Brighthouse Financial Group Long-Term Care Insurance Review

Highest Maximum Benefit for an Indemnity Policy

Brighthouse Financial’s SmartCare product is a bundle of both life insurance and long-term care insurance. Unlike a traditional life insurance policy that may only provide benefits when the policyholder passes away, SmartCare pays out funds when the beneficiary needs long-term care, such as a nursing home, assisted living facility or home health care. The policy can be tied to an index fund of your choice, meaning your benefits can grow significantly during the course of the policy period. SmartCare comes with a maximum benefit of one million dollars, which is the highest in the industry. 

Overview of Brighthouse Financial Group

Once a part of the MetLife company, Brighthouse Financial is an insurance and annuity corporation that underwrites about two and a half million insurance policies. While the company has only been in business since 2017, its experienced leaders and employees have made it one of the premier life insurance providers in the United States. The headquarters for Brighthouse Financial is in Charlotte, North Carolina. 

How much does Brighthouse Financial Group Charge for Long-Term Care Insurance? 

There is no single price point for Brighthouse Financial’s long-term care insurance provided through its SmartCare policy. Premiums are determined by the person’s age and any relevant medical conditions. Since SmartCare bundles life insurance and long-term care insurance, premiums are usually higher than policies that only cover long-term care. According to the American Association for Long-Term Care Insurance, the typical premium for a single female who is 55 years old is $3,700 per year. For a couple, it’s $5,025 per year. For a linked benefit account, such as SmartCare, the average premium for someone aged 55 is around $6,500 per year. 

Eligibility, Plan Details, & Other Information

Brighthouse Financial provides long-term care insurance in a bundled policy called Brighthouse SmartCare. This policy offers a guaranteed death benefit with two growth options, and it comes with the ability to lock in long-term care cash payments at any time as protection against market losses. As a cash indemnity plan, SmartCare may pay out more than what long-term care actually costs, and beneficiaries are free to use those funds as they wish. No receipts or service tracking is required. The maximum payout for care is one million dollars.

Who Is Eligible?

Brighthouse strives to make the long-term care insurance process quicker and easier by having simplified eligibility requirements, which are listed in the table below.

When a SmartCare policy is active, the policyholder must file an LTC claim to start receiving their long-term care benefits. Claims are approved when a physician determines that the client has a chronic condition or illness that prevents them from performing at least two of the six activities of daily living. Some cognitive impairments are also eligible. A health care plan must be created that describes the covered services required.

What SmartCare Covers

Once an LTC claim is approved, there is a 90-day waiting period to start receiving benefits. You can then use your direct cash payment to help pay for:

• Skilled nursing
• Home health care
• Assisted living facilities
• Nursing facilities
• Adult daycare
• Hospice

Policyholders have the freedom to choose all their own providers and types of care, so clients can tailor their options to their exact lifestyle needs. 

Your SmartCare Options

Brighthouse gives its policyholders several options for several aspects of their SmartCare policy. Your options may depend on who is issuing your insurance. 

LTC Coverage Option

This option matches the benefit amount to a stock market index of the client’s choosing: S&P 500, Russell 2000 or MSCI EAFE. The benefit amount cannot go lower than the policy’s original number but can grow with these index funds up to a maximum determined by the issuer. 

LTC Benefit Period

SmartCare has two riders that let clients decide how long their benefit period is after applying for a claim. The LTC Acceleration of Death Benefit Rider allows up to 98% of the value of a policy to be put towards care for the first two years of a claim. The Extension of Benefits Rider extends long-term care funds for two to four years after the first rider is expended. It does not reduce the value of a policy. 

Premium Payment Schedule

Clients can choose to make a single premium payment for the entire term of their policy or make annual payments. You can stretch these payments between 2 to 5 years. 

Additional Benefits

Brighthouse Financial’s SmartCare insurance policy comes with a few additional benefits that are designed to help families meet financial challenges. Clients can access the cash value of their policy by taking out a loan at any time. In the case of a terminal illness, the beneficiary can receive a large portion of the policy’s face value quickly.  The lapse prevention provision guarantees that there will be no lapse in a policy’s coverage as long as all the premiums are paid, including additional payments for a loan. 

Who Should Consider Brighthouse Financial Group? 

Adults Concerned About Multiple Long-Term Risks

SmartCare from Brighthouse Financial is an easy way for older adults concerned about an unexpected death or unforeseen long-term illness or disability to protect their financial interests. Since the value of this policy grows with an index fund, it can cover increasing costs of long-term care and living. 

Families Who Want Choice and Flexibility

SmartCare gives families a bunch of different policy options to account for their unique needs. In particular, it allows people to choose their own providers and services rather than being limited to specific care covered by the insurer. 

What Are People Saying About Brighthouse Financial Group?

Many of the positive reviews for Brighthouse insurance policies mention that the company’s plans are affordable and don’t require a medical examination. Reviewers liked the ability to take out loans on their policy and the value gains from index fund investments. When customers were able to speak with a company representative, many felt their interactions were positive and productive. 

Unfortunately, there are also a lot of negative reviews for Brighthouse Financial Group. The most common complaint among customers and potential policyholders is the company’s poor customer service. Reviews frequently complain about the inability to speak with a representative or change information. 

Frequently Asked Questions