There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance, however, the primary features and benefit choices are comparable from company to company. Differences do exist between the primary companies. When comparing long-term care insurance, you should recognize the differences between Mass Mutual and the other major companies.
Mass Mutual no longer offers this product through insurance brokers. It now limits the availability by only offering it through Mass Mutual agencies and agents.
The policy has typical features and benefits that most long-term care policies offer. These include:
- Daily Benefits from $50 a day to $400 a day
- Option to have a monthly homecare benefit
- 3% or 5% compound inflation options
- Shared Care Benefit with a third pool of money
- Joint Waiver of Premium option
- Survivorship benefits with paid up policy for surviving spouse
- Restoration of Benefits option
- Multiple elimination periods, 30, 60, 90 or 180 days
- Case Management
- Unisex rates
Mass Mutual also offers a rider on their Whole Life Legacy policies which allows policyholders to accelerate the payment of a portion of their policy death benefit during their lifetime to help pay for covered long term care services. The acceleration of the death benefit reduces the death benefit. Generally, this is not an ideal solution for long-term care. Compared to “hybrid” policies, which combine life insurance with an actual separate long-term care benefit, for most people, this will not be a serious option.
Mass Mutual does offer long-term care partnership policies. Find your state on the LTC News Map. You can get the current cost of long-term care services, the availability of partnership plans and tax incentives by clicking here.
Significant premium differences exist between companies for the exact same benefits. Long-Term Care Insurance premiums are calculated based on your selection of benefit levels you wish to have in place. Premium calculations are also based on your age and health at the time of application. Plus, you may qualify for discounts which might be available.
Every company has their own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
You can find a qualified specialist who represents the major insurance companies which offer these products by clicking here.
Keep in mind, numerous state and federal regulation impact Long-Term Care Insurance. However, options and benefits do vary from company to company. Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy.
Since your health is a primary consideration in determining your eligibility for coverage it is always best to start planning before retirement when health is usually better. A Long-Term Care Specialist will ask you several questions about your health in order to make the appropriate recommendation.
Please note: Since every company has different underwriting guidelines you could be eligible with one company and not another.
Because Long-Term Care Insurance is custom designed you can design the plan to fit your specific needs, concerns and budget. A specialist will help you design your plan to address your concerns. Generally, you can design almost any plan to:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply.