Mutual of Omaha Long Term Care Insurance Review

#4 in Long Term Care Insurance

Mutual of Omaha offers a large amount of policies and plans that are designed to meet individual needs and budgets. These come with different features that ensure your long term care plan is able to handle future needs. Inflation protection, calendar based elimination periods and its spouse security benefit options are just some of the reasons why Mutual of Omaha’s policies should be a top contender for people searching for long term care insurance.

Premium

Mutual of Omaha has among the lowest premiums for similar featured plans in our reviews. Its 3 year maximum benefit period for 60 year olds is $100 daily. Enrolling in an inflation protected plan however doubles the amount of yearly premiums for those without inflation protection.

Mutual of Omaha offers a 5 percent compound 20 years cap option that gives you the benefit of a 5 percent compound inflation-protection for 20 years. This is great especially for 60 and 70 year olds who want to preserve the monetary value of their benefits.

 

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 – Up to 1 year

Maximum Benefit Period – 2, 3, 4, 5, 6, and 8 years

Home care – 100 percent cover

 

Elimination or waiting periods are commonly “service” based. This means that only days where actual care has been rendered are counted in the elimination period. Mutual of Omaha uses the calendar method which basically makes it simple to compute elimination periods. Hence, policy holders are able to enjoy their benefits is a faster and timely fashion.

Mutual of Omaha has another great feature which allows policy holders to provide long term care support for their spouses who fail to qualify for long term care insurance. It rewards you with an additional 60 percent of your monthly benefits.

Another interesting offer from Mutual of Omaha is its Cash Alternative option. This comes in handy especially for people who require long term care but do not necessarily need the services of licensed professionals. By choosing this option, policy holders are able to control the amount of monthly benefits they receive. If care is provided by a friend or family member for example, less expense is incurred thus a lower monthly benefit is needed. Rather than receiving the maximum financial benefits for 3 years, they could stretch this by asking for lower monthly benefits, no receipts and no questions asked.

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

One of the first considerations when choosing a Long Term Care service is the company’s financial situation. We should remember that these financial instruments are designed to provide help decades into the future and it is important that you work with a stable company that will be around for the long haul. Mutual of Omaha is one such company with solid ratings from AM Best, Standard and Poors and Moody’s. 

 

 

 

 

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