MassMutual Long-Term Care Insurance: Standard Policies – 2022 Review

Thang Truong
Thang Truong
Updated on:

MassMutual is one of about ten insurance companies still offering traditional long-term care insurance policies. These policies are harder to come by because decreasing profits caused many companies to leave the market. MassMutual also offers two hybrid long-term care insurance policies, CareChoice One and CareChoice Select, which are both whole life insurance policies with long-term care riders. Let’s take a look at MassMutual’s LTC policies and see which, if any, are a good value. 

MassMutual’s Signature Care

This is MassMutual’s traditional long-term care insurance policy. Daily benefits are anywhere from $100 to $400. You can choose a benefit period of 2, 3, 4, 5 or 6 years. Here is everything you need to know about traditional long-term care insurance.

The elimination period is 90 service days. 

Available riders include:

  • Inflation protection (3% or 5%)
  • Return of premium
  • Waiver of premium

Like all traditional LTC policies, you must have a certified medical professional state that you cannot perform at least two out of six ADL’s to receive benefits. You could also be suffering from cognitive decline. You must be diagnosed every year you receive benefits. 

MassMutual used to have a shared care rider, but that has been dropped. 

MassMutual has raised the rates on this policy, anywhere from 20% to 145%. This is not unusual, as the long-term care insurance market was unsustainable at the previous rates. However, with this policy it should be noted that rates can go up again, and they probably will.

MassMutual has gender specific pricing, so women will pay much more than men for the same policy. We couldn’t get a quote for this policy, but we would expect that rates are on the high side. 

>>MORE: The 5 Best Traditional Long-Term Care Insurance Companies

MassMutual CareChoice One and CareChoice Select

MassMutual CareChoice One is a single premium, whole life insurance option, and MassMutual CareChoice Select allows you to pay over 12 years. With either of these policies, you can access your death benefit while you’re still alive, providing you meet certain criteria. You can use this money to pay for your long-term care.

One advantage of this policy is that premiums are guaranteed, but only for 12 years. You are also eligible to receive dividends, as Mass Mutual is a mutual company. 

Both policies feature a long-term care benefits rider, and an extension of benefits rider. For the first two years, you’ll use your death benefit to pay for care, and when your death benefit has been used up, the extension of benefits rider provides another two years of care. This rider essentially makes this policy a type of hybrid long-term care insurance.

These are both reimbursement benefits, so you must submit receipts every month.

Both have a 90-day elimination period, which is essentially the deductible. 

Hybrid policies have gotten popular these days, as people still want some kind of long-term care protection, but it’s getting harder and harder to find traditional LTC insurance. Here are the best hybrid long-term care insurance companies.

Keep in mind, that since these are both whole life insurance policies, they are likely to be very expensive. We couldn’t get a quote, and Mass Mutual requires you to call and talk to a financial advisor (read: agent). 

An interesting note is that MassMutual and Fidelity Investments have teamed up, so if you are a Fidelity customer, odds are that someone will try to sell you a hybrid policy from Mass Mutual. 

Consumer Satisfaction Rating of MassMutual Long-Term Care Insurance

Mass Mutual scores 751 out of 1,000 points on J.D. Power’s insurance study, meaning they are solidly average. 

>>MORE: A Comprehensive Guide to Long-Term Care Solutions

Financial Strength Rating of MassMutual Long-Term Care Insurance

A.M. Best gives Mass Mutual an A++ on financial strength, which puts them in the top fifteen of all life insurance companies. 

>>MORE: Tax Benefits of Long-Term Care Insurance: Everything You Need to Know

Last Thoughts

Although we couldn’t compare rates, because we couldn’t get a quote, we are betting that Mass Mutual long-term care and hybrid insurance policies are on the expensive end of the spectrum. Shop around to get the best deal.

>>MORE: Compare Long-Term Care Insurance Quotes Online

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

More Stories

6 Best Indexed Universal Life Insurance (IUL) for 2023

Are you looking for a way to set aside some extra money for your senior years, and maybe a little extra for loved ones to inherit? Most people opt for indexed universal life insurance because it offers the greatest cash value growth tied to the performance of S&P 500 index with the least risk thanks […]

Best Self-Directed Roth IRA Companies for 2023

A self-directed Roth IRA is much like a regular Roth IRA, but offers more flexibility as far as what you can invest in. Whereas a regular Roth will only let you invest in stocks, bonds, mutual funds, ETFs, and real-estate investment trusts, a self-directed Roth lets you invest in a greater variety of investment options.  […]

The 5 Best Hybrid Long-Term Care Insurance Companies for 2023

If you’ve decided to plan for every eventuality, you’d be smart to include a plan to cover long-term care. Someone turning 65 this year has an almost 70% chance of needing some type of long-term care, and about 13% of those will need it for five years or more. Long-term care is expensive and can […]

The 3 Best Traditional Long-Term Care Insurance Companies for 2023

Long term care is something that no one likes to think about, but unfortunately, many people will eventually need. Health care costs are skyrocketing, and a lengthy stay at a long-term care facility can easily bankrupt most people’s nest eggs. Long-term care insurance is one way to protect both yourself and your retirement savings. Out […]

The Best Long-Term Care Insurance Companies in California for 2023

California residents who are keen to protect themselves and their families against the worst events in life may be considering long-term care insurance. However, you might not know much about LTC insurance or how it is handled in California. Let’s take a look: What is Long-Term Care Insurance? Long-term care insurance helps pay for long-term […]

The Best Long-Term Care Insurance Companies in Arizona for 2023

Arizona is a great place to retire. It’s warm, there’s no snow to shovel, and Arizona improves the quality of life for anyone with allergies or asthma. When you pack your bags and retire to Arizona, you’re probably not thinking about long-term care. But the sad reality is that 47% of men and 58% of […]

The Best Long-Term Care Insurance Companies in Florida for 2023

There’s a lot of good reasons to retire in Florida. The weather is warm, the beaches are beautiful, and there are lots of other retirees to socialize with. Also, Florida has no state income taxes, no inheritance taxes, and no estate taxes. When you pack up your things and move to Florida, you’re probably not […]

Private Placement Life Insurance: Everything You Need to Know

If you haven’t heard of private placement life insurance, you probably don’t qualify to buy it. Private placement life insurance is typically for investors with millions in liquid cash that they need to invest for tax reasons.  What is Private Placement Life Insurance? Who Qualifies for Private Placement Life Insurance? Benefits of Private Placement Life […]

Nationwide IUL – A Strong Product With Great Features and Excellent Ratings

The Nationwide IUL product can help you either supplement your retirement income or ensure your beneficiaries future by leaving them a nice tax-free death benefit. Obviously, you have many options when it comes to IUL policies, so you want to know how does Nationwide’s policy stack up against the competition? Let’s take a look. Pros […]

Transamerica IUL – A Solid Product but High Consumer Complaint Score & Law Suits

Consumers looking to supplement their retirement income often settle on an indexed life insurance policy. These policies build cash value based on market performance and allow your heirs to enjoy a tax-free death benefit. Let’s take a look at Transamerica’s indexed universal life insurance policy and see what makes it stand apart from other such […]