Long-term care insurance review by Mutual of Omaha in 2024.
An increasing rarity in the life insurance industry, Mutual of Omaha provides standalone long-term care (LTC) insurance.
LTC insurance is one of our top picks due to its age cap of 79 and exceptional customer service.
Couples can receive a discount on a joint life insurance policy and have access to their spouse's benefits if their own are depleted.
Mutual of Omaha: Pros and cons
Mutual of Omaha long-term care insurance plans
Two standalone long-term care policies are available from Mutual of Omaha, and they are open to applicants aged 30 to 79 (or 30 to 75 if you are a New York resident).
MutualCare Secure Solution
The MutualCare Secure Solution plan offers coverage for home health support, adult day care, and assisted living facilities, and it reimburses up to two times your monthly maximum benefit for medical equipment and home modifications.
The maximum benefit you can receive is determined by a multiplier, with coverage limits ranging from $1,500 to $10,000 per month for 24, 36, 48, or 60 months. Policies require an elimination period of between 90 and 365 days.
BenefitsThis plan includes the following benefits:
- Temporary substitute care: Family caregivers receive one month of respite care annually.
- An assisted living or nursing facility reservation secures your spot while you are in the hospital.
- You can waive premium payments when you begin receiving benefits at a home health care, assisted living, or nursing facility.
- Inflation protection options include policies that provide protection at 3%, 4%, or 5% compounding for a lifetime or at 3% or 5% compounding for 20 years.
- The Long-Term Care Partnership Program protects eligible plans, allowing participants to avoid spending all their assets to qualify for Medicaid.
MutualCare Secure Solution riders
- Utilizing a partner's benefits: One spouse can use their partner's benefits if their own run out.
- The security benefit can assist in funding the other partner's living expenses if one is receiving care.
- At death, your beneficiaries may receive up to three times your maximum monthly benefit if there are unused funds in the return of premium plan.
MutualCare Custom Solution
The Custom Solution plan from MutualCare offers more personalized options and inflation protections, making it a suitable choice for those seeking greater control over their plan or avoiding elimination periods.
Your payments are deducted from a pool of up to $500,000, with a maximum benefit of $10,000 per month. The Secure Solution has a minimum 90-day waiting period, but you can start receiving benefits after 30 days, 60 days, or immediately.
The Secure Solution plan offers the same benefits, but policyholders can choose between 1% to 5% inflation protection instead of the flat percentage provided in the Secure Solution.
Secure Solution plans provide a range of endorsements, and Custom Solution policies offer even more.
- You can begin receiving home care benefits immediately without any delay.
- If one spouse begins receiving long-term care, both spouses can stop making premium payments.
- After the death of their partner, the surviving spouse no longer has to pay premiums for survivorship benefit.
- At the time of your death, your family may receive a refund of some of the premiums you paid, minus any benefits exceeding three times the initial maximum benefit offered by Secure Solutions.
Shop around to find the right life insurance
Mutual of Omaha long-term care insurance rates
Secure Solution policy rates are available online from Mutual of Omaha, but rates quotes are not available for MutualCare Custom Solution plans.
Mutual of Omaha customer satisfaction
J.D. Power's 2023 U.S. Individual Life Insurance Study ranked Mutual of Omaha above average in terms of customer satisfaction with price, product offerings, agent interactions, company communication, and public statements.
According to the National Association of Insurance Commissioners, the insurer earned an A+ from the Better Business Bureau and received half the volume of complaints as similarly-sized insurers.
Mutual of Omaha received an A+ (Superior) rating from A.M. Best, indicating its strong financial strength and ability to pay out benefits.
While the Mutual of Omaha customer support phone line is not operational on weekends, the website does not offer an online chat option.
Other types of Mutual of Omaha insurance
Mutual of Omaha issues a variety of insurance and financial products, including:
- Disability insurance: Offers financial support if you're unable to work due to injury or illness. Mutual of Omaha was ranked highly in our list of the top disability insurance companies.
- Mutual of Omaha provides whole, term, and universal life insurance, making it a top choice for both seniors and children.
- One of the best reverse mortgage lenders is Mutual of Omaha, although it doesn't have many real estate products.
In addition to life insurance, Mutual of Omaha provides annuities, investments, dental insurance, and Medicare supplement plans.
How does Mutual of Omaha compare to other long-term care insurance?
How does Mutual of Omaha compare to two prominent players in the long-term care industry in terms of long-term care coverage?
Mutual of Omaha vs. New York Life
Both New York Life and Mutual of Omaha offer tax-qualified standalone long-term care insurance, but New York Life also provides hybrid policies that are linked to life insurance.
New York Life provides a three-year rate guarantee, unlike Mutual of Omaha which doesn't offer sample premiums.
Both companies have received high ratings for customer service, with a smaller volume of complaints than their competitors and an A+ rating from the Better Business Bureau. Additionally, they were rated above average on J.D. Power's 2023 individual life insurance survey.
Mutual of Omaha vs. MassMutual
Both MassMutual and Mutual of Omaha are widely available in many states and are highly rated for customer service, with MassMutual ranking third and Mutual of Omaha ranking fourth out of 22 life insurance companies evaluated by J.D. Power.
If you already have a life insurance policy and are looking for a new policy, MassMutual may not be the best fit as they only offer hybrid policies.
For a whole life policy that combines death and long-term care benefits, CareChoice One and CareChoice Select from MassMutual are the better options.
How do I buy life insurance from Mutual of Omaha?
Purchasing long-term care insurance from Mutual of Omaha requires working with an agent, despite sample rate quotes being accessible online.
You can find a representative on the company website or by calling 800-775-6000, Mondays to Thursdays from 7 a.m. to 5:30 p.m. CT and Fridays from 7 a.m. to 5 p.m. CT.
Is Mutual of Omaha long-term care insurance right for me?
A great option for couples is Mutual of Omaha, which offers discounts for spouses who enroll together and a shared-care policy that allows one partner to access the other's benefits if they exceed their limit. If one spouse is receiving care, the security benefit rider allows the other to continue paying bills at home.
With Mutual of Omaha's cash indemnity option, you don't have to keep receipts or file claims to receive reimbursement.
If you have not yet enrolled in long-term care insurance, Mutual of Omaha should be considered since policies are available to those up to age 79.
If you're looking for a plan that combines long-term care and death benefits, Mutual of Omaha doesn't offer hybrid policies. Therefore, it's recommended to explore other providers.
Why trust CNBC Select?
At CNBC Select, our goal is to deliver top-notch service journalism and in-depth consumer advice to our readers, enabling them to make well-informed decisions when it comes to their finances. Each life insurance review we publish is the result of thorough reporting by our team of expert writers and editors, who possess extensive knowledge of insurance products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content independently, without any input from our commercial team or external third parties. We uphold the highest journalistic standards and ethics in everything we do.
Our methodology
CNBC Select evaluates life insurance companies based on several factors, including policy types, availability, rates and terms, number of riders, medical exam requirements, online quote availability, and customer satisfaction.
We also took into account J.D. Power's life insurance customer satisfaction ratings, the National Association of Insurance Commissioners' complaint index, and A.M. Best's financial strength ratings when evaluating life insurance companies.
The sources of life insurance rates can include the provider and state insurance departments.
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