Best For Traditional Policies

Seniors often find that growing older can make it more difficult to live independently, as chronic illness and health problems manifest and lead to mobility issues. While all seniors are eligible for Medicare at the age of 65, government-funded programs usually do not cover the cost of in-home care or community living over a long time period. A long-term care insurance policy allows seniors to invest in their own future medical care by paying a monthly premium. Mutual of Omaha offers a number of long-term care plans for seniors, including two separate traditional policies. Because of its offering of traditional long-term care policies, Mutual of Omaha has been voted the Best For Traditional Policies by the Caring.com team.

Pros:

  • Flexibility in traditional LTC policies.
  • International benefits available for up to one year living outside the US.
  • Discounts include 5% off if you have a spouse, and 15% off if both sign up or if you qualify for “preferred health” status.

Cons:

  • Costs of traditional policies can rise and have done so significantly over the past decade.

Overview of Mutual of Omaha 

Mutual of Omaha offers a diverse selection of financial products for business and individual clients, including life insurance, accident/disability insurance, annuities and critical care insurance. It also offers traditional long-term care insurance for older adults. Mutual of Omaha has a consolidated asset amount of over $47 billion, just under half of which are policy reserve funds. This proven financial strength has helped to earn the company a superior (A+) rating from A.M. Best Company. 

Policy Types

Traditional 

Number of Policies Offered

2

Reimbursement or Indemnity?

Both

Issue Ages

30-79*

A.M. Best Company Rating

A+

How Much Does Mutual of Omaha Charge for Long-Term Care Insurance? 

For a traditional long-term care insurance plan, Mutual of Omaha can charge anywhere between $160 and $800+ per month. The wide range is due to the many variables that seniors must evaluate before purchasing a long-term care plan. The cost of long-term care is inherently unpredictable. It’s hard to judge how much medical care will cost in the future. Additionally, Mutual of Omaha has two traditional LTC insurance plans to choose from, and both can be customized to fit the needs of the clients. 

The total price of a policy may be higher or lower depending on a senior’s age, physical condition and state of residence. The cost may be higher for those who add a rider to their policy, increase the maximum benefit amount or modify the elimination period. Costs can also be lower for seniors who take advantage of good health or partnership discounts, and because Mutual of Omaha is a customer-owned company, seniors can reduce their premium costs through dividend payments.

Features and Benefits of Mutual of Omaha’s LTC Insurance

The Long-term care insurance policies that Mutual of Omaha offers cater to those seniors who want a simple, straightforward policy that includes options to customize and opportunities to earn premium discounts. 

Eligibility

In order to purchase a long-term care insurance plan through Mutual of Omaha, seniors need to submit to an exam or be prepared to provide proof from a licensed medical professional stating that they are chronically ill and require long-term care. A chronically ill senior requires assistance with at least two of the six activities of daily living skills for a minimum of 90 days. They may also qualify if they require 24-hour supervision as a result of severe cognitive impairment.

Focus on Simple, Traditional Policies

Mutual of Omaha’s long-term care insurance is one of only a few offerings in the market that remains dedicated to the traditional LTC plan. Most insurance companies now combine their long-term care plans with a whole life insurance policy to make a hybrid insurance policy, but Mutual of Omaha offers seniors an option to stick with a traditional policy, which usually offers a more affordable premium and better customization options than a hybrid version. 

Transparent Policy Information

The company offers seniors upfront information on their website relating to the features and costs included in their policies. It also has a cost of care calculator that allows seniors to research the future cost of insurance in their state and estimate the cost of a long-term care policy based on their location and personal information. By providing a transparent picture of what they will have to invest in a policy, seniors have the ability to make an educated decision.

Flexible Policy Options

Seniors have a number of options to consider when purchasing a long-term care policy. Mutual of Omaha offers a number of flexible policy options, including a choice of reimbursement or cash benefit payments and the addition of optional benefits, from inflation protection to options that can increase the amount of care seniors are eligible for, such as shared care or a security benefit that can increase the percentage of a monthly reimbursement to help pay for the care of a partner. 

Who Should Consider Mutual of Omaha Long-Term Care Insurance? 

Couples who Want Flexible Policy Options

Senior couples can take advantage of Mutual of Omaha policies with optional benefits specifically designed for couples, including a shared care option allowing a policyholder to pull benefits from their partner’s policy if needed. Couples can also enjoy a premium discount of up to 15% if they both enroll in the same type of policy.

Healthy, On-The-Go Seniors Who Want Extra Security

Mutual of Omaha rewards seniors who are committed to living healthy by providing them a 15% Preferred benefit discount on their policy based on their good health. Seniors who remain in good health also have the option to add a Return of Premium benefit to their policy, which entitles them to recuperate a portion of their premium cost if they decide to cancel in the future. Additionally, seniors who travel outside of the United States can receive up to one year of international health coverage.  

What Are People Saying About Mutual of Omaha’s Long-Term Care Insurance?

Seniors who have experience with Mutual of Omaha’s Long-Term Care insurance appreciate the wide variety of benefit options and the ability to customize their policy to fit their preferences. They also find the website easy to navigate and convenient for finding out information on their options. 

The only complaints that seniors have about the company seem to be a delay in paying out, as many say that the company didn’t pay out claims until just before the window of payment closed. 

Frequently Asked Questions


Is Long-Term Care Insurance Tax Deductible?



Yes, premiums for some portion of a long-term care policy may be tax-deductible. This can happen if seniors pay more out in premiums than a certain percentage of their adjusted gross income. In this way, seniors don’t put themselves into a situation where they may end up living in poverty. Click here for our full answer to this question.


What Are Alternatives To Long-Term Care Insurance?


There are alternatives to long-term care insurance, including a personal savings plan, reverse mortgage, and private insurance coverage. However, long-term care insurance combines the benefits of a savings account with the advantages of a life insurance policy. Click here for our full answer to this question. 


Who Should Consider Long-Term Care Insurance?



Those who may not have the savings built up to pay for future care would do well to apply for a long-term care policy, as it gives seniors a source from which to pull when they need to pay for services. Click here for our full answer to this question.


Does Long-Term Care Insurance Cover Nursing Home Costs?



Long-term care insurance does cover nursing home costs, and this is one way in which seniors can afford to pay for their long-term skilled nursing care. Medicare, Medicaid and other government-funded programs don’t usually pay for room and board in a long-term care facility, so LTC insurance comes in very handy to keep seniors covered as they age. Click here for our full answer to this question. 


What Does Long-Term Care Insurance Cover?



Long-term care insurance covers room and board costs in a senior living community, in addition to in-home care and non-medical care provided in nursing homes or assisted living communities. It also covers other costs not typically covered by state-funded medical programs. Click here for our full answer to this question.