Long-Term Care Insurance Review: Mutual of Omaha
Updated: Mar 5, 2020
There are not many companies that offer Long-Term Care insurance. This is because long-term care insurance is a complex market full of high costs for the insurance company. Consider that there are hundreds of companies that offer life or health insurance and less than 20 companies that offer long-term care insurance.
Among those that still sell long-term care insurance, one company stands out above the rest for their traditional Long-term care plan. That company is Mutual of Omaha.
Mutual of Omaha
Mutual of Omaha started selling Long-Term Care insurance in 1987 and they have sold it ever sense. They are one of the few companies that “figured it out” and as a result they have one of the best products in the market today.
They have an A+ rating from independent rating agencies A.M. Best, Moody’s Investors and S&P Global. This means that they are strongly positioned to meet all their obligations to their policyholders. This is a very important distinction and more people ought to check the financial rating of the companies they buy insurance from. After all, your insurance is only as good as the company’s ability to pay claims.
They have also received the highest rating (A+) from the Better Business Bureau.
Mutual of Omaha Long-Term Care Insurance
Mutual of Omaha has been doing Long-Term Care for a relatively long time. They went through the period of time where lots of companies were selling long-term care insurance, but no one really understood the pricing. This led to rate increases, companies dropping LTC insurance and ultimately legislative action on the whole industry.
Thankfully, since Georgia enacted long-term care insurance regulation in 2008 Mutual of Omaha has had ZERO price increases in Georgia. They have a great handle on how much long-term care costs and their policies are priced intelligently and fairly.
Mutual of Omaha’s main long-term care insurance product is called Custom Choice. It is a traditional LTC product that has a benefit pool of $50,000 to $500,000 which can grow at a guaranteed 0-5%. The monthly benefit amount ranges from $1500 to $10000 modified by growth.
This product is excellent for many people. It is very affordable and will most long-term care costs that the average person will accrue. It has great benefits such as a cash option, discounts for couples and is very flexible.
Georgia’s Long-Term Care Partnership Program
Long-term care is expensive, and the government pays the majority of long-term care costs via Medicaid. Because of this the state of Georgia has implemented a long-term care program that provides incentives and benefits for people that buy qualifying long-term care insurance policies.
You can read more about Georgia’s partnership program at https://www.oci.ga.gov/ConsumerService/LongTermCare.aspx or on our 2020 LTC Guide.
Mutual of Omaha’s LTC product DOES qualify for this LTC partnership in Georgia. This makes an already great product even better!