Monthly Archives: March 2015

Mutual of Omaha is back in California

In early March, Mutual of Omaha came back to California with two new Long Term Care products.  The one I really like is the MutualCare Custom Solution. It, as the name suggests, is very customizable with some new rider options to the industry.

Policy Design Options:

  • Policy limits: $50,000 – $500,000 at $25,000 increments
  • Monthly Benefits:  $1,500 – $10,000 at $500 increments
  • Elimination Period: 0, 30, 90, 180 or 360 Calendar Days

This way of designing a plan gives a large range of coverage options, allowing it to be optimized for the client. In addition to the benefit options there are a number of Inflation Protection options. You can set up 1% – 5% compound inflation at .25% increments. By choosing any of the Inflation Protection options you are given the opportunity to increase the inflation protection each year.

Included Benefits in the policy:

  • Cash Benefit: 40% of the monthly benefit available in cash (up to $2,400)
  • Home Health Care – so you can stay at home as long as possible
  • Facility Care – up to 100% of the monthly benefit
  • Respite Care – to provide relief for unpaid caregivers (up to one month per calander year)
  • Hospice Care
  • International Benefit – up to the monthly maximum for 12 months
  • Waiver of Premium – waives the premiums while on claim

Optional Riders:

  • Waiver of Elimination Period for Home Health Care – 0 day elimination for home health care
  • Shared Care – if you reach your maximum benefit you can use your partners (until your partner has one year of care left) If either partner dies, the surviving partner will receive the the deceased partners benefits without having to continue paying the deceased partners premium
  • Joint Waiver of Premium – If one partner is on claim, both premiums are waived
  • Survivorship Benefit – If one partner dies after both policies have been in force for 10 years the premium is waived for the surviving partner

Another rider that I really like is the Security Benefit rider. If your partner doesn’t have a LTC policy, the Security Benefit will pay an additional 60% of the monthly reimbursement that can be used to help pay for care or living expenses. This is a great option for those with a spouse that may be uninsurable due to health reasons.

This new policy by Mutual of Omaha is also priced very competitively, making it a great addition to the California Long Term Care Insurance options.