Mutual of Omaha Long-Term Care Insurance Reviews and Costs
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 Pros and Cons
Pros
- Cash benefits: Some Mutual of Omaha policies include cash benefits, meaning you’ll receive cash to pay for services as opposed to having to seek reimbursement.
- Flexible issue ages: Mutual of Omaha issues policies to people up to age 79, making them one of the few providers to allow such late-in-life purchases.
- Bundled policy options: This company offers disability income insurance, critical illness Insurance, and cancer, heart attack and stroke insurance. In many cases, purchasing multiple policies from Mutual of Omaha will result in lower premiums.
- Inflation protection: An optional benefit, Mutual of Omaha’s inflation protection allows your maximum monthly benefit to increase in the (likely) event that your long-term care costs rise.
- Online insurance estimator: On the Mutual of Omaha website, you can quickly get an accurate estimate of your policy costs and benefits with their insurance estimator.
- Discounts for spouses: Mutual of Omaha offers a 15 percent savings for spouses that purchase policies together.
Cons
- Cost increases: The cost of Mutual of Omaha long-term care insurance might increase over time.
- Coverage for preexisting conditions: Often, Mutual of Omaha will not insure a person with preexisting conditions such as cancer or Alzheimer’s.
Mutual of Omaha Policy Options
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.
MutualCare Secure Solution Long-Term Care Insurance
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.
MutualCare Custom Solution Long-Term Care Coverage
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.
Mutual of Omaha Long-Term Care Insurance Costs
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.
| State | Monthly Benefit | Premium (Man, 55) | Premium (Woman, 55) |
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How Mutual of Omaha Long-Term Care Insurance Works
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:
- Waiting periods: Mutual of Omaha policies have waiting periods of 90, 180, or 365 calendar days. Your waiting period begins once your doctor prescribes long-term care. After this period, your coverage will begin.
- Benefit payments: If you choose a traditional reimbursement benefit, you’ll have to pay for long-term care and submit your bill to Mutual of Omaha for reimbursement. Alternatively, a cash benefit allows you to pay for care directly through Mutual of Omaha.
- Continuation of benefits: Both Mutual of Omaha policies will continue to pay out for your care within your lifetime benefit amount, provided you meet certain eligibility requirements based on your health. These eligibility requirements will vary by the specific policy.
Did You Know: Looking for an insurance policy that offers lifelong protection while gaining cash value? Consider whole life insurance.
Mutual of Omaha Long-Term Care Insurance Additional Benefits
The following benefits are built into each Mutual of Omaha policy:
- Alternate care: If a certain type of care or treatment comes into existence after your policy takes effect, your policy will cover this new service or technology.
- Care coordination: Planning care can be a difficult process. Mutual of Omaha gives you a dedicated care coordinator who can help you weigh and choose your options.
- Cash benefits: Certain portions of your benefits can be paid in cash as opposed to through reimbursement.
- Waiver of premiums: While receiving long-term care services, you won’t have to continue paying premiums.
- Inflation protection: With inflation protection, your policy benefits will increase by a certain percentage every year to cover your long-term care services.
- Shared care: For couples with a joint policy, you can have access to your partner’s policy benefits if you happen to use up your maximum policy benefits.
- Security benefit: If your partner needs additional help paying for their care or living expenses, the security benefit offers an additional percentage from your policy’s reimbursement benefits.
- Return of premium: Upon death, your family will receive a portion of premiums paid out within the life of your policy.
How to Buy a Mutual of Omaha Insurance 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.
Mutual of Omaha Performance
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.
Financial Strength
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.
Bottom Line
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:
Frequently Asked Questions
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How much is Mutual of Omaha's long-term care insurance?
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.
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What does Mutual of Omaha long-term care insurance cover?
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.
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What is the best Mutual of Omaha long-term care insurance policy?
For most older adults, the MutualCare Secure Solution will offer a sufficient level of coverage for those anticipating long-term care.
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Does Mutual of Omaha offer life insurance with long-term care insurance?
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.
