Long Term Care Providers – Comparisons

Posted on Posted in Long Term Services Providers

There are various types of companies who are providing long term care services and insurance for a pretty long period of time. Long term care insurance varies from companies to companies, health condition of the buyer may vary, and the premium length and amount also vary.

Mutual of Omaha is one of the leading companies in the field of long term care insurance service. It is a company originated from Omaha, Nebraska. It is founded at the year 1909 as mutual benefit health and accident association. It is also listed as a company of fortune 500 companies. It has sold near about 125,500 policies in the force, which nearly make up 2% of the total market. AALTCI estimated that Mutual of Omaha sold approximately 20,000 long term care policies. It also further stated that at the year 2014, it has sold 12,000 policies.

Some of there data (approx) are given below:-

• Status : Single Person
Age :57 (approx)
Gender :Female
Initial Benefit : $162,000
Mutual of Omaha Mutual Care Secure Solution (TN) = $1,270

• Status : Single Person
Age : 57 (approx)
Gender :Male
Initial Benefit :$162,000
Mutual of Omaha Mutual Care Secure Solution (TN) = $825

• Status :Couple
Age :60-61
Gender :Both or Each
Initial budget :$162,000 (each)
Mutual of Omaha Mutual Care Secure Solution (TN) = $1736

Genworth Financial is a company that has been formed at 2004, after it got separated from General Electric Co. It is also a Fortune 500 company; also it is the largest providers of long term care insurance in United States of America. According to the Association’s 2014 LTC Sourcebook, it has nearly 1,235,142 policies in force, i.e. about 17% of the market (NAIC, 2011 Covered)

Some of their data has been given below:-

• Status :Single Person
Age :57
Gender :Female
Initial Benefit :$164,000
Genworth Privileged Choice Flex 3 (TN) = $1,743

• Status :Single Person
Age :57
Gender :Male
Initial Benefit :$164,000
Genworth Privileged Choice Flex 3 (TN) = $1,267

• Status :Couple
Age :60-61
Gender :Both
Initial Benefit :$164,000
Genworth Privileged Choice Flex 3 (TN) = $2,342

Therefore, by comparing the above two companies, we can choose a sensible long term care insurance for our health and in future protection.
We, also reach to a conclusion that the rate and benefits vary from company to company depending upon their criteria and customization of the policy buyers itself.