Author: Amie Clark | 
Expert: Cory Smith | June 27, 2024 |Mutual of Omaha issues long-term care policies to people up to age 79, making them ideal for those seeking coverage well into their later years.
Editor's Rating:June 27, 2024 Author: Amie Clark | Expert: Cory Smith | June 27, 2024 |
With affordable premiums and strong financial ratings, Mutual of Omaha is an ideal option for those seeking long-term care insurance with cash benefits. In addition to their two long-term care policies, this provider also offers inflation protection, access to care services, and discounts for spouses.
Did You Know: To learn more about our favorite long-term care insurers, check out our guide to this year’s best long-term care insurance.
Mutual of Omaha offers two different long-term care policies. Both of which provide coverage for facility care, hospice, and in-home care; however, they differ in terms of customization.
The more traditional option, Mutual of Omaha’s Secure Solution Long-Term Care Insurance, covers qualified long-term care services and helps protect your retirement savings. Depending on your preference, this type of policy can provide between $1,500 and $10,000 in monthly reimbursement for long-term care.
This policy also includes an optional 30% cash benefit, waivers for your premiums while receiving long-term care (either in-home or in a facility), and care coordination. The latter is a service that matches you with a licensed care professional who will help create a holistic approach to your care needs.
Inherently straightforward, Secure Solution is an ideal option for those who want simple coverage for care services.
For those who want to customize their long-term care coverage, Custom Solution Long-Term Coverage provides greater flexibility over the type of benefits you receive. While it comes at a higher premium, this type of policy includes all of the Secure Solution benefits, as well as greater elimination of waiting periods, multiple options for inflation protection, and a 40% cash benefit.
Monthly benefits with the Custom Solution range from $1,500-$10,000. In the event that you never need to use your policy –– meaning long-term care is never needed –– this policy offers a return of premium at death. In other words, your loved ones could still benefit from your policy to pay for end-of-life expenses.
This Custom Solution coverage is ideal for those who have a specific plan for long-term care; that is, someone who potentially knows the type of care they want and how much it might cost.
With Mutual of Omaha, long-term care insurance premiums will vary from about $100-$300 per month. The primary determinants of these costs will be your monthly benefit amount, gender, and location.
Here’s what you can expect to pay in monthly premiums.
As with most long-term care insurance policies, Mutual of Omaha benefits become available when a doctor or licensed health care professional prescribes a type of long-term care. Your Mutual of Omaha policy will then pay for these covered services until you reach both your monthly and lifetime policy limits.
For example, say a person has a policy with a $5,000 monthly benefit, and they enter an assisted living facility that costs $6,000 per month. The policy would cover up to $5,000 of this.
As a part of your policy, you’ll also want to pay attention to:
Did You Know: Looking for an insurance policy that offers lifelong protection while gaining cash value? Consider whole life insurance.
The following benefits are built into each Mutual of Omaha policy:
To purchase an insurance policy through the Mutual of Omaha, you should start by visiting their website. There, you can calculate an estimate for your policy and compare this to rates from other providers.
To purchase a policy, you’ll have to speak to a local Mutual of Omaha agent. To find your local agents, you can contact them at 800-986-5988.
The Better Business Bureau rates Mutual of Omaha A+ in terms of customer satisfaction. Despite this stellar rating, Mutual of Omaha still seems to have many customer complaints and low rankings with customer reviews.
According to their BBB page, Mutual of Omaha has had 140 complaints closed in the last three years, and 51 complaints closed in the last 12 months. According to Consumer Affairs, Mutual of Omaha also ranked low — at 2.7/5 — in overall customer satisfaction.
That said, most insurers tend to have low ratings from customers.
When it comes to purchasing long-term care insurance, you want to make sure your provider is in good financial standing. A.M. Best, a global credit rating agency, gave Mutual of Omaha an A+ (Superior) rating for financial strength. The ratings are based on Mutual of Omaha’s balance sheet strength, operating performance, favorable business profile, and enterprise risk management.
Additionally, Mutual of Omaha received an A+ (Strong rating) by S&P Global for financial strength, and an A1 (Good rating) by Moody’s Investors Service, making them one of the most financially reliable insurance companies in the nation.
With an impressive financial portfolio and great built-in benefits for long-term care policies, Mutual of Omaha is an insurer worth considering. In addition to long-term care insurance, Mutual of Omaha offers Medigap and life insurance products that can be bundled with a long-term care policy.
Most notably, Mutual of Omaha is one of the few providers to issue policies to people up to the age of 79, making them a great option for those who neglected to purchase long-term care insurance earlier in life.
To learn more about our favorite long-term care insurance providers, check out our helpful guides:
For someone in their fifties, Mutual of Omaha long-term care insurance will likely cost between $100 and $300 per month; however, this amount will vary greatly by gender, location, and the coverage amount.
Mutual of Omaha long-term care insurance covers just about any type of custodial long-term care, including that administered in nursing homes, in assisted living, at home, or in an adult day center.
For most older adults, the MutualCare Secure Solution will offer a sufficient level of coverage for those anticipating long-term care.
Mutual of Omaha offers life insurance separately from long-term care insurance. You can choose from term life insurance, whole life insurance, universal life insurance, and accidental death life insurance.
Amie has been writing about senior care products and services for the last decade. She is particularly passionate about new technologies that help improve the quality of life for seniors and their families. Seeing her parents and grandparents age made Amie ask herself, “Would this be good enough for my loved ones?” In her spare time, Amie enjoys outdoor adventures and spontaneous road trips. Learn more about Amie here
