MassMutual Long Term Care Insurance

MassMutual long term care insurance offers robust benefits, competitive premium rates, and one of the best products available on the market.

Their plans are straightforward and easy to understand. We highly recommend exploring what they have to offer before making a policy purchase.

CONS

• Limited policy design options.
• Extended policies typically have a higher cost.
• No policy cash-out option

MassMutual is a Strong and Stable Company

Although many people overlook financial ratings, they are important.

Financial ratings reflect a carrier’s financial strength and overall ability to pay out their obligations to policyholders. Purchasing from a highly-rated carrier can bring added peace of mind and confidence in your investment.  MassMutual is an elite carrier and is one of the highest-rated companies in the country.  

• AM Best Rating A++
• Moody’s Rating Aa2
• Standard & Poor’s AA+

MassMutual Long Term Care Insurance Policy Details & Design

MassMutual does not offer traditional long term care insurance. Instead, they offer a hybrid life insurance policy with an attached long term care rider. 

Hybrid life insurance policies continue to grow every year as the main alternative to long term care insurance. A hybrid life insurance policy works in the same way as traditional life insurance does. However, these policies allow you to access your policy funds while living if you were to need long term medical care. 

If the policy benefits go unused, then your beneficiary will receive a tax-free lump sum as a standard life insurance death benefit. Traditional long term care insurance policies don’t offer flexibility on funds in this way. If you buy a long term care insurance policy and you never need long term care, then your benefits go unused, and the insurance company keeps all of your premiums. A hybrid policy gives you the best of both worlds.  

Benefits Of Hybrid Life Insurance Policies

• Tax-free funds should you need long term care.
• If benefits go unused, then your beneficiary will receive a tax-free lump sum death benefit. 
• Longer lengths of care compared to traditional LTC policies.
• Return of Premium option if you decide to cancel your policy. 

MassMutual Long Term Care Insurance Details

Elimination Period

The elimination period refers to the length of time that must pass between when you file a claim and when you receive a benefit payout.  

Some insurance providers allow you to choose your elimination period; however, MassMutual does not.  MassMutual long term care insurance policies enforce a 90 elimination period. In other words, you will have to wait three months before you can submit your medical expenses for reimbursement through your policy. 

At Home Caregivers

Did you know that the most common type of long term care takes place at your home and not inside a hospital or nursing home? It’s true.

At-home personal care is the most common type of long term care need. Personal care is needed if you no longer can perform daily activities such as eating, bathing, dressing ext.  

Most long term care insurance policies require that only dedicated agencies can administer at-home personal care. These agencies are expensive and can drain your policy benefits quickly.   

MassMutual is one of a few select carriers who allow you to use an independent caregiver for at-home personal care. In other words, you can have a spouse or family member be your at-home caregiver, and your policy will pay them for their service. 

Having the ability to chose your at-home caregiver is a significant benefit to purchasing long term care insurance from MassMutual.  Your benefits last longer, and you get the comfort of selecting who administers your care.  

Another benefit is that there is no elimination period for at-home caregivers.

MassMutual Long Term Care Insurance Cost

The cost of long term care insurance is most people’s biggest concern when shopping for a policy. The good news is that MassMutual is very competitive on rates and will likely be one of your lowest-cost options. 

The cost of your policy will depend on many factors. Your age, health status, gender, state of residence, and policy size will all affect your premium rates.

Although MassMutual offers great premium rates, it might not be your lowest cost option. Insurance providers compete with each other by catering to different subgroups of people. Your circumstances will determine which carrier can offer you the best premium rates. Therefore the only way to find your policy price is to shop and compare long term care insurance companies side by side.  

Shop – Compare – Enroll

Individuals who go about the shopping process alone often end up with inferior coverage and paying more than they have to.  

Our independent agency helps you compare over a dozen of then nation’s leading LTC insurance providers to help you find your best policy and rate quickly. 

Our agents work for you, NOT the insurance companies. We provide unbiased advice and support to help you navigate your many market options. 

Our services are free. And there’s no obligation when speaking with an agent. 

Thousands of people have trusted us to help them protect their health and their finances with long term care insurance. See what we can do for you.

Explore your options today with your free MassMutual long term care insurance illustration.