# Best Long-Term Care Insurance Companies 2026
Long-term care insurance protects your assets when you need extended nursing home, assisted living, or home care services. Money Magazine identified New York Life and Mutual of Omaha as top providers this year.
New York Life stands out for comprehensive coverage options and strong financial ratings. The company allows policyholders to customize benefits based on individual needs. Mutual of Omaha offers competitive premiums and flexibility in choosing care settings, whether facility-based or in-home care.
The cost of long-term care runs high. Nursing home care averages $108,405 annually. Assisted living facilities cost around $54,000 per year. Home health aides charge $61,000 annually. Without insurance, these expenses drain savings quickly and can force families to liquidate retirement accounts or sell property.
Long-term care insurance works differently from health insurance. It covers custodial care, not medical treatment. Policyholders receive daily benefits (typically $100 to $500) to cover care costs. Most policies have waiting periods of 30 to 100 days before benefits activate.
Age matters when shopping. Buying at 50 costs significantly less than waiting until 60 or 70. A 55-year-old might pay $2,000 to $3,000 annually for decent coverage. At 65, that same coverage jumps to $4,000 to $6,000 yearly. Premiums lock in at purchase and don't increase with age, though insurers can raise rates for entire policy classes.
Financial stability counts. Check A.M. Best or Standard and Poor's ratings to confirm the insurer can pay claims decades later. Both New York Life and Mutual of Omaha carry top ratings.
Consider hybrid policies that combine long-term care with life insurance