Announcement of Discontinuance of New Sales
Mass Mutual has ended all traditional Long-Term Care Insurance sales effective January 28, 2021. Their hybrid products and LTC rider on life products will continue to be offered.
This announcement will not impact any existing Long-Tern Care policy. LTC Insurance is guaranteed renewable, so once issued, it can not be canceled by the insurance company as long as the premium has been paid.
If you own a Mass Mutual Long-Term Care policy, your policy will not be impacted. Your policy still offers outstanding features and benefits.
Review of 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 did offer Partnership Long-Term Care Insurance plans that offer additional dollar-for-dollar asset protection.
Find State-Specific Information
You can learn more about the federal/state partnership program by going to the LTC NEWS Cost of Calculator. Each state has a state-specific page that includes the current and future cost of long-term care services, available tax incentives, information on care providers, and other important information - Cost of Care Calculator - Choose Your State | LTC News.
Acceleration of Death Benefit Plans
Mass Mutual also offers a rider on their Whole Life Legacy policies that allows policyholders to accelerate the payment of a portion of their policy's 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, this will not be a serious option for most people.
If you own a Mass Mutual Long-Term Care policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities. Since most agents have little or no experience in this area, this assistance can be beneficial for the entire family - Filing a Long-Term Care Insurance Claim | LTC News
Shopping for Long-Term Care Insurance?
When shopping for Long-Term Care Insurance coverage, keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is not available otherwise.
Be sure to use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning | LTC News.
There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.
Long-Term Care Insurance is medically underwritten, and 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 that represents the major insurance companies that offer these products - Work With a Specialist | LTC News.
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 Insurance 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.