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MassMutual Long Term Care Insurance Review


ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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MassMutual is a mutual life insurance company founded in 1852 in Springfield, Massachusetts. The company provides insurance, retirement, and investment products including life, disability, and long-term care insurance as well as annuities and 401k plans. MassMutual currently has over $560 billion in life insurance protection in force, and employs over 9,500 experienced advisors.
 
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How is MassMutual rated?

Breakdown

4.5/5
Benefit Limits
4.0/5
Policies & Coverage
4.5/5
Customer Service

Overall Rating: 4.5 / 5 (Excellent)

As a leading national insurance carrier, MassMutual offers a full suite of reliable insurance products including basic and comprehensive long-term care policies marketed under the company’s SignatureCare brand. Although they do not offer a broad range of optional plan riders, both policies are competitively priced and fairly customizable, featuring built-in benefits like joint discounts and optional care coordination, as well as several elimination period options and benefit amounts. The best part about MassMutual’s long-term care insurance coverages, however, is that they are backed by the company’s outstanding financial strength and long-term stability, which makes them one of our top recommendations for consumers looking for a dependable product whose value is likely to appreciate over time.

Policies & Coverage

Policies & Coverage - 4 / 5

MassMutual's SignatureCare long-term care insurance is a cost-effective policy with straightforward benefits that allows policyholders to choose between a basic services plan or a comprehensive plan that includes home care, facility services, and community based services, with coverage that pays for 100% of actual expenses up to the daily benefit amount selected. The comprehensive option also reimburses policyholders for training provided to an informal caregiver up to a lifetime maximum of five times the daily benefit selected. They also cover the expense of purchasing an Emergency Response System, for up to $50 per month. Both SignatureCare plans feature built-in benefits such as a joint discount for spouses under the same plan, bed reservation, optional personal care advisor, and optional care coordination. Benefits, discounts, and optional plan riders may vary by state.
Policy Types
Individual / Standard
State Partnership
Hybrid Life and Long Term Care
Group
Tax Qualified
Types of Covered Care
In-Home Care
Assisted Living / Adult Day Care
Nursing Home
Hospice Care
Medical Help Systems
Facility Coverage
Any Facility
Available Policy Riders
Inflation Protection
Shared Care
Return of Premium
Waiver of Premium
Available Discounts
Partner / Household

Inflation Protection

*Compound Inflation Option – Increases your Daily Benefit by 5% per year on a compound basis for the life of the policy, even while you are receiving benefits. Your premiums will remain the same as your Daily Benefit Amount increases. *Simple Inflation Option – Increases your Daily Benefit by 5% of the original daily benefit for the life of the policy, even while you are receiving benefits. Your premiums will remain the same as your Daily Benefit Amount increases.

Claims & Benefits

Benefit Limits - 4.5 / 5

Policyholders qualify for benefits under MassMutual's SignatureCare plan if a licensed health care practitioner certifies they are unable to perform at least 2 out of 6 activities of daily living or have severe cognitive impairment. As for elimination periods and benefit amounts, SignatureCare offers a choice of 0, 30, 90 or 180 days and policy values determined by the desired daily benefit amount and duration. The policy also features a pool of benefits approach that affords greater customization by allowing covered individuals to save the unused portion of their daily benefit for future services, essentially extending the plan past the coverage period originally selected. Hence, those who opt for a lifetime benefit period will have access to an unlimited pool of benefits.
Unlimited Lifetime Benefit Period?
Yes
Elimination Period
0, 30, 90 or 180
Eligibility Requirements
Activities of Daily Living Limitations
Alzheimer's or Cognitive Impairment

Financial Strength & Ratings

Financial Strength - 5 / 5

MassMutual holds superior financial strength ratings with all major U.S. credit rating agencies including Moody's, Standard & Poor's, and Fitch. A.M. Best has also awarded them the highest possible financial strength rating, A++, and a stable long-term issuer credit rating of aa+. Further cementing the company's position as an industry leader are their consolidated statutory financial results, which reveal 2016 was MassMutual's 11th consecutive year of record growth where total life insurance sales reached $709 million, up 28% over 2015.
Underwriter
Massachusetts Mutual Life Insurance Company
Moody's Financial Rating
Aa2
AM Best Financial Rating
A++
Standard & Poor's Financial Rating
AA+
*The above information reflects the financial strength of the underwriter of the MassMutual long term care insurance policies: Massachusetts Mutual Life Insurance Company.

MassMutual Reputation

Customer Service - 4.5 / 5

MassMutual is not accredited by the Better Business Bureau, but holds an A rating with the organization, based on a single negative customer review and minimal complaints for a company of its size and scale. Since they're entirely owned by their policyholders, mutual insurance companies tend to be the best option in the market for people looking to be insured by a company that is ethical, transparent, and responds directly to its clients.
BBB Rating
A
Date Collected
2017-12-21

Contact & Additional Information

Company Type
Underwriter
Company Phone
(800) 306-6472
Headquarters Address
1295 State St, Springfield, MA, 01111

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Customer Comments & Reviews

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emma j
11/2/2021
I have not been in the position to need access to my long term care insurance which I purchased 19 year ago. That would be $29,780 paid in premiums. Two days ago I received a letter stating that my monthly premium will double in 3 months. There is no change in the benefit plan. Living on social security, I do not have the flexibility to afford a 100% increase in cost for this plan. I am now searching for a replacement company with a more affordable cost.

J
Joseph M
2/14/2021
Two and a half months after receiving a letter from MM saying my wife with Alzheimer's elimination period was satisfied they are still wanting documents already submitted by email from her licensed caregiving agency and again from me. My premiums were paid up years ago but they cannot seem to give up benefits to this policyholder.

yuccasue
5/18/2020
LTC Policies are not manageable on the MassMutual website. ALL business, changes, or forms must be initiated by phone and then they will mail the paperwork to you and you mail it back. Did this division miss the memo about the Internet? No way to verify my email, bank info, or upcoming payments. I will say they did mail me the form when I signed up so this is paid automatically through my bank. Makes sense if your greatest need comes when you're not reading the mail or email. But seriously, the LTC division needs to step up their game to the 20th century, if not the 21st.

williamhfrazierjr70
7/2/2019
Mass Mutual states that yearly certification is required by a licensed practitioner to qualify for benefits. I have been on a claim for 9 years as chronically ill and not able to perform the life tasks mentioned. Mass Mutual runs you thru the mill after being certified. They then require you to have independent examinations by another physician even though not stated in the original policy. Claims & Benefits - 9 / 10 Policyholders qualify for benefits under MassMutual's SignatureCare plan if a licensed health care practitioner certifies they are unable to perform at least 2 out of 6 activities of daily living or have severe cognitive impairment.

Linda T
5/9/2019
After 17 years of paying a premium on time every single month and just reaching age 65- MM DOUBLED my premiums for my LTC insurance. So just as I am reaching an age where a fixed income is my future, they make it impossible for me to pay the premiums. They claim it has nothing to do with my age but who are they trying to kid? Gee- what a coincidence. Perhaps if they didn't pay out over 15 million a year to their CEO and over 5 million a year to the other executives, they would have enough to carry through with the promises they made to us when we signed up for their LTC policies.

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