Long-term care insurance provides financial support for individuals who can no longer take care of themselves due to advanced age or physical infirmity.
Of the few companies still offering this insurance product, Mutual of Omaha stands out for its customizable policies and discount options. In this guide, we'll take an in-depth look at Mutual of Omaha's long-term care insurance. We'll go over its pros and cons and talk about eligibility requirements, pricing, discounts and how to customize your policy to best suit your needs.
Best for discounts
Mutual of Omaha long-term care insurance offers three discount options. Couples can receive a 30% discount when both partners buy the same Mutual of Omaha long-term care policy. This discount applies regardless of whether you're married or in a committed long-term relationship. If you fall into one of the prior categories, but your partner doesn't hold a long-term care policy through Mutual of Omaha, you're still eligible for a 5% discount. Mutual of Omaha offers a 15% discount to all applicants who are in good health, regardless of relationship status.
Mutual of Omaha long-term care insurance pros and cons
- Multiple discounts available
- Maximum policyholder age is 79
- Robust insurance policy estimator tool on its website
- Range of options for bundling products
- Couples must live together or be married for three years or longer to receive couples discount
- Insurance premiums are likely to increase over time
Multiple discounts available
Mutual of Omaha offers discounts for couples in committed long-term relationships regardless of marital status. You'll qualify for a 15% discount if both you and your partner purchase a long-term care policy through Mutual of Omaha. If your partner chooses not to purchase long-term care insurance, or they decide to go through another carrier, you'll still be eligible for a 5% discount. Applicants in good health at the time of purchase may receive a 15% price break.
Maximum policyholder age is 79
As you age, the likelihood of being denied a long-term care policy increases. Mutual of Omaha stands out for accepting policyholders up to the age of 79.
Robust insurance policy estimator tool on its website
Mutual of Omaha lays out average costs for a variety of long-term care options on its website. You can get a good idea of what you'll pay in monthly premiums through its online policy estimator tool. Adjust the monthly benefit amount to find a price that fits your budget. Keep in mind that the number you receive may differ from your Mutual of Omaha quote.
Range of options for bundling products
Bundle your long-term care insurance with your Mutual of Omaha life insurance for greater savings and convenience. Other savings options include bundling with disability income insurance, dental insurance, critical illness insurance or cancer, heart attack and stroke insurance.
For more information on life insurance, consult our guide to the best life insurance companies.
Couples must live together or be married for 3 years or longer to receive couples discount
You don't have to marry in order to qualify for one of Mutual of Omaha's two couple discount options. However, Mutual of Omaha maintains a minimum relationship duration limit before you can access either one. Couples must be married or living together for at least three years to become eligible for a couples discount.
Insurance premiums are likely to increase over time
Long-term care premiums typically become more expensive with time. Reasons for this trend include:
- Elderly individuals are a more expensive risk compared to younger individuals
- Healthcare costs are rising
- There has been a decrease in the number of long-term care insurance providers
Mutual of Omaha long-term care insurance offerings
Mutual of Omaha offers two long-term care insurance plans: Secure and Custom coverage. Both long-term care offerings are similar. They differ primarily in policy limit calculations and the range of optional benefits available for purchase.
Both policies let you take up to 25% of your policy value in cash benefits. This reimbursement alternative lets you pay directly for care you receive in your home. For example, you could use your cash benefits to pay an adult child to assist you with household tasks.
Both plans also offer a waiver of premium, which lets you skip premium payments while you're accessing policy benefits.
MutualCare Secure Solution long-term care insurance
This option provides policyholders with coverage that is partially determined by a benefit multiplier. To find your coverage limit, multiply your maximum monthly limit by 24, 36, 48 or 60 months. For example, if you can receive up to $3,000 per month and you have a five-year benefit multiplier, then your total coverage limit would be $180,000 — or 60 months times $3,000.
The advantages to using a benefit multiplier include a greater degree of flexibility and coverage. Policies that don't use benefit multipliers usually allow for lower amounts of coverage over the life of your plan. With a benefit multiplier, you can fine-tune your total coverage limits to provide the exact amount you think you’ll need in the future.
However, if you underestimate your needs, you may find yourself running out of cash prematurely. Meanwhile, overestimating your long-term care expenses can lead to pricier premiums that don’t pay off in the long run.
You cannot access several add-on policy features with this policy. You may prefer this policy if you're looking for an easy-to-understand plan with basic benefits.
MutualCare Custom Solution long-term care coverage
This policy option may be a better fit if you'd like more freedom to pick and choose your benefits. The custom solution lets plan holders select from a range of optional coverage features, including:
- Joint waiver of premium: If one partner in a joint life insurance plan becomes disabled or requires long-term care, the other partner will no longer need to pay their monthly premiums to retain their policy.
- Survivorship benefit: In a joint life insurance policy, the survivorship benefit provides limited benefits to the surviving spouse or partner upon the death of the first insured.
- Return of premium at death: This rider returns some or all of the premiums paid into the policy to the insured’s beneficiaries or estate upon the policyholder’s death.
- Inflation protection: This feature increases the insured’s monthly benefits either at a fixed percentage or in tandem with the ongoing inflation rate as determined by the Consumer Price Index or another inflation tracking tool.
With this plan, you'll also have a wider range of choices when it comes to selecting your elimination period. Finally, this plan option lets you set your policy limits in dollar terms. You can choose any sum between $50,000 and $500,000 (in $500 increments).
Mutual of Omaha long-term care insurance pricing
Mutual of Omaha offers competitive pricing, with premiums starting as low as $160 a month. You can use Mutual of Omaha's online calculator to estimate your expected monthly premiums. The cost of long-term care insurance can vary dramatically from person to person. These factors may influence the price you'll pay for your monthly premium:
- Gender: Since women tend to live longer than men, they typically require more long-term care than men. Consequently, women usually pay higher premiums for the same policy.
- Age: Younger individuals will typically pay lower prices than the elderly.
- Physical health: Individuals suffering from chronic ailments and other poor health factors will generally pay more than those in good health.
- Relationship status: Mutual of Omaha offers discount options for individuals in committed long-term relationships.
Mutual of Omaha long-term care insurance financial stability
When selecting an insurance provider, it's important to assess its long-term financial stability. AM Best, a major credit firm that specializes in the insurance industry, has assigned an A+ (Superior) rating to Mutual of Omaha.
Additionally, Fitch Ratings, another major credit rating firm, recently gave Mutual of Omaha an A (Stable) rating. These ratings reflect a strong balance sheet, a solid business strategy and a healthy insurance market. Financially healthy companies are more likely to pay out in the event of a claim.
Mutual of Omaha long-term care insurance accessibility
Mutual of Omaha has a nationwide presence, although you may have a difficult time finding an agent near you. Fortunately, you can easily apply for a policy over the phone or on the web. Like most long-term care providers, Mutual of Omaha favors younger and healthier applicants. Those dealing with chronic sickness and individuals over the age of 70 may have a difficult time qualifying for a long-term care insurance policy.
Mutual of Omaha operates in every state. Residents of Washington D.C. may also purchase Mutual of Omaha policies.
Individuals aged 30 to 79 can buy Mutual of Omaha long-term care insurance through an agent. As you get older, you're more likely to be rejected for long-term care coverage, so the earlier you request a policy, the more likely you are to be accepted.
You can contact Mutual of Omaha in the following ways:
- Phone support: Call 800-775-6000 to speak with a Mutual of Omaha customer service representative between Monday and Friday from 8:30 a.m. to 4:30 p.m. CT.
- Online form: Use the online form on Mutual of Omaha's contact page for general inquiries.
- Snail mail: Send your letter to Mutual of Omaha Insurance Company (Mutual of Omaha), 3300 Mutual of Omaha Plaza, Omaha, Nebraska, 68175.
Applying for a Mutual of Omaha long-term care policy is relatively straightforward. Get in touch with a Mutual of Omaha agent to begin the application process.
Mutual of Omaha long-term care insurance customer satisfaction
The National Association of Insurance Commissioners (NAIC) maintains a complaint index database that lets you easily compare different insurance providers by their weighted number of complaints. The NAIC calculates a company's complaint index by dividing its share of complaints by its share of the U.S. market.
For example, if an insurance company covers 10% of the market for long-term care insurance, and it receives 10% of all complaints made in that market, the company would have a complaint index of 1, which is average. Anything below 1 is above average, while anything above 1 is below average. Mutual of Omaha currently has a 0.65 index record, which places it solidly above average in terms of customer satisfaction.
Mutual of Omaha Long-Term Care Insurance FAQ
What falls under "long-term care"?
Long-term care describes a range of medical care options used by adults who can no longer take care of themselves. Common services that fall under this umbrella include:
- Hospice care
- Adult day care centers
- Speech therapy
- Nursing home care
- Home aides or nurses
- Physical therapy
- Occupational therapy
Please note this list is not exhaustive. For exact coverage details, contact your long-term care insurance agent or consult your long-term care policy.
What is an 'elimination period' in long-term care insurance?
Does Mutual of Omaha's long-term care insurance policies have a waiting period?
Are Mutual of Omaha's long-term care services worth it?
Mutual of Omaha provides quality long-term care insurance at competitive prices. Mutual of Omaha can help you afford the cost of your long-term care services. Before you make a purchasing decision, it's always a good idea to seek multiple insurance quotes.You may also choose to self-fund your long-term care services through savings or by tapping into your home's equity. If you pursue this route, it's advisable to speak with a financial planner first to ensure that your plan is viable.
How we evaluated Mutual of Omaha long-term care insurance
We evaluated Mutual of Omaha along a range of factors. These included:
- Policy coverage features and limits
- Types of policy offered
- Optional add-ons
- Customer satisfaction
- Financial stability
Summary of Money's Mutual of Omaha long-term care insurance review
Mutual of Omaha stands out from the competition with its range of generous discounts. Due to its financial stability, you shouldn't have to worry about running into trouble with your claims payments down the road. Its low complaint index score suggests a high level of customer satisfaction. Mutual of Omaha offers a range of coverage features that make it a competitive choice when selecting between insurance providers. Choose the Secure policy for basic functionality or the Custom policy for a personalized plan.
At the end of the day, Mutual of Omaha provides solid coverage for a reasonable price. However, it's important to shop around before you select a long-term care insurance plan. For more information about long-term care insurance, check out our guide to the best long-term care insurance companies.