For Americans of a certain age, Mutual of Omaha isn’t as well known for its insurance and financial products as they are for its long-time sponsorship of a classic TV show, “Wild Kingdom.”
This program debuted in 1963 and featured hosts Marlin Perkins and Jim Fowler as they traveled the world to show viewers wild and exotic animals and locations. Mutual of Omaha continues the sponsorship to this day, and current and classic episodes of “Wild Kingdom” are available online and through streaming services.
In addition to keeping that tradition alive, Mutual of Omaha also continues to offer reputable insurance products, including a pair of long-term care insurance policies.
If you're in the market for long-term care insurance, keep reading to learn more about:
Let's get started.
Mutual of Omaha LTC pros & cons
Pros
- Mutual of Omaha offers two standalone long-term care insurance policies: one that is standard coverage and another customizable option.
- The company is considered one of the best for providing certain discounts.
- The company’s policies may cover alternate care for services or treatments that don’t exist today but may become standard practice in the future when you need long-term care.
- They provide the ability to see an estimate of the cost of an LTC policy on their website. The calculator also shows projected long-term care costs in the future for your zip code.
Cons
- Mutual of Omaha only offers standalone long-term policies; no hybrid life/LTC coverage.
- The company’s long-term care policies do not cover care provided by family members.
- Certain pre-existing conditions may exclude you from coverage.
Mutual of Omaha LTC insurance options
Mutual of Omaha offers two stand-alone products for long-term care insurance.
1. MutualCare® Secure Solution
MutualCare Secure Solution is a traditional long-term care policy. It offers $1,500 to $10,000 in monthly benefits to help cover the cost of a nursing home, assisted living, adult day care, and in-home care expenses. This policy is best for people who prefer an easier-to-understand policy.
2. MutualCare® Custom Solution
MutualCare Custom Solution provides greater control and more options for benefits. It offers the same benefits as Secure Solution but with more options for return of premium riders, more inflation protection options, greater cash benefit amounts and a higher policy benefit maximum. It is best for individuals who want to be very specific with long-term care planning.
Both policies include:
- Two options for receiving payments from your long-term care policy: reimbursement or cash. A traditional reimbursement benefit pays bills you submit to Mutual of Omaha for reimbursement, up to the maximum monthly benefit of the plan. A cash benefit, equal to a percentage of the monthly reimbursement amount is also available. The cash amount is lower, but enables you to skip the elimination period and the reimbursement process. Cash payments are typically more flexible in what they can be used for than reimbursed payments.
- Access to a care coordinator, a licensed health care professional who will help with care planning and arrange for services.
- Built-in waiver of premium once you begin receiving policy benefits.
- Alternate care services, which may pay benefits for services or treatments that don’t exist today but may become standard practice in the future when you need long-term care.
- An optional shared care benefit, which means if you run out of benefits but still need care, you can access benefits under your partner’s identical policy, providing you leave at least one year of benefits for your partner.
The MutualCare Custom Solution offers:
- A maximum lifetime benefit amount between $75,000 and $500,000.
- A monthly benefit between $3,000 and $10,000.
- Elimination periods of 0, 30, 60, 90, 180, or 365 days.
- A cash benefit that equals 40 percent of the reimbursement amount, compared with 30 percent on the Secure Solution policy.
- International benefits that will pay for up to 12 months of covered services if you need long-term care outside the U.S., Canada, or the United Kingdom.
- Multiple inflation protection options, including a buy-up option that allows you to increase your inflation protection once a year.
- A survivorship benefit so that if one partner dies after both policies have been in force for 10 years, the premium is waived for the surviving partner for the remainder of his or her lifetime.
- Several return of premium options.
Learn More: Pros & Cons of Long-Term Care Insurance
Estimated cost of Mutual of Omaha LTC coverage
Below are a pair of hypothetical examples of what a person might pay for a Mutual of Omaha long-term care insurance policy based on the company’s online calculator.
- A 55-year-old married male in Chicago would pay an estimated $109 a month for a $3,000 monthly benefit n the MutualCare Secure Solution with a 3-year benefit period, 90-day elimination period, and 3 percent compound inflation increase. A $4,000 monthly benefit would cost an estimated $145, while $5,000 a month would carry a premium cost of $182 a month.
- A 50-year-old single female in Phoenix, with the same policy provisions as above, would pay $318 a month in premium for a $5,000 monthly benefit, $382 a month for $6,000 a month, or $445 for a $7,000 benefit.
Mutual of Omaha provides a 5 percent discount to applicants who are married but whose spouse does not want coverage. That discount goes to 15 percent if you and a spouse/partner purchase coverage under the same policy. There’s also a 15 percent discount available if you qualify for preferred underwriting.
Learn More: How Much Is Long-Term Care Insurance?
About Mutual of Omaha
The company was founded in 1909 as Mutual Benefit Health & Accident Association. It changed its name to Mutual of Omaha in 1950.
As a mutual company, Mutual of Omaha is owned by its policyholders.
In addition to long-term care insurance, the company offers term, whole, and universal life insurance; plus Medicare supplement plans, investments and annuities, mortgage lending, and disability insurance. They offer individual policies as well as group benefits to employers.
Mutual of Omaha is a Fortune 300 company with products and services available in all 50 states. It has nearly 5.3 million individual policyholders. On the group benefits side, it serves 43,000 employer groups with a total of 14.6 million members. The company employs 5,800 associates nationwide.
The company is currently led by James T. Blackledge, who has been CEO since 2015 and chairman of the board since 2018. He joined the company as an actuary in 1989. Prior to being the CEO, he was executive vice president and chief information officer/chief risk officer, where he was responsible for technology applications and systems infrastructure as well as enterprise risk management. He has also held leadership roles in Mutual of Omaha’s individual and group business units.
Mutual of Omaha Insurance Company carries an A.M. Best financial strength rating of A+, the second highest in that company’s rating system. Mutual of Omaha also has an A1 rating from Moody’s and an A+ rating from Standard & Poor’s, both the fifth-highest ratings from those agencies.
In addition, the company has an A+ accreditation rating from the Better Business Bureau. The company has been accredited with the BBB since 1940. Mutual of Omaha also came in third place for customer satisfaction in J.D. Power’s 2022 U.S. Life Insurance Study.
The information and content provided herein is for educational purposes only, and should not be considered legal, tax, investment, or financial advice, recommendation, or endorsement. Breeze does not guarantee the accuracy, completeness, reliability or usefulness of any testimonials, opinions, advice, product or service offers, or other information provided here by third parties. Individuals are encouraged to seek advice from their own tax or legal counsel.
