Long term care insurance can be an important part of your retirement planning by helping cover expenses should you need extended care services. Mutual of Omaha is one of the few insurers still offering these policies. In this comprehensive guide, we’ll provide an in-depth review of Mutual of Omaha’s long term care insurance plans.
Overview of Mutual of Omaha Long Term Care Insurance
Founded in 1909, Mutual of Omaha is a mutual insurance company providing a range of health, life, and supplemental insurance products. Here are some key highlights about its long term care offerings:
- Offers customizable long term care insurance plans
- Available in all 50 states
- Policyholder ownership structure can help keep premiums stable
- Provides couples and healthy lifestyle discounts
- Competitive pricing starts around $160/month
- Strong financial ratings from AM Best (A+) and other agencies
Keep reading for a full review of policy options, pricing, financial strength, customer service, and more from Mutual of Omaha’s long term care insurance division.
Mutual of Omaha Long Term Care Insurance Policy Options
Mutual of Omaha provides two main long term care insurance plans:
MutualCare® Secure Solution
This option bases your total policy benefits on a set multiplier of your monthly maximum:
- Choose a monthly max between $1,500 – $10,000
- Multiplier options of 24, 36, 48, or 60 months
- Sample: $3,000 monthly max x 60 month multiplier = $180,000 total coverage
The benefit multiplier provides flexibility to customize your total policy limits. However, it can be tricky to predict your exact needs.
MutualCare® Custom Solution
With this plan, you select your total policy limit in dollar amounts between $50,000 – $500,000. This allows you to pinpoint your desired coverage total.
The Custom Solution also offers wider choices for elimination periods, inflation protection, and optional add-ons like return of premium or joint waiver of premium.
Both plans offer comprehensive long term care coverage for at-home care, assisted living, adult day services, nursing homes, and more. You can receive up to 25% of your monthly benefit as a cash reimbursement option as well.
Mutual of Omaha Long Term Care Insurance Costs
Mutual of Omaha offers competitive long term care insurance rates, with estimated monthly premiums starting around $160. However, your exact premiums will depend on factors like:
- Age at time of enrollment
- Gender
- Health status
- Daily benefit amount
- Benefit period
- Elimination period
- Optional riders
Mutual of Omaha provides an online premium estimator tool to generate sample policy rates based on your inputs. Be sure to get an actual quote for precise pricing.
To give an example, here are estimated monthly costs for a sample 55 year old:
| Benefit Options | Est. Monthly Premium |
|---|---|
| $4,500 monthly benefit, 3 year benefit period, 90 day elimination period | $2,400 |
| $4,500 monthly benefit, 5 year benefit period, 90 day elimination period | $4,000 |
Premiums will be higher for older applicants, longer benefit periods, higher daily limits, and shorter elimination periods.
Mutual of Omaha Long Term Care Insurance Discounts
Mutual of Omaha offers several discounts that can potentially lower your long term care insurance rates:
- Couples Discount: 30% off when both partners apply, 5% off for single applicants if their partner has a policy
- Preferred Health Discount: 15% off for applicants in better health
- Partner Discount: 15% when you buy with a Mutual of Omaha life insurance policy
Taking advantage of these discounts can lead to significant savings on premiums both now and in the future.
Is Mutual of Omaha Long Term Care Insurance Worth It?
Mutual of Omaha provides high-quality long term care insurance policies with flexible options and competitive pricing. Key advantages include:
Customizable Coverage: Benefit amounts, durations, and riders can be tailored to your needs.
Couples Discounts: 30% off provides savings when both partners enroll.
Strong Financial Ratings: Mutual of Omaha has an A+ (Superior) rating from AM Best for financial strength.
Low Complaint Index: Better than average score from the NAIC in terms of customer complaints.
Nationwide Availability: Offered in all 50 states.
Policyholder Ownership: Mutual structure can help keep premiums stable long-term.
The biggest downside is that long term care insurance rates will likely increase over time as you age. However, Mutual of Omaha’s pricing remains very competitive compared to other top insurers.
What Do Customers Say in Mutual of Omaha Long Term Care Insurance Reviews?
On third-party review sites like Trustpilot, Mutual of Omaha earns an Excellent rating based on customer feedback. Here are some common pros mentioned in reviews:
- Competitive pricing and savings from bundling
- Good customer service throughout the claims process
- Quick reimbursement turnaround times
- Simple online portal for claims submissions
- Knowledgeable agents who explain policies thoroughly
Negative reviews are very limited, but some customers have mentioned delays in initial claims approval and issues contacting customer service. However, the vast majority of policyholders appear very satisfied with Mutual of Omaha based on online reviews.
Mutual of Omaha Long Term Care Insurance Underwriting Guidelines
Mutual of Omaha long term care insurance underwriting involves a comprehensive review of your health history. This includes:
- Medical records and prescription history
- Telephone interview for applicants under 65
- Face-to-face assessment for applicants 65+
- Cognitive screening evaluation
You can apply for coverage between the ages of 30 to 79. However, health conditions like diabetes, heart disease, dementia, Parkinson’s, and stroke can impact your eligibility and premiums.
Certain mental health conditions may also lead to declination. Mutual of Omaha can be more flexible than some insurers around some health conditions. But approval is not guaranteed.
Is Mutual of Omaha Financially Stable?
Assessing an insurer’s financial strength is important when buying long term care insurance. Mutual of Omaha has strong financial ratings from independent agencies:
- A+ (Superior) rating from A.M. Best
- A1 (Good) rating from Moody’s
- A+ (Strong) rating from Standard & Poor’s
- Comdex score of 90/100
These ratings reflect a stable outlook and Mutual of Omaha’s ability to withstand market fluctuations and pay future claims. Its mutual ownership structure also helps align with policyholders’ interests.
How to Get a Quote for Mutual of Omaha Long Term Care Insurance
You can request a personalized Mutual of Omaha long term care insurance quote and policy proposals in a few ways:
- Online: Fill out the quote form on Mutual of Omaha’s website.
- Phone: Call 800-775-6000 to speak with a Mutual of Omaha agent.
- Independent Agent: An independent broker can provide quotes from Mutual of Omaha and other insurers.
Be sure to compare quotes from multiple carriers. While Mutual of Omaha offers strong policies at competitive rates, other insurers may provide lower premiums depending on your situation.
Is Mutual of Omaha the Right Choice for You?
Mutual of Omaha provides quality long term care insurance that can help pay future care costs. With customizable options, couples discounts, and financial stability, its policies are worth considering.
However, be sure to compare quotes and shop policies from other insurers as well. There are a few other top-rated carriers that may offer lower pricing or better features for your specific needs.
Use this guide to understand Mutual of Omaha’s long term care insurance offerings. And consult an independent agent to ensure you find the right policy with sufficient coverage at an optimal cost.
Mutual of Omaha Long Term Care Insurance Review: Pros and Cons
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