Mutual of Omaha

Mutual of Omaha offers a long-term care insurance policy that is flexible. This makes building a personalized policy very easy.

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8.6
Grand Score
8
User Score
8.6
Grand Score
8
User Score
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You have saved for your retirement for a very long time, and you would like to keep as much of those savings as possible. It would be great to use it for something you and your spouse enjoy; travel, for example. But if you or your spouse become ill with a chronic illness, you may need to use that money to pay for long-term care. Paying for in-home non-medical services, an assisted living facility or nursing home care can be very expensive. 

Mutual of Omaha offers a long-term care insurance policy that can cover these expenses if necessary. With a long-term care insurance policy, you can pay for in-home non-medical care, assisted living arrangements, or even a nursing home without breaking the bank.

Grandfolk Scoring
Cost 10/10
Ease 7/10
Coverage 8/10
Optional benefits 10/10
Limits to coverage 10/10
Years of coverage 10/10
Waiting period 8/10
Customer support 10/10
Accessing benefits 10/10
Cost
What is the monthly fee?
Costs vary depending on where you live, your age, and your health
Ease
Is it easy to enroll?
Policies can be purchased through a Mutual of Omaha representative
Coverage
What does the policy cover?
Support for non-medical care and personal care
Optional benefits
Are additional benefits available?
Yes, including inflation protection, shared care and security benefit
Limits to coverage
Are there any limits to coverage?
The maximum monthly benefit is $15,000
Years of coverage
How many years can be covered?
Two, three, four, five, six or eight years, or a lifetime
Waiting period
Is there a waiting period?
You will need to choose between 0, 30, 60, 90, 180, or 365 calendar days
Customer support
How easy is it to reach the company?
The company can be reached by phone, by email or through an agent
Accessing benefits
How do I access coverage?
A licensed healthcare practitioner must submit a plan of care
Age Score:
8
50-65 Years
8
65-75 Years
8
75-85 Years
8
85-Above

A long-term care policy is best purchased before you need it. Your age and health will play a big part in the cost of a policy. Of course, your health can change quickly, so it is better to think about it when you aren’t in a tough situation. As we age, our mobility, stability and physical strength can lessen. These are the situations when you might desire in-home assistance with housekeeping and meal preparation, or need assistance with bathing and dressing. Long-term care insurance will pay for this type of care. 

If you begin to have symptoms of cognitive issues, like dementia, you can get assistance from many in-home care companies that are specially designed to support people in early stages of dementia or Alzheimer’s. Outside of a hospital, long-term care insurance is highly desirable if you are a senior of any age with non-medical issues.

Health Score:
5
Great Health
6
Good health
10
Fair Health
10
Poor Health

Our health obviously declines as we age. If your physician certifies that you have a chronic condition and that you would benefit from long-term care, you or your family can arrange for assistance at home, move you to an assisted living facility, or relocate you into a nursing home. These costs can be significant. Then the question becomes, who will pay? The expense can be borne by your family or paid with your assets or savings. If you had the forethought to enroll in long-term care insurance, you and your family will be relieved by knowing those costs are covered by insurance. 

A long-term care insurance policy is of great value to those who are in fair or poor health. Those who are in great or good health will not need to take advantage of a plan, but should be thinking ahead of time about the future and the eventual need for long-term care insurance.

Pros:

  • Mutual of Omaha has been in business for over 100 years. 
  • Some options include home modification to make your home safer and more accessible.
  • A policy might also cover care coordination, which is a service provided by a professional who assists with determining needs, locating services and arranging for care.
  • Long-term care policies are guaranteed renewable, unless you stop paying the premium.
  • Once you are using the policy, your premium will be waived.

Cons:

  • It can be extremely difficult to estimate the amount of insurance you will need.
  • The cost of a policy will increase annually unless you add an inflation rider to your policy.
  • If you purchase one policy for two people, one person can deplete the benefit, leaving less for the other person. 
  • Most policies have a limit to the amount of benefits you can receive, either a total dollar amount or specific number of years.

Bottom Line:

Mutual of Omaha is a healthy, well-managed company that has been in business for over 100 years. Ithas consistently been rated among the top five companies offering long-term care insurance. The policies it offers are the most flexible on the market today. The company allows you to choose a benefit period, elimination period and other options to meet your unique needs. 

The company offers policies that have some unique qualities. For many insurers, the elimination period counts days by using only the days you get care (which could be less than every day of every week). This makes it take longer to reach the elimination period end. Mutual of Omaha counts calendar days, whether or not you received care each day. Mutual of Omaha offers a cash alternative payout if you need care from someone who is not a licensed caregiver. 

Mutual of Omaha is a well-regarded company, has high ratings by industry standards, and is accredited with the Better Business Bureau. The cost of its policies is near the lowest in the marketplace. It would be well worth your time to check out its policy options.

Frequently Asked Questions:

What elimination periods are offered?

Mutual of Omaha’s plans allow you to choose 90 calendar days, 180calendar days, or 365 calendar days. This is the period during which you will need to cover expenses. Unlike other companies, Mutual of Omaha’s elimination period is satisfied after the appropriate number of calendar days have expired once your claim is opened.

Please explain the optional benefits that are available. 

The shared care rider allows you to access a portion of the benefits under your partner’s policy if you use all your policy benefits and still need care. A security benefit provides an additional amount of your policy’s reimbursement benefit to help pay for care or expenses for your partner. The return of premium rider refunds a portion of the premium you paid, less any benefits you received under the policy.

What happens if I need to cancel the policy? 

Your policy can be stopped at your request at any time. Or, you can stop paying the premium to terminate the policy. However, any premiums you have paid will be lost.

More Information:

Product Details

Overview: A long-term care policy with Mutual of Omaha will provide long-term care coverage should you or your spouse find you need non-medical assistance. A long-term care policy should be purchased before you need it, ideally before you turn 60. 

Package Details: All policies have some built-in benefits, such as the option of a cash benefit, care coordination, waiver of premium, and alternate care. There are several alternate benefits including inflation protection, shared care, security benefit and return of premium. Mutual of Omaha suggests you assess your needs in order to guide your agent in making an appropriate recommendation for coverage. Decisions that you will need to make include the policy limit (the maximum dollar amount available over the life of the policy), the monthly benefit amount, and the elimination period (the waiting period before the policy begins to cover care). 

Other Services: Medicare Supplement Insurance, life insurance, dental insurance, critical illness insurance, and cancer, heart attack & stroke insurance. The company also offers various financial services, such as mortgages, investments and annuities.

Additional Company Details

Contract Details: Mutual of Omaha offers many different policy options. For example, you can opt for between two and five years, the monthly benefit can vary from $1,500-$10,000, and an elimination period of 90 days, 180 days, or 365 days can be selected. There is even a choice of inflation protection to keep the policy current in terms of cost of coverage. 

Compared to other long-term care policies, Mutual of Omaha offers some unique benefits, such as the calculation of your elimination period, a more flexible cash alternative benefit, the alternative to opt for a 20-year cap on inflation protection, and a spousal security benefit, if your spouse is not insurable. 

Warranty:  Most states require insurance companies to give you a 30-day period in which you can review your signed policy. Should you decide not to keep it, you should receive a full refund. Be sure to check with your state for details.

Accreditations: Mutual of Omaha is a highly rated, financially sound insurance company. They are currently rated A+ byAM Best, and A+ by Standard and Poor’s. The company is also accredited with the Better Business Bureau, and has an A+ rating.

Company Details: Mutual of Omaha has been in business since 1909. It was formerly known as Mutual Benefit Health & Accident Association. The company was first authorized to issue health and accident insurance in Nebraska. In 1918, Mutual Benefit consolidated with Omaha Health & Accident Association, and was licensed to sell insurance in 15 states. Beginning in 1926, United Benefit Life Insurance Company offered life insurance, pensions and annuity products. Responding to enrollees’ needs after the Great Depression, the company began offering hospital insurance. Early in the 1940s, the company formed its Group Insurance department, and in 1950, the company’s name was shortened to Mutual of Omaha. 

The company acquired the Tele-Trip Company in 1955 and began offering trip travel and accident insurance. To better publicize the company’s conservation efforts, Mutual of Omaha’s Wild Kingdom debuted on network television in 1963. In 1966, Mutual of Omaha was selected to administer both parts A & B of the Medicare program. In 1998, the company merged its business units to become more nimble in the marketplace. 

Beginning in 2001, the company expanded its outreach on conservation efforts and expanded corporate sponsorship to professional golf. In 2007 the company stopped selling group health plans; Coventry Health Care took over this line. In 2013, the company began sponsorship of IndyCar racing. In 2016, Mutual of Omaha Bank and PrimeLending merged to form Mutual of Omaha Mortgage. 

Contact:

Mutual of Omaha 
3300 Mutual of Omaha Plaza
Omaha, NE 68175
Tel: 800-228-7104 
Website: https://www.mutualofomaha.com/long-term-care-insurance

Donna McDurfee - Senior Advisor

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