⚠️ The Rate Increase Problem Nobody Warns You About
Long-term care insurance carriers have a history of raising premiums on existing policyholders — sometimes dramatically. Genworth policyholders have seen cumulative increases of 80–100%+. Transamerica raised rates 35% in 2013, then 40% in 2016, then 25% in 2020. This isn't theoretical — it's happened to hundreds of thousands of people who bought "affordable" policies in the 1990s. Ask any carrier for their rate increase history before buying. Hybrid policies (Nationwide, Lincoln, Pacific Life) have contractually fixed premiums — no rate increase risk ever.
LTC Insurance Provider Comparison
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[SEEK EXPERT ADVICE] — An independent LTC insurance broker can run actual quotes from multiple carriers with your real underwriting profile. This comparison is educational only. Carrier information is based on publicly available financial filings and industry surveys. [LAST UPDATED: January 2025]
Frequently Asked Questions
Which LTC insurance company has the best financial rating? ▼
New York Life holds the highest possible AM Best rating: A++ (Superior). Mutual of Omaha, Lincoln Financial, Nationwide, and Pacific Life are all rated A+ (Superior). Financial strength matters because LTC insurance is a 20–40 year commitment — your carrier needs to be financially sound to pay claims decades from now.
Which LTC carriers have raised rates the most? ▼
Genworth has the most significant rate increase history in the industry. Transamerica has also raised rates substantially (35%, 40%, 25% at different points). New York Life has the best track record with only modest increases. Hybrid carriers (Nationwide, Lincoln Financial, Pacific Life, Brighthouse) have no rate increase risk — premiums are fixed by contract.
Is Genworth LTC insurance still worth buying? ▼
Genworth is the largest traditional LTC insurer by market share and has deep claims-paying experience. But its B++ rating and significant rate increase history make it a risky choice for new buyers when A+ and A++ alternatives exist. If you already have a Genworth policy, contact them to understand your options — you may be able to reduce benefits to control premium increases rather than cancelling.
What is Nationwide CareMatters? ▼
Nationwide CareMatters is one of the most popular hybrid LTC products — it combines whole life insurance with long-term care benefits. Fixed premiums (single lump sum or annual payments), a death benefit if LTC is never used, and no rate increase risk ever. It's an asset-based LTC approach where you're repositioning money you'd otherwise keep in savings or CDs. The trade-off: higher upfront cost vs. more coverage per premium dollar with traditional LTC.
Should I use an independent LTC insurance broker? ▼
Yes. An independent broker represents 5–10+ carriers and can compare quotes and policy terms simultaneously. A captive agent employed by one company can only offer that company's products. The premium difference for the same coverage between carriers can be 20–40%. Independent brokers are typically compensated by the carrier — not by you — at no extra cost.