial situation and care preferences.

Learn more about your long-term care insurance options by getting a free price quote here.

Here are some of the best long-term care insurance companies available now, broken down into five categories.

• Best for comparing multiple providers: GoldenCare
• Best for discounts: Northwestern Mutual
• Best for seniors: New York Life
• Best for policy customization: Mutual of Omaha
• Best overall: Nationwide

Best for comparing multiple providers: GoldenCare

GoldenCare is an online brokerage specifically for long-term care insurance and other similar products, like critical care insurance, prescription plans, annuities and more. The company partners with nearly two dozen different healthcare and insurance providers, so when you fill out a quote form, GoldenCare’s brokers can recommend a wide range of products and policies that might fit your needs. 

Golden Care can even help with hybrid insurance plans, which combine traditional life insurance with long-term care benefits. Learn more about long-term care insurance with GoldenCare here.

Best for discounts: Northwestern Mutual

If you’re looking for a company that offers plenty of discounts to lower your premiums, then Northwestern Mutual is a great option. Northwestern offers a 15% discount — for both you and your partner — if you each have a long-term care policy with the company. There are also discounts depending on how you pay your premium.

Northwestern’s policies come in as both standalone policies and hybrid ones, which combine a whole life insurance policy with a long-term care rider.

Best for seniors: New York Life

New York Life is a good choice for seniors in need of long-term care coverage. The insurer offers traditional policies, as well as a life insurance policy with add-on long-term care options. If the additional long-term care benefits are not used within a certain time frame, you’ll get the premiums for that coverage back in full.

Best for policy customization: Mutual of Omaha

Mutual of Omaha is your best bet if you want to personalize your policy for your specific needs. Not only does the company offer standard long-term care insurance with a built-in care coordinator, but you can also add on benefits like inflation protection, which increases your benefits based on the rising costs of care annually, and return of premium add-on that return your premiums — minus the benefits you used — at the end of your term. You can also opt for shared care to extend your benefits to a spouse or partner. 

Learn more about your long-term care insurance options here now.

Best overall: Nationwide

Nationwide’s wide array of long-term care insurance offerings makes it our pick for the top insurer. The company offers three types of policies — one with guaranteed benefits (whether or not long-term care is ever needed), one with a shared pool of benefits for couples, and a third that combines universal life insurance with a rider to cover long-term care costs. Nationwide customers also get access to the company’s caregiver advocate tool, which helps connect you with long-term care options in your area. 

What is long-term care insurance?

Long-term care insurance is a specialized type of coverage designed to help pay for extended care services that are typically not covered by regular health insurance, Medicare or Medicaid. This insurance specifically addresses the costs associated with assistance for daily living activities, such as bathing, dressing, eating, and mobility, when individuals can no longer perform these tasks independently due to aging, chronic illness, disability or cognitive impairment like Alzheimer’s disease or dementia.

Unlike traditional health insurance that focuses on medical treatments and recovery, long-term care insurance recognizes that many seniors will eventually need extended custodial care rather than acute medical interventions. Policies generally cover care provided in various settings, including nursing homes, assisted living facilities, adult day care centers and even in-home care services. This type of coverage typically activates when the policyholder cannot perform a specified number of activities of daily living (ADLs) or has been diagnosed with a severe cognitive impairment. 

“Long-term care involves a variety of services designed to meet a person’s health or personal care needs when they can no longer perform everyday activities on their own,” according to the National Institute on Aging.

Most long-term care insurance policies operate on a reimbursement model, where the insurer pays up to a maximum daily or monthly benefit for covered services after the elimination period (similar to a deductible period) has been satisfied. Policies can be customized with different benefit periods, daily benefit amounts, inflation protection options and waiting periods before benefits begin. This customization allows individuals to balance coverage needs with premium affordability.

How much does long-term care insurance typically cost?

The cost of long-term care insurance varies significantly based on several key factors, with age at enrollment being the most influential determinant. The price typically increases with age due to the increased risk insurers take on with older applicants, highlighting why many financial advisors recommend purchasing policies early.

Beyond age, premiums are heavily influenced by the coverage amount and options selected. For example, a policy offering a $150 daily benefit will cost considerably less than one providing $300 per day. Similarly, longer benefit periods (how long the policy pays out), shorter elimination periods (waiting periods before benefits begin) and robust inflation protection features all increase premiums substantially. 

Health status at the time of application also plays a crucial role in determining costs, with insurers conducting thorough medical underwriting. Pre-existing conditions like diabetes, heart disease or a family history of dementia can result in higher premiums or even application denial. Additionally, gender affects pricing significantly, with women typically paying more than men due to their longer life expectancy and higher likelihood of filing claims. 

Is long-term care insurance worth it?

Long-term care insurance represents a significant financial commitment, but its value becomes apparent when considering the staggering costs of extended care. With nursing home care averaging over $120,000 annually for a private room and in-home care averaging over $70,000 per year, even a modest two-year stay can deplete a substantial portion of retirement savings. 

The decision on whether long-term care insurance is worth it, though, hinges largely on your financial situation and personal risk factors. Those with minimal assets may qualify for Medicaid coverage without insurance, while wealthy seniors might choose to self-fund care expenses instead. However, for the vast majority between these extremes, long-term care insurance offers valuable protection. 

Beyond financial considerations, long-term care insurance provides significant non-monetary benefits that many policyholders find equally valuable. For example, coverage often grants access to care coordination services, helping families navigate the complex healthcare system during stressful times. Having this type of coverage also typically expands care options beyond what Medicaid might cover, potentially allowing seniors to remain in their homes longer or choose higher-quality facilities. 

What age is the typical cut-off for long-term care insurance eligibility?

The typical cut-off age for long-term care insurance eligibility falls between 75 and 80, though this varies by insurer and continues to shift as the market evolves. Most insurance companies significantly restrict new policy issuance after age 75, with premiums becoming prohibitively expensive and underwriting standards growing increasingly stringent. By this age, the likelihood of health conditions that would disqualify applicants rises dramatically, making approval challenging even for those willing to pay much higher premium rates.

While theoretical eligibility may extend to older ages with certain carriers, the practical reality is that most industry experts identify 70 as the effective threshold beyond which securing coverage becomes problematic. Statistics reveal that approval rates drop significantly after age 70, and those approved in their 70s often face restricted coverage options, higher premiums and less favorable policy terms. That’s why “one of the best ways to prepare for long-term care costs is to plan ahead,” Bryan Kuderna, founder of Kuderna Financial Team, says.

Are there alternatives to long-term care insurance?

Hybrid life insurance policies with long-term care riders have emerged as one of the most popular alternatives to traditional long-term care insurance. These policies combine permanent life insurance with long-term care benefits, allowing policyholders to access the death benefit early if long-term care becomes necessary. If care is never needed, beneficiaries receive the death benefit, creating a “use it or don’t lose it” advantage over conventional policies. While premiums are typically higher upfront, they’re usually guaranteed not to increase, providing budget certainty that traditional long-term care policies can’t match.

“Long-term care insurance options have changed over the years,” says Kelly Gilbert, fiduciary investment advisor at EFG Financial. “Today, we can buy a policy that has a death benefit payout if you never need to use the coverage.”

Self-funding presents another viable option for individuals with substantial assets who choose to set aside funds specifically earmarked for potential care needs. This approach provides maximum flexibility regarding care choices but requires disciplined financial management and acceptance of the risk that care costs could exceed projections, particularly for those requiring extended care due to conditions like Alzheimer’s disease.

Aly Yale contributed to this report.