MassMutual Long Term Care Insurance Review

#6 in Long Term Care Insurance

MassMutual is one of the biggest and leading insurance providers in the country today.  The company enjoys high financial scores from some of the most credible financial rating sites that include AM Best, Moody’s and S&P. With good financial standing, the company is poised to provide long term care insurance services well into the future.

 

Premium

MassMutual’s Long Term Insurance premiums are 40 percent higher compared to low-priced plans reviewed. These are plans with 3 year maximum benefit periods, for 60 year old enrollees and $100 daily benefits. Policies also come with inflation protection which adds another 50 percent to annual premiums. This difference between inflation protected and non-inflation protection is smaller compared to other companies. Benefits for inflation protected premiums for 3 year maximum period plans are doubled from $100 to around $200, this without doubling or tripling yearly premiums.

 

Plans Available

 

State Partnership

No

Individual

Yes

Group

No

Non-tax Qualified Policies

Yes

Tax qualified Policies

Yes

 

Types of care covered

Assisted living

Nursing home care

Hospice care

Adult day care centers

Home health care

 

Benefits

Waiting Period – 30, 60, 90 and 180 days

Maximum Benefit Period – 6 years

Health care – 100 percent cover

 

Waiting/ elimination periods for MassMutual are service based. Days are deducted based on the actual number of days when professional care was administered. 30 day waiting periods for example do not necessarily mean a one-month period but 30 accumulated days of care.

Policy holders could avail of their benefits in a daily or monthly option. MassMutual long term care insurance also offers a Waiver of Home Care Elimination Period and a Paid Up Spousal Survivorship option.

 

Financial Rating

A.M. Best – A++

(The company has demonstrated superior overall performance and has a very strong ability to meet its obligations to policyholders over a long period of time.)

 

Summary

MassMutual Long Term Care insurance is a financial service owned by its policy holders. Its long term outlook is stable which is important especially when you consider that you’re looking 20 or 30 years down the road before you need it.

 

Start your review for MassMutual Long Term Care Insurance