Mutual of Omaha Long-Term Health Insurance Details

Long-term care insurance covers consumers who are in need of assistance to complete daily activities, usually, for an extended period of time due to illness, age, or disability. Long-term care can be administered in multiple settings, including nursing homes, in-home care, and personal or adult daycare.

Many believe only elderly individuals require this type of care, but this is a misconception. About 40% of those who do require long-term care are under the age of 65.

To qualify for these benefits, you must be unable to perform two of the six activities of daily living (ADL), including dressing, bathing, eating, toileting, maintaining continence, and transferring from bed to chair. Additionally, a medical professional must evaluate your condition, expecting it to last at least 90 days.

Long-term care insurance has other benefits, including protecting your savings while preserving your independence. Because long-term care expenses can add up quickly, this type of insurance can be an excellent way to cover care costs without depleting your other assets.

We recommend you carefully review your long-term care insurance policy with your agent or financial advisor, especially the fine print. Each person’s situation will be different, and you do not want to have too high of a deductible, pay for coverage you may not need, or end up not having enough coverage when you need it most. In addition to reading the fine print, we advise you to thoroughly review the policy’s premiums, benefit limits, deductibles as well as coverage specifics.

Mutual of Omaha offers two different types of long-term care insurance plans:

• MutualCare Secure Solution-this plan is recommended for consumers who are looking for a simple policy that offers easy-to-understand benefit choices.
• MutualCare Custom Solution -this plan is geared towards consumers who want a policy that they can tailor to their needs.

Both options provide coverage for home health care, assisted living, and nursing home care. There appears to be only one discount option for spouses who enroll in the same type of plan, yet there may be more options available upon completing the company’s online quote application.

Optional riders with Mutual of Omaha's LTCI include inflation protection, shared care, and alternate care.

Mutual of Omaha's two MutualCare Solution policies share many of the same features, which include generous benefits built in to its policies, including:

• Cash Benefit-you can switch between the reimbursement for actual costs option and a cash benefit, where you receive a percentage of the benefits for in-home care.
• Waiver of Premium -with this benefit, you do not have to pay policy premiums when you receive covered long-term care services..
• Care Coordination-you will be assessed by a care coordinator who will establish your plan or care and assist with arranging services.
• Alternate Care-think of this as coverage for any treatments or services that do not exist today, but may so in the future.

The company also offers optional benefits with both plans, including:

• Inflation Protection- this benefit increases your maximum annual benefit each year by a certain percentage to cover the increase in the cost of care services to keep up with projected inflation and resulting higher premiums.
• Shared Care -if you use all of your policy’s benefits, this option allows you to access a portion of your partner’s benefits if under an identical plan.
• Security Benefit -you can use this benefit to help cover costs for your partner’s care or living expenses through an additional percentage of your policy’s monthly reimbursement built-in benefit.
• Return of Premiumyou will receive a refund on a portion of premiums paid minus any benefits you may have received under your policy.

The maximum monthly benefit with the company's Secure Solution ranges from $1,500 to $10,000 per month in $1 increments, while its custom solution offers a monthly benefit that ranges from $1,500 to $10,000 per month in $50 increments based on benefit and policy limit combinations.

Policy limits will vary by plan, yet options include 24, 36, 48 or 60 months and $50,000 to $500,000 in $500 increments.

The financial strength and stability of an insurance company is one of the most important factors when shopping for long-term care insurance. As a consumer, you do not want to carry a policy with an insurance provider that may not be around for the long run, especially as a long-term care insurance policyholder, where you may not require care coverage until sometime in the future.

Mutual of Omaha has been in operation for more than 100 years and this exceptional longevity is reflected in the company’s financial ratings with the major U.S. third-party financial agencies. It holds an A+ rating with A.M. Best, an A1 rating with Moody’s, and an A+ with Standard and Poor’s.

These ratings further confirm the company's long-term issuer credit stability and its ability to meet its financial obligations. This level of stability is important to consumers because it demonstrates that Mutual of Omaha can pay premiums today as well as any possible future claims.

An insurance company’s reputation is extremely important when determining your long-term care insurance provider. Mutual of Omaha’s values include existing for their customers, acting with integrity, being innovative, and being accountable for results.

Its reputation reflects its values. Mutual Omaha is accredited by the Better Business Bureau and enjoys an A+ rating with the organization.

The company has a minimal number of complaints for a company of its size. However, it should be noted that its highly responsive customer support staff has responded to all of them, in an effort to resolve any pending issues.

They've been in operation for over a century, and by all appearances, seem keen on adhering to high ethical standards and complying with regulatory requirements as well as their own policies.