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 is effective on September 1, 2020. This updated product makes minor changes to the features and benefits. It will also have new premium rates. These rates will be higher than the current product. This refreshed rate WILL NOT impact current policyholders.
The following states now have the updated product as of September 1, 2020:
Alabama, Alaska, Arkansas, Colorado, Georgia, Idaho, Illinois, Iowa, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wyoming.
The following states were updated effective November 1, 2020
Kansas, Maryland, Massachusetts, Pennsylvania and Wisconsin
The following states will have the updated products starting March 1, 2021
Arizona, Connecticut, Indiana and Vermont
The following states have yet to approve the new product and still have the older policy with lower premium:
CA, DE, DC, FL, HI, MT, NJ, NY, ND, SD
If you are considering Mutual of Omaha and are living in the states that still have the older product, it would be best to act before the new product becomes available in your state in order to save money.
Mutual of Omaha has two product series which are available to consumers.
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.
This product is used most often by general insurance agents and financial advisors who lack a full 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 alike look for in a long-term care insurance policy.
Both products provide outstanding value. Key product features include:
- 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
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 on claim at the time.
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.
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 by finding your state on the LTC NEWS MAP.
Find the current and future cost of long-term care services where you live, along with the availability of partnership plans and tax incentives by clicking here.
Keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates premiums. Because of regulation, an insurance agent or financial advisor is not able to give a consumer a special discount which is not available otherwise.
There are more similarities than differences when it comes to features and benefits. However, options and benefits do vary from company to company. Premiums can vary between companies by over 100% when comparing equal benefits.
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 who represents the major insurance companies that offer these products by clicking here.
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 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.