Mutual of Omaha Long Term Care Insurance Review


Rating: 9 / 10 (Excellent)
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Headquartered in Omaha, Nebraska, Mutual of Omaha is a privately-held mutual insurance company with over a century of experience in the industry. As a financially-sound multi-line carrier, Mutual of Omaha currently offers a wide array of reliable insurance, financial, and banking products including long-term care, disability income, and Medicare Supplement coverages.

How is Mutual of Omaha rated?

Breakdown

9/10
Claims & Benefits
9/10
Policies & Coverage
9/10
Financial Strength
9/10
Reputation

Overall Rating: 9 / 10 (Excellent)

Mutual of Omaha is a financially solid institution with extensive industry experience and a comprehensive range of customizable insurance options. Their flexible long-term care insurance plans stand out by featuring more than the average share of inflation protection options, benefit limits, and elimination periods. The company currently offers two packages that share some of the same great features, such as cash benefits with no elimination periods and no cap on premium allowances, yet differ in their degree of customization. Anyone looking to avoid cookie cutter policies and purchase a truly reliable long-term care insurance product they can tailor to their exact needs will find Mutual of Omaha among the best options in the current LTCI market.

Policies & Coverage

Policies & Coverage - 9 / 10

Mutual of Omaha offers two different types of long-term care insurance plans, the MutualCare Secure Solution and the MutualCare Custom Solution. The former is recommended for customers who are looking for a simple policy that offers easy-to-understand benefit choices, whereas the latter is geared towards customers who want a policy 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 their online quote application. Optional riders with Mutual of Omaha's LTCI include inflation protection, shared care, and alternate care.
Policy Types
Individual / Standard
State Partnership
Group
Tax Qualified
Types of Covered Care
In-Home Care
Assisted Living / Adult Day Care
Nursing Home
Facility Coverage
Any Facility
Available Policy Riders
Inflation Protection
Shared Care
Alternate Care
Available Discounts
Partner / Household

Inflation Protection

MutualCare Secure Solution: 3%, 4%, or 5% compound, 3% or 5% compound with an inflation duration of 20 years MutualCare Custom Solution: 1% to 5% compound in .25% increments with an inflation duration of 10, 15, 20 years or lifetime protection.

Claims & Benefits

Claims & Benefits - 9 / 10

Mutual of Omaha's MutualCare Solutions different policies share many of the same features, which include a cash benefit with no elimination period, the ability to switch between cash and reimbursement benefits, flexible monthly benefit amounts, quick reimbursement, stay-at-home features, partner benefits, and no cap on premium allowances. The maximum monthly benefit with the company's Secure Solution ranges from $1,500 to $10,000 per month in $1 increments, while their 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.
Elimination Period
0, 30, 60, 90, 180 or 365
Eligibility Requirements
Activities of Daily Living Limitations

Financial Strength & Ratings

Financial Strength - 9 / 10

Mutual of Omaha has an A+ rating with all major U.S. rating agencies, including Standard & Poor's and Moody's Investors Service. They currently hold an A+ (Superior) financial strength rating with A.M. Best, which further confirms the company's long-term issuer credit stability and ability to meet their financial obligations.
Underwriter
Mutual of Omaha Insurance Company
Moody's Financial Rating
A1
AM Best Financial Rating
A+
Standard & Poor's Financial Rating
AA-
*The above information reflects the financial strength of the underwriter of the Mutual of Omaha long term care insurance policies: Mutual of Omaha Insurance Company.

Mutual of Omaha Reputation

Reputation - 9 / 10

Mutual of Omaha enjoys an outstanding reputation, as evidenced by their A+ rating with the Better Business Bureau, with a minimal number of complaints for a company of their size. 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.
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
4
Date Collected
2017-12-20

Contact & Additional Information

Company Type
Marketplace
Year Founded
1909
Homepage URL
Company Phone
(800) 801-5207
Headquarters Address
3301 Dodge St., Omaha, NE, 68175

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Customer Comments & Reviews

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P
Phillip
Salt Lake City, Utah
10/16/2017
MOO offers a 40% Cash Alternative... "Custom Solution", which allows the insured to opt for a max of $2,400 month (plus inflation). In loue of their monthly reimbursement amount. (Balance stays in the policy's pool of money for future use. Reality can be the real test of a contract. Cash is king with Home Care... THE most prevalent form of LTC by far. My parent's are receiving care from a NON-licensed home care person, paid by the carrier... for the past three years. This would not be covered with most Traditional LTCi carriers.


W
WJ
Greensboro, North Carolina
8/10/2017
Slow to pay, took two months before I received payment for in home care for my husband for the month of April and May . Here it is the second week in August, still waiting to be paid for June and July. The agency expects payment from me, I am on a fixed income, if I could afford to pay this out of my pocket I wouldn't need this insurance.. Each month I have to get on the phone to push Mutual of Omaha for a check, this adds more stress to a already stressed out life as a caregiver for husband who has Alzheimer's. Choose someone else for your insurance provider.


D
David W
6/3/2017
I am looking for LTCI products for my wife and me. I am 63 and my wife is 62, both in excellent health.


K
KAthleen P
Stephenson, Virginia
6/3/2017
TErrible customer service. MY husband and I had a long term care policy with the spousal shared benefit. HE died in 2/16. THe policy states that if you have the spousal,shared benefit and one spouse dies while the policy is in effect the full remaining benefits on the policy of the deceased spouse will be added to the policy of the remaining spouse. THe annual,statement they sent in 2/17 does not reflect his unused benefits being added to my policy. INnaddition even though I have the 5% inflation rider the statement for 2017 showing the daily benefit for various levels of care shows no increase in benefits over the 2016 statement. I have written to them with no response. COmplaint... Read More



Top Rated
Our Partner
9.8 / 10
  • Rated A+ by the BBB
  • Monthly cash benefits for spousal home care
  • Nationwide network of agents
  • Affiliated with top long term care carriers
  • Applicants between the ages of 30 and 79 will be considered for coverage.
  • Choose between multiple long term care insurance policies