Long Term Care Insurers We Work With
Photo by Eduardo Barrios
Vivant Seniors Living has three small assisted living facilities in Maitland, Florida, specializing in dementia care for the elderly. Several residents in our memory care homes use long-term care insurance to cover the cost of dementia care. This post covers long-term care insurers we work with.
A long-term care insurance policy helps cover the costs of that care when you have a chronic medical condition, a disability, or a disorder such as Alzheimer's disease, Lewy body dementia, and Parkinson's disease dementia. Most policies will reimburse you for the care given in various places, such as an assisted living facility. Nerdwallet has an explainer post on long-term care insurance and average care costs across different facility types.
Below is a list of some of the long-term insurers we work with.
OneAmerica
The State Life Insurance Company is an OneAmerica company with offices in Indianapolis, Indiana. According to OneAmerica, they offer "specific products based on life insurance and annuities, which can provide long-term benefits if care is needed."
Mutual of Omaha
Mutual of Omaha has offices in, you guessed it, Omaha, Nebraska. According to SmartAsset, some of the features and riders include:
"There will be a waiting period, also known as an elimination period, during which you cannot collect benefits and all long-term care costs will fall to you. The length of this period varies and is determined when you purchase your insurance contract."
"There is also an inflation protection rider available for policy holders, increasing your benefits each year to keep pace with inflation, which can raise the cost of care. Spousal shared care is also an option you can add."
"The look-back period during which you can cancel your policy may depend on the state you live in. Some, for instance, mandate a 30-day free look-back period."
"One benefit offered at Mutual of Omaha is a return of premium rider. So if you die before all of your premium payments have been paid out, your family will get a partial refund of the remaining funds."
Northwestern Mutual
Northwestern Long Term Care Insurance Company, A Northwestern Mutual Company, has offices in Milwaukee, Wisconsin. According to SmartAsset, "Benefit periods at Northwestern Mutual are three or six years. Note that this may not present enough options for customers seeking periods of a different length, which certain other policies might offer. The company also provides some inflation protection options the customers can choose."
Genworth
Genworth has offices in Richmond, Virginia. Websites tout Genworth as the largest insurer regarding the number of long-term care insurance policyholders, but they have reduced selling new policies in recent years. According to SmartAsset, "It's important to note that as of September 2021, Genworth was not offering new long-term care insurance policies. That said, the company is hoping to return to the market in 2022 with an as-yet-unnamed partner, according to its 10-Q for the quarter ended June 30, 2021."
MetLife
MetLife has offices in New York, New York. According to Kiplinger, "MetLife, which had been one of the largest providers of long-term-care insurance, announced [in 2010] that it plans to stop selling both group and individual long-term-care policies. The company will, however, continue to service the 600,000 policies that are currently in force. As long as you pay your premiums, your coverage cannot be canceled."
If you are interested in other companies offering long-term care insurance, SmartAsset has a post on the “best long-term care insurance provides of 2021” with pros and cons for each.