Overview: Mutual of Omaha’s MutualCare Custom Solution Long-Term Care Insurance

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Overview: Mutual of Omaha’s MutualCare Custom Solution Long-Term Care Insurance

As long term care insurance advisors, we are proud to offer Mutual of Omaha insurance products – the company is among the leading carriers writing long term care (LTC) insurance in the United States.

A major reason why Mutual of Omaha’s MutualCare Custom Solution LTC insurance product is so popular is due to the flexibility it offers consumers. This flexibility enables long term care insurance brokers like Schneider and Shulman Associates to develop truly custom insurance solutions for anyone seeking a long term care insurance policy.

What Makes MutualCare Custom Solution Insurance Flexible for Consumers?

Through standard and optional policy features, MutualCare Custom Solution offers consumers the flexibility to pick and choose features to build policies that best meet their needs. These features include the ability to:

  • Protect against inflation
  • Share benefit pools with your partner
  • Provide financial security for uninsured partners 

 

Understanding Key Optional Benefits of MutualCare Custom Solution LTC Insurance

Below you’ll find a number of key optional benefits available to you with MutualCare Custom Solution long term care insurance.

Inflation Protection
As healthcare costs continue to increase, it’s likely that the cost of long term care services in the future will be higher than they are now. To address this trend, Mutual of Omaha offers an optional benefit called Inflation Protection. This benefit enables policyholders to protect against inflation for various duration options (10 years, 15 years, 20 years, or lifetime) and up to 5 percent compounding increments.

Shared Care
If you and your partner both have MutualCare Custom Solution LTC insurance, you may tap into each other’s benefits if either of you need additional funds. Furthermore, should either of you pass away while both parties are covered by a MutualCare Custom Solution policy, the surviving partner is eligible to receive the remaining benefits without paying any additional premiums for the deceased partner’s benefits.

Waiver of Elimination Period for Home Health Care
With this option, policyholders can begin receiving home health care immediately with no elimination period to satisfy.

Security Benefit
If your partner does not have a long term care policy, the security benefit can make sure they are cared for if you need long term care. With this benefit, your policy will pay up to an additional 60% of your monthly reimbursement–in cash–to help cover living expenses or care of your uninsured partner.

Return of Premium
Some long term care insurance buyers worry they will not use all their benefits and their money will go to waste. If this is a concern, you can opt for a Return of Premium benefit. This benefit refunds up to the full amount of premium you’ve paid (excluding any claims paid by the policy) at the time of your death.

Non-Forfeiture
If you are unable to continue making premium payments after your initial three years as a policyholder, your coverage will continue with a reduced benefit.

Beyond these optional benefits that MutualCare Custom Solution has to offer, the product also includes many beneficial standard features, as well.

Key Standard Features of MutualCare Custom Solution LTC Insurance

Standard MutualCare Custom Solution long term care insurance policies include features such as:

  • Cash benefit
  • Home Health Care
  • Residential Care
  • Care Coordination
  • Respite Care
  • Hospice Care
  • International benefit
  • Waiver of Premium
  • Alternate Care

How Benefits are Paid

Your MutualCare Custom Solution policy offers you two options for how you would like to receive your policy benefits: cash or reimbursement.

Cash – If you opt for the cash benefit, you will be paid a reduced benefit equal to 30% or 40% of your policy’s maximum monthly home health care benefit (up to an initial maximum of $2,400 per month). This benefit amount may increase if an inflation protection benefit is added to the policy. In addition, there’s no elimination period that must be satisfied in order to receive the cash benefit; you can use the cash to pay for services to support your plan of care.

Reimbursement – If you opt for the traditional reimbursement benefit, you will be reimbursed for actual covered long-term care expenses you incur (in this case, up to the maximum monthly benefit of your policy). Your policy’s elimination period must be satisfied before reimbursement benefits begin.

It is also worth noting that this policy also grants you the flexibility to swap how you are paid from month-to-month. In other words, you may select a cash benefit one month and reimbursement benefit the next.

Note: for definitions of these standard features, please visit our Long Term Care Glossary.

Conclusion

Schneider & Shulman Associates strongly recommends Mutual of Omaha’s long term care insurance products. As a LTC insurance brokerage that develops custom long term care solutions, we see first-hand how the flexibility of MutualCare Custom Solution can make a big difference for policy buyers.

To read more about Mutual of Omaha’s MutualCare Custom Solution, click here.

If you’re interested in a free consultation or have any questions, please contact us today.