Mutual of Omaha Long-Term Care Insurance Review

Recommend This Page
Mutual of Omaha Long-Term Care Insurance Review

Company Details

Founded: 1909
Headquarters: Omaha, Nebraska

Claim Information

Phone Number: 800-621-3724

Products Offered

  • Long-Term Care Insurance
  • Retirement/401k Services
  • Life Insurance
  • Disability Insurance
  • Critical Care Insurance
  • Medicare Supplements
  • Cancer, Heart Attack, Stroke
  • Annuities
  • Dental

Insurer Highlights

Mutual of Omaha offers traditional Long-Term Care Insurance, including partnership certified plans. Considered by many experts as the leader in long-term care solutions, their plans offer comprehensive benefits that are very flexible to design.

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. Premiums and underwriting criteria vary dramatically between insurance companies. 

When comparing long-term care insurance, you should recognize the differences between Mutual of Omaha and other companies. Mutual of Omaha is the leader in traditional Long-Term Care Insurance offering features and benefits most people look for in a policy.

IMPORTANT NOTE REGARDING MUTUAL OF OMAHA

Mutual of Omaha has announced a refreshed product that was effective in most states on September 1, 2020. The only state still offering the older product series is California.

Special Note for California

If you are considering Mutual of Omaha and live in California, it would be best to act before the new product becomes available in order to save money.

Special Note about Washington State

Effective December 1, 2021, Mutual of Omaha will once again be accepting applications for Long-Term Care Insurance in the State of Washington.

Mutual of Omaha has two product series which are available to consumers.

Custom Solution

Custom Solution is the product Long-Term Care Insurance Specialists will most often use when discussing Mutual of Omaha. It provides many choices and policyholder benefits that can be customized to fit your needs.

There are several beneficial features that most consumers and specialists prefer over the Secure Solution product. 

The policy is easily customizable to fit your needs and budget. 

Secure Solution

This product is often used by general insurance agents and financial advisors who lack a complete understanding of long-term care planning. It is a basic plan which provides few options.

Mutual of Omaha has several features and benefits consumers and long-term care specialists look for in a long-term care insurance policy. 

Features and Benefits

Both products provide outstanding value. Key product features include:

  • Partnership
  • Monthly Benefits from $1500 to $10,000
  • Benefit pools from $50,000 to $500,000
  • Shared Care Benefit
  • Inflation options from 1 to 5% compound in any quarter of a percentage increments
  • Case Management
  • Cash Alternative
  • Professional Home Care Benefit – Doubling benefit for skilled services at home
  • Bed Reservation Benefit
  • Additional money to pay for home modifications and medical alerts systems
  • Return of Premium at Death – before age 65
  • Return of Premium at Death – minus long-term care claims paid
  • Joint Waiver of Premium
  • Elimination Periods of 0, 30, 60, 90, 180 and 365 days
  • Survivorship Benefit
  • Security Benefit for Uninsurable Spouse/Partner

Key Benefit

The "Custom Solution" series includes a unique inflation "buy-up" option, which can increase the power of your benefits, perhaps just before you may need them. Every year, on the anniversary of your policy, you can choose to increase the inflation percentage without evidence of insurability. You can exercise this option for 20 years or to age 74, whichever comes first, as long as you are not receiving benefits at the time.

Mutual of Omaha's unique 'buy-up feature is often noted as the primary reason to use "Custom Solution" when selecting Mutual of Omaha.

Another Key Benefit

You can receive benefits anywhere in the United States and U.S. territories, Canada, the United Kingdom, and up to one year in any other foreign country.

Claims

If you own a Mutual of Omaha Long-Term Care policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can be beneficial for the entire family - Filing a Long-Term Care Insurance Claim | LTC News

Federal Regulation and Consumer Protections

All Long-Term Care Insurance contracts are regulated under IRS regulations §7702B(b)(1). Any insurance contract that meets the guidelines set by the Internal Revenue Service is considered long-term care. All insurance products that meet these federal guidelines contain consumer protections and regulated benefit triggers, in addition to tax advantages. 

Partnership

Mutual of Omaha does offer Partnership Long-Term Care Insurance plans that offer additional dollar-for-dollar asset protection. You can learn more about the federal/state partnership program and other state-specific information on long-term care by finding your state on the LTC NEWS Cost of Care Calculator.

You can learn more about the federal/state partnership program and other state-specific information on long-term care by finding your state on the LTC NEWS Cost of Car Calculator.

Find State-Specific Information

You can learn more about the federal/state partnership program by going to the LTC NEWS Cost of Calculator. Each state has a state-specific page that includes the current and future cost of long-term care services, available tax incentives, information on care providers, and other important information -  Cost of Care Calculator - Choose Your State | LTC News.

Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance coverage, keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is not available otherwise. 

Be sure to use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning | LTC News.

There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.

Underwriting

Long-Term Care Insurance is medically underwritten, and every company has its 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.

Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy. You can find a trusted and qualified specialist that represents the major insurance companies that offer these products - Work With a Specialist | LTC News.

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. An experienced Long-Term Care Insurance specialist will ask you several questions about your health to provide you with accurate quotes and professional recommendations.

Please note: Since every company has different underwriting rules, you could be eligible for coverage 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 develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:

  • 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.

 

Need to file a claim?
View Insurance Claim Contact Information

Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

LTC News Trusted & Verified

Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
man and woman sitting at desk
Latest
  • Latest

  • Oldest

Everything
  • Homecare

  • Health

  • Government

  • Care Facilities

  • Pets

  • People

  • Lifestyle

  • Insurance

Step 1 of 4

Find a Specialist

Get Started Today

Trusted & Verified Specialists

Work with a trusted Long-Term Care Insurance Specialist Today

  • Has substantial experience in Long-Term Care Insurance
  • A strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

LTC News Trusted & Verified

Compare Insurers

+

Claim this listing

Fill out this short form

Step Number:

1
2
3

Request Listing Edit

Tell us a little bit about yourself.

Step Number:

1
2
3

Are you a customer of this business, or are you an employee?