The 5 Best Long-Term Care Insurance Companies in Pennsylvania 2022: Compare our Ratings and Reviews of the Top Providers in Philadelphia, Pittsburgh, Allentown, and More
Only 33% of adults in the
Long-term care insurance companies provide the financial assistance needed to pay for the cost of care through either stand-alone policies or riders on life insurance plans.
The best insurers offer products that pay for a wide range of services at affordable rates. They are also reliable and financially healthy, so people know they can count on them when they need to use their policies. Here are the top five companies offering long-term care insurance.
Top 5 Long-Term Care Insurance Companies in
* GoldenCare: Best Overall Long-Term Care Insurance in
* Nationwide: Best Long-term Care Insurance Customer Satisfaction in Pa
* Pacific Life: Best Long-term Care Insurance Discounts in
* Mutual of
*
1. GoldenCare — Best Overall Long-Term Care Insurance in
GoldenCare Long-Term Care Insurance Pros in
* Marketplace to search for and compare LTC policies
* Critical Cash program option
* Easy-to-find tailored coverage
* Helpful information on LTC insurance on site
GoldenCare Long-Term Insurance Cons in
* Doesn't offer its own policy
* Customer service depends on the company chosen
* No guarantees of good service
* Lowest rates don't ensure insurer's financial health
GoldenCare is an LTC brokerage company that helps connect people to companies that offer the products they need at reasonable rates. They have a free quote tool for easy comparison of plans and prices, alleviating some of the stress for those searching for LTC insurance.
Benefits of
The company works with the industry's leading insurance companies. When you search for plans using its services, you can quickly compare plans and rates to find policies that meet your needs and budget. If you aren't sure what you want from your LTC coverage, a comparison analysis is an excellent place to start.
GoldenCare can help you connect with critical care coverage if you don't qualify for LTC insurance. The range of available benefits through multiple companies is one of the reasons this company made it on our list of top long-term care insurance companies.
GoldenCare Payout Options for Long-Term Medical Expenses in Pa: 5/5
As with product benefits, customers who use this brokerage have the benefit of choosing a plan with the payout option they desire. If care coverages are a primary concern, customers can choose a stand-alone plan, while those who prefer a death benefit can opt for a rider.
GoldenCare Long-Term Care Insurance Customer Service: 4/5
Though the companies GoldenCare partners with are well-known insurers, their customer services can vary widely. The same holds with customer satisfaction.
You can narrow down your choices using the brokerage's services, but you may need to conduct your own research to determine how the companies rate in third-party customer service rankings. This extra step may still be worth the effort to ensure good customer service.
The financial health of an insurance company is especially important when customers may not require the benefits offered until sometime in the distant future. Here is another area where you should do a little extra work to determine financial health for the companies on your list.
GoldenCare Pennsylvania Extended Care Insurance Overall Score: 4.50/5
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2. Nationwide — Best Long-term Care Insurance Customer Satisfaction in Pa
Nationwide Long-Term Care Insurance Pros in
* LTC riders for variable and universal life insurance policies
* Indemnity and reimbursement benefits payout
* Coverage for temporary care
* Income-tax-free death benefits for beneficiaries
* Minimum death benefit
Nationwide Long-Term Care Insurance Cons in
* No stand-alone LTC insurance plan is available.
* Not every state offers LTC riders.
* Details of rider benefits are not available on the website.
Nationwide has been in business since 1925, lending it credibility and reliability. It tops our list of long-term care insurance companies because it ranks high in customer satisfaction, a good overall indicator of what you can expect from doing business with a company.
Benefits of
Nationwide offers its LTC insurance as a rider to its life insurance policies. One big plus with this company's rider benefits is that it doesn't place restrictions on how customers use the benefit. The company doesn't offer a stand-alone policy, so it costs more because you also have to pay for life insurance.
The company also does not offer services in all 50 states. Customers must wait 90 days before benefits take effect, and the benefit period is between two and seven years. Coverage details are lacking on the company's website, meaning customers must contact a representative or get a quote to learn about policy specifics.
Nationwide Payout Options for Long-Term Medical Expenses in Pa: 5/5
The company allows customers to choose between indemnity and reimbursement payout options when they need to use their benefit for care. Indemnity payouts are lump-sum cash payouts that don't require customers to pay in advance and submit receipts.
At death, any unused benefits get passed along to beneficiaries. However, even if customers use it all up, Nationwide has a minimum death benefit that ensures beneficiaries still receive a payout.
Nationwide Long-Term Care Insurance Customer Service: 5/5
Nationwide offers customers the flexibility they need to utilize their benefits in ways that work for them. Furthermore, the company ranked high in
According to the
The company has been around for nearly a century, so it is well-established.
Nationwide Pennsylvania Extended-Care Insurance Overall Score: 4.875/5
Compare Pennsylvania Nationwide quotes!
3. Pacific Life — Best Long-term Care Insurance Discounts in
Pacific Life Long-Term Care Insurance Pros in
* Licensed health care practitioners available to help
* 3 rider benefits levels
* Discounts for couples
* Monthly rates returned for unused portion when discontinued
* Eligible services clearly identified
Pacific Life Long-Term Care Insurance Cons in
* Unavailable in
* Limited availability in
* No stand-alone policy option
Pacific Life is another company that has been around for a long time, with more than 150 years of experience providing customers with insurance products to meet their needs. This company's primary focus is life insurance. It offers three types of LTC riders, giving customers choices in what they receive in benefits.
Benefits of
Customers can only get their long-term care insurance as a rider to a life insurance policy. Pacific Life doesn't have the same degree of flexibility customers get with Nationwide.
They do provide three different products, which helped put them in the number-two position on our list of top long-term care insurance companies. Customers can choose an elimination period of zero to 90 days.
Pacific Life Payout Options for Long-Term Medical Expenses in Pa: 4.9/5
As with Nationwide, customers don't lose any of their investment in coverage if they don't use it. Customers who opt to drop their coverage get the money back they paid into their policies, less any benefits used.
Pacific Life also pays beneficiaries for any unused benefits after death. The company provides a minimum death benefit of up to
Pacific Life Long-Term Care Insurance Customer Service: 4.9/5
The company offers discounts for couples. They also give customers the option to pay for their plans over five years, 10 years, or the policy's lifetime. Pacific Life also ranked high in the
The NAIC company complaint index for its life insurance arm and long-term care insurance products is 0.0. Customers who purchase their products seem to have little to complain about with either the products or services.
Pacific Life's long history of providing insurance services reassures customers that they will likely continue to do so.
Pacific Life Pennsylvania Extended Care Insurance Overall Score: 4.825/5
See what Pacific Life can do for you in
4. Mutual of
Mutual of Omaha Long-Term Care Insurance Pros in
* Choice of optional benefits
* No need to pay monthly rates when receiving benefits
* Indemnity and reimbursement payout options
* Discounts for couples
Mutual of Omaha Long-Term Care Insurance Cons in
* LTC insurance is not available in all states
* Only available as a stand-alone policy
* No death benefits
In business since 1909, Mutual of
Benefits of Mutual of
Mutual of
This company offers optional add-ons that provide added protection and savings. They have options for increasing inflation rates security, shared benefits, increased monthly reimbursement benefits and rate returns for unused portions.
Mutual of Omaha Payout Options for Long-Term Medical Expenses in Pa: 4.3/5
The company provides customers the option to receive cash payouts for benefits instead of reimbursements. There is no death benefit, unlike life insurance riders, so customers don't get this additional payout option.
Mutual of Omaha Long-Term Care Insurance Customer Service: 4.7/5
This company's website provides customers with a tool that estimates changes in the cost of care in the future for their location (narrowed down to the ZIP code level). The company also offers discounts to couples. Though the most significant savings are for partners who both have coverage, couples get a discount even when only one of them has a policy.
Mutual of
Mutual of
Mutual of Omaha Pennsylvania Extended Care Insurance Overall Score: 4.70/5
Check out Mutual of
5.
New York Life Long-Term Care Insurance Pros in
* A++ rating from
* Stand-alone and LTC-life insurance hybrid policies
* 2 stand-alone plans to choose from
New York Life Long-Term Care Insurance Cons in
*
* Details about stand-alone products not on site
* Minimum elimination period is 90 days
The life insurance rider option isn't available in every state, but it offers the benefits of life and LTC coverage in one policy for those who have access. The benefit period is three or six years, depending on the plan. Customers have to wait either 90 or 180 days for their benefits to kick in.
New York Life Payout Options for Long-term Medical Expenses in Pa: 5/5
The payout for a stand-alone policy is available as either reimbursement or indemnity benefits. As with other companies on the list, the rider disperses benefits when they're needed, either for care, as a death benefit or a combination of both.
New York Life Long-term Care Insurance Customer Service: 4/5
This company receives high marks for offering its customers both stand-alone and life insurance rider products and providing a customizable plan. People who choose
Financial Health of
The company's long history of providing insurance products offers customers peace of mind that it is doing something right.
New York Life Pennsylvania Extended Care Insurance Overall Score: 4.50/5
Find
Northwestern Mutual scored almost as well as
Important Factors in Choosing the Best Long-Term Care Insurance Companies in
Long-term care insurance provides essential coverage when you need skilled nursing or custodial care due to critical illness, disabilities or cognitive disorders. You need to know that the company you choose provides the coverage you can count on.
We examined long-term care insurance companies for how well they meet the needs of their customers. We looked at what kind of policies they provide, the benefits offered and payout options. We also assessed how well the company ranks in customer satisfaction and the types of services they offer.
Finally, the nature of long-term care insurance means that the person who purchases coverage may not need to draw on the benefits for years to decades. Factors such as what happens to unused benefits and company financial health were essential considerations.
Buyer's Guide to the Best Pa Long-Term Care Insurance Companies
What is long-term care insurance?
Long-term care insurance covers the cost of care if you become disabled or critically ill. These policies pay for many services not covered under health insurance and can pick up where Medicaid and Medicare leave off.
These plans pay for care in the home, a long-term care facility, an assisted-living facility, an Alzheimer's care facility, an adult daycare service center or a nursing home. Coverage is available either as a stand-alone policy or a rider attached to a life insurance policy.
What do long-term care insurance policies cover in
LTC plans pay for a wide range of non-medical services: physical, occupational, rehabilitation and speech therapy. LTC insurance can cover skilled nursing services, hospice care and specialty services for people with Alzheimer's disease.
They also pay for someone to help with daily living skills, such as bathing, dressing, transferring in and out of bed or a chair, toileting, shaving and grooming. Coverage is available for assistance in meal planning, preparations and shopping.
What is a long-term insurance rider?
An insurance rider is a benefit that is attached to a primary policy. In the case of LTC coverage, life insurance or long-term care insurance companies add them to life insurance policies for an added cost. These policies tend to cost more because they include both LTC and life insurance benefits.
LTC insurance riders provide three stages of benefits commonly known as "live, quit or die." While you're alive, the plan pays for qualified care. If you decide to end your coverage, you get the money you paid into the policy back, less any benefits used. When you die, your beneficiaries get a death benefit as long as your policy is still active.
How much does long-term care insurance cost in
As with other types of insurance, rates for LTC coverage vary widely. Companies use different formulas to determine their rates, but several important factors impact the cost of coverage. Your health at the time of purchase, age, marital status, and living location all affect your rates.
Additionally, the type of plan you choose, policy limits and whether you elect optional benefits contribute to how much you pay. You can use a site such as GoldenCare to compare plans and rates for LTC insurance in your area.
Is long-term care insurance necessary in Pa?
Long-term care insurance isn't a requirement, but it is a good idea. Most people require some sort of long-term care during their lives, and it can get quite expensive.
Coverage protects you from incurring those costs all at once, so you can get the help you need without the stress of worrying about how to pay for it. It also safeguards your assets and your family's financial and emotional well-being.
How do I know which
Insurance companies vary in the products they offer and the rates they charge. It's important to have an idea about what you're looking for before you begin your search. You have two options for LTC insurance vehicles: stand-alone policies or life insurance riders.
While rates are certainly a consideration, you want to know that the company provides the services and benefits you need and that they're reliable. It's also helpful to examine customer reviews, third-party customer satisfaction indicators, and financial health.
Top 5 Pa Long-Term Care Insurance Companies Comparison Summary
GoldenCare
* Best feature: Compare policies and costs of multiple companies
* Policy type: Varies
* Benefits period: Varies
* Elimination period: Varies
Nationwide
* Best feature: Ranks high in overall customer satisfaction
* Policy type: Life Insurance Rider
* Benefits period: 2-7 years
* Elimination period: 90 days
Pacific Life
* Best feature: Offers discounts to couples
* Policy type: Life Insurance Rider
* Benefits period: 2-8 years
* Elimination period: 0-90 days
Mutual of
* Best feature: Offers multiple optional benefits
* Policy type: Stand-Alone Policy
* Benefits period: 1-5 years
* Elimination period: 0-365 days
* Best feature: Financially strong, with A++
* Policy type: Stand-Alone or Rider Options
* Benefits period: 3 or 6 years
* Elimination period: 90 or 180 days
Closing Thoughts on Finding the Best Long-Term Care Insurance Companies in
You never know when you might need long-term care, and the costs add up quickly. Insurance protects you and your loved ones from the financial stress that comes with paying high out-of-pocket costs.
Choosing the best long-term care insurance companies for you depends on your needs and preferences for a stand-alone policy versus a life insurance rider, how soon you need the policy to take effect, and the types of services you may require.
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