Mutual of Omaha Long Term Care Insurance

If you are considering purchasing a Long Term Care Insurance Policy, it is important to speak with a Long Tern Care Specialist. Who can help you navigate the market place, and find the best coverage and Funding Option Available.

If you are at all worried about the possibility of burdening your family and estate with the costs of Long Term Care. Now is the time to address these concerns.

Mutual of Omaha now offers Mutual Care Solutions Portfolios– a Secure Solution which is a traditional plan. While a Custom Solution can be tailored to fit you.

Having a Mutual of Omaha long-term care insurance policy will help bring you the peace of mind that you deserve when it comes to your health care and your finances.

How Does The Mutual of Omaha Long Term Care Policy Work?

There are multiple components to a traditional long term care plan.

The benefit period is the total amount of time up to which benefits will be paid. With mutual of Omaha, you can opt for a benefit period of 2, 3, 4, or 5 years.

There is also a Policy Limit and Maximum Monthly Benefit Amount. Which is the total cost that your plan will cover, both within one month and the total amount over your set benefit period.

An elimination period is the number of days from the onset of you sickness that you must report before your policy would start to pay the benefits. Options for elimination periods are 90, 180, or 365 days.

The longer the elimination period, the lower your monthly premium is. For example, the Secure Solution policy outlines a 90 day elimination period, which has a slightly higher monthly premium than a plan with a longer elimination period, but it also means that your coverage would start sooner if you needed to file a claim.

Inflation protection will protect you against higher costs of healthcare in the future, in case you don’t use the coverage for several years.

Lower inflation options mean lower premiums, while higher inflation protection mean higher premiums.

Higher Inflation protection also increases the benefit amount each year than if you had a lower option.

With Mutual of Omaha Long Term Care you have options for a compounding rate of 3%, 4% and 5%. Additional Options include a compounding rate or 3% and 5% with the compounding feature stopping after 20 years.

With this example, the Secure Solutions policy has 3% compound inflation protection with a 20 year cap.

With an initial monthly benefit of $6,000, after 20 years of holding this policy, you would have a maximum monthly benefit of $10,521 and a policy limit of $378,760, rather than the $216,000 policy limit and $6,000 monthly benefit that you started out with. This is because the inflation protection accounts for rising healthcare costs, so your benefits increase 3% every year that you own the policy.

Nursing Home is covered up to 100%, Assisted Living & Home Health Care can be tailored to cover 50%, 75% or 100% of the maximum monthly benefit.

Additionally Respite Care is up to 30 days per calendar year (with no elimination period)

With a Custom Solutions or Secure Solutions you can choose between all of these options to create a plan that is custom-made for you and your situation.

Mutual of Omaha Long Term Care Insurance Needs

In the past few decades, healthcare technology has improved drastically–extending people lives further than ever imagined. These same technologies are now enabling people to survive for many months or even years with a debilitating illness.

Now the obvious question to these facts is “Who pays for all this”? Will it be the government? I think we all know the answer is no. Will it be Medicaid? Generally only when your assets are depleted below $2,000 (not including your car of home). The only correct answer is to take the initiative and purchase a long term care Insurance plan that fits your needs and that can include an asset based plan or a traditional long term care plans offered by Mutual of Omaha.

While life and disability insurance policies are still very necessary, the odds of needing long term care insurance for an extended period of time has greatly increased the need to make sure you have the right kind of long term care insurance.

Purchasing one of these policies is not only strategic, it also shows your desire to invest in yourself and the quality of your healthcare down the line, in addition to providing a safeguard to your assets and loved ones.

If you are interested in getting set up with a long-term care insurance policy, do not hesitate to contact us at 512-637-6353.

Mutual of Omaha Long Term Care Insurance

If you are at all worried about the possibility of a long-term illness such as cancer, heart disease, diabetes, or any other form of chronic disease, having an effect on your retirement assets or family members, we offer two forms of Mutual Care Solutions Portfolios– a Secure Solution that is more traditional and easy-to-understand, while a Custom Solution can be tailored to fit the client.

If you are considering purchasing a long-term care insurance plan, you should realize the many benefits that would come with a Mutual of Omaha insurance policy. The costs are very competitive, and the policies are flexible and can be customized for you.

Having a Mutual of Omaha long-term care insurance policy will help bring you the peace of mind that you deserve when it comes to your health care and your finances.

What are some prices examples?

-For a 55 year old man in Texas, the annual cost of the SecureSolution policy that would cover him up to $6,000 per month ($200 per day) and a 36 month benefit period would be $1,421.70.

-For a 55 year old woman, the cost would be $2,153.55. This would also include a 3% compound inflation protection with a 20 year cap.

Why Should I Purchase Long Term Care Insurance?

In a survey of long-term care policyholders, we found that some of the most common reasons people purchased these policies were to protect their assets, to have security or peace of mind, and because they didn’t want to be a financial burden on their families. By far the most common life event that leads people to purchase long-term care insurance is planning for retirement, followed by actual retirement and a loved one needing long-term care. However, it is a very smart idea to begin thinking about taking this step even earlier.

The most important thing to know about long-term care insurance is that it is cheaper to buy it earlier rather than later because the cost is based on age– every year you wait, the cost goes up. Along with the price of insurance increasing with age, your health is also more likely to worsen or change as you get older, and once that happens, buying long-term care insurance may not be an option. Long-term care insurance will give you the peace of mind you need, especially when you are thinking about your family or considering going into retirement. It gives you the ability to live your life without worrying about a sudden health issue ruining your finances.

My Thoughts On Where This Fits Best

Mutual of Omaha has been around for a very long time. Most of us can remember their TV series, Mutual of Omaha’s Wild Kingdom. They are a very good company with a good ratings and a good diversification of products that include long term care, annuities, life insurance and specialty health care products. They are one of the few carriers left that offer a traditional long term care plan and they have done a good job of managing premiums.

If the resources are not there to do an asset based base plan the Mutual of Omaha is a great alternative to do to help keep the cost down form an affordability factor. Give us a call with any questions about this plan or any or the other products we represent.