There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance; however, the primary features and benefit choices are comparable from company to company. Premiums and underwriting criteria vary dramatically between insurance companies.
When comparing long-term care insurance, you should recognize the differences between Mass Mutual and other companies. Mass Mutual is one of the most expensive Long-Term Care Insurance options; however, it does have features and benefits most people look for in a policy.
Mass Mutual has announced that they are ending all traditional Long-Term Care Insurance sales (including for the their NEW product) effective January 28, 2021. Their hybrid products and LTC rider on life products will continue to be offered.
Mass Mutual LTC Features and Benefits
- Daily Benefits from $50 a day to $400 a day
- Option to have a monthly homecare benefit
- 3% or 5% compound inflation options - no inflation is also available
- Joint Waiver of Premium option
- Survivorship benefits with paid-up policy for surviving spouse
- 90 day elimination period
- Option to add a waiver of elimination period during home care
- Case Management
- Spousal discounts
Mass Mutual does offer Partnership Long-Term Care Insurance plans that offer additional dollar-for-dollar asset protection. You can learn more about the federal/state partnership program by finding your state on the LTC NEWS MAP.
Find the current and future cost of long-term care services where you live, along with the availability of partnership plans and tax incentives by clicking here.
Mass Mutual also offers a rider on their Whole Life Legacy policies, which allows policyholders to accelerate the payment of a portion of their policy death benefit during their lifetime to help pay for covered long term care services. The acceleration of the death benefit reduces the death benefit.
Generally, this is not an ideal solution for long-term care. Compared to "hybrid" policies, which combine life insurance with an actual separate long-term care benefit, for most people, this will not be a serious option.
Keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates premiums. Because of regulation, an insurance agent or financial advisor cannot give a consumer a special discount which is not available otherwise.
There are more similarities than differences when it comes to features and benefits. However, options and benefits do vary from company to company. Premiums can vary between companies by over 100% when comparing equal benefits.
Every company has its own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.
Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy. You can find a trusted and qualified specialist representing the major insurance companies that offer these products by clicking here.
Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Specialist will ask you several questions about your health to provide you with accurate quotes and professional recommendations.
Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.
Because Long-Term Care Insurance is custom-designed, you can design the plan to fit your specific needs, concerns, and budget. A specialist will help you develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:
- Safeguard income and savings
- Protect the lifestyle of your spouse/partner
- Provide options for quality care
- Reduce the stress and burdens otherwise placed on family members
- Give your adult children time to be family
- Provide a legacy for loved ones
State variations may apply.