Mutual of Omaha Long-Term Care Insurance

For seniors, long-term care insurance is essential to have for several reasons. First, it helps cover the hefty costs that may accumulate if you ever need to receive care at an assisted living facility, nursing home, or even your own home long-term. It can also protect your assets! Long-term care insurance gives peace of mind for families knowing that older individuals’ retirement savings won’t be wiped out immediately in case of any medical emergency.

Mutual of Omaha is one of the leading long-term care insurance providers in the United States. In fact, it accounts for a major portion of all new long-term care policies. Understanding that long-term care insurance is not a one-size-fits-all kind of deal, Mutual of Omaha delivers choices with a variety of standard and optional benefits so that clients are able to truly customize their long-term care coverage to suit their needs and lifestyle. In addition to long-term care insurance, Mutual of Omaha also sells life, accidental death, and disability insurance.

Coverage

Mutual of Omaha has two long-term care insurance solutions in place: MutualCare Secure Solution Long-Term Care Insurance (pays for care in different settings) and MutualCare Custom Solution Long-Term Care Coverage (pays for care in different settings, and protects your retirement assets).

If you are looking for easy-to-understand benefits and are comfortable with a certain level of asset protection, then MutualCare Secure Solution is a smart bet. It is a traditional long-term care policy that offers $1,500 to $10,000 in monthly benefits for a nursing home, adult day care, assisted living, and in-home care expenses. Other benefits like cash benefit, waiver of premium (if you’re in a nursing home), and a variety of riders to customize your insurance coverage are available.

Looking to get more specific with your long-term care planning? Look into MutualCare Custom Solution. This one gives greater control over how you receive your long-term care benefits. It’s highly customizable so that clients can get their perfect coverage level. This package has more options for a return of premium at death to pay your survivors a lump sum minus the claims paid. If you never end up needing to use the insurance, then the benefit amount can be quite significant. Other optional benefits like greater cash benefit, inflation protection, higher policy limit, and joint waiver of benefits are also available to choose from depending on your preferences and lifestyle.

Mutual of Omaha has some built-in benefits with their long-term care insurance policies, and some optional benefits as well.

Built-in benefits include:

  • Option to select cash benefit
  • Receive coverage for alternate care, also known as services or treatments that may not exist today but may become standard practice in the future
  • Waiver of premiums while receiving covered long-term care services
  • Professional care coordinator provided to determine your need and come up with an individual care plan and assist in arranging for appropriate services

Optional benefits include:

  • Security benefit, which tacks on an extra percentage to your policy's monthly reimbursement to assist in paying for living expenses or a partner’s care
  • Inflation protection, which protects you against the rising cost of long-term care services over the years
  • Return of premium, which refunds a part of premiums paid minus any benefits paid out after death
  • Shared care, which allows both you and your partner to access Mutual of Omaha’s long-term care benefits

Pricing

Similar to other insurance companies, Mutual of Omaha’s long-term care insurance rates vary depending on some factors like marital status, age, gender, health status, and place of residence, for example. Thanks to Mutual of Omaha’s easy-to-use online cost estimator though, we were able to draw a few estimates for a couple states to give you an example of what their costs are like on a single 60-year-old healthy person purchasing a MutualCare Secure Solution policy with a 36-month benefit multiplier, 90-day elimination period, and no extra benefits. Rates for married people are a bit lower.

Taking California for example: with the benefit amount set at $1,500, the premium cost is $72 for a male and $118 for a female. A benefit amount set at $2,500 brings the premium cost up to $120 for a male, and $197 for a female. A benefit amount set at $3,500 incurs a premium cost of $168 for a male and $276 for a female.

With the same benefit amounts, a male in Florida can expect to pay a premium of $87 while a female pays $142, $144 (male) vs. $236 (female), $202 (male) vs. $331 (female), respectively.

In Connecticut, the same benefit amounts yield the following premiums respectively: $71 (male) vs. $116 (female), $118 (male) vs. $193 (female), and $165 (male) vs. $270 (female).

As you can see, the pricing will vary from state to state. To buy a Mutual of Omaha long-term care policy, you must speak with a licensed agent to discuss your state requirements and individual needs. To reach someone, visit their website and call the number to get in touch with a Mutual of Omaha agent.

What Customers Think

Mutual of Omaha boasts an A+ rating with the Better Business Bureau. Any complaints filed with the BBB over the past three years were resolved quickly by the company. Mutual of Omaha customers give the company an average rating of 4.5 out of 5 stars. There aren’t a whole lot of complaints, but customers had mentioned that sometimes it took a while for their claims to get paid. The good news is that Mutual of Omaha works with their clients to ensure that they are well taken care of. Their website provides plenty of useful information, including estimated price quotes. Coverage is available to those who are aged 30-79.

Conclusion

You may or may not need long-term care when you get older, but it’s always better to be safe than sorry. Getting long-term care insurance will ensure that the cost of care you may need to receive will be covered, so that you never have to worry about draining your retirement savings. Mutual of Omaha has been a well-respected and trusted company for decades. Customize a long-term care insurance plan to meet your needs today!