Reminder: LTCi Agent Guidelines for Multiple-State Sales

Licensing, Appointment and Product Guidelines For Long Term Care insurance (LTCI), the policy will be issued based on the insured’s resident state. Policy delivery is required in the same state. Consequently, the soliciting agent must be licensed and appointed in both the state in which solicitation occurs and the resident/delivery state of the insured. Agents should only solicit a prospective policy owner or contract holder under circumstances in which the policy form being solicited is filed and approved in the state in which it is to be delivered, which in the case of LTC insurance is the resident state of
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Illinois (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Illinois has now allowed the following increase: Illinois Product Series Increase Percentage Privileged Choice 51.5% Classic Select 51.5% This rate increase applies to both Non-AARP and AARP policies. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin July 25, 2017 and will continue throughout the next year.
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Categories: Genworth, Industry News, and Long-Term Care.

Genworth to Implement Partnership Changes July 31, 2017

Effective July 31, 2017, Genworth will implement updates for Partnership Programs in Idaho, Maryland, Maine, New Mexico, and Pennsylvania. Policies that were sold on or after the state’s effective date, that meet the updated guidelines will receive notification from Genworth about this change. Idaho (Effective Date 3/25/16) reduced the inflation protection requirements to qualify for their partnership program. The following outlines the requirements by age: 40 – 60 2%, 3%, 4% or 5% compound inflation protection 61 – 75 2%, 3%, 4% or 5% compound or 5% simple inflation protection 76 + Inflation protection is not required There will be
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Categories: Genworth and Long-Term Care.

Delivery Requirements Enhancements

At the end of October 2016, we announced a new policy delivery process to include new policy delivery requirements, policy effective dates, and updated forms. We are expanding those delivery requirements in an effort to streamline the process and make it easier to do business with us. On July 10, 2017, the additional delivery requirements will alleviate going back and forth to your customer during the underwriting process to update and initial forms. The new forms that will be used at delivery as needed are: Amendment of Application for Individual Long Term Care Insurance form (ICC16027604 and state variations) The
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Categories: Genworth and Long-Term Care.

In-Force Rate Action Announcement: Wisconsin (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. In September 2013, we began to seek premium rate increases on certain Privileged Choice® and Classic Select® policies sold between 2003 and 2012. Subsequently, we received approval for, and implemented, a 12.8% premium increase in Wisconsin. At the time, a larger increase was justified, based on projected experience, but rate stability requirements prevented us from requesting the fully justified amount. In 2016, we began requesting the
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Categories: Genworth, Industry News, and Long-Term Care.

GoldenCare Newsletter | June 19, 2017

In this GoldenCare Newsletter Edition From GoldenCare: Join us for brand new webinar topics including a brand new short-term Home Health Care product and special guest speakers. See our full list of hot topics. PROMO TIME!!   Get your Careshield, Mutual of Omaha Custom Solutions and GTL Critical Cash apps in for our Amazon.com Gift Card Blowout!  See the Newsletter for details on this exciting promotion. Minnesota Agents!   Tomorrow!  Join us in St. Cloud for an Onsite Dynamic Sales Training Workshop.   Walk ins welcome.  See the Newsletter for topics and times. Our Guest Article in this edition is “Your 2017 Guide
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Categories: Genworth, GoldenCare News, Guarantee Trust Life, Industry News, Long-Term Care, Mutual of Omaha (& Affiliates), and Transamerica.

In-Force Rate Action Announcement: Oregon (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. In September 2013, we began to seek premium rate increases on certain Privileged Choice® and Classic Select® policies sold between 2003 and 2012. Subsequently, we received approval for, and implemented, a 12.8% premium increase in Oregon. At the time, a larger increase was justified, based on projected experience, but rate stability requirements prevented us from requesting the fully justified amount. In 2016, we began requesting the
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Wisconsin AARP (Privileged Choice® and Classic Select®)

As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. In September 2013, we began to seek premium rate increases on certain Privileged Choice® and Classic Select® policies sold between 2003 and 2012. Subsequently, we received approval for, and implemented, a 12.8% premium increase in Wisconsin. At the time, a larger increase was justified, based on projected experience, but rate stability requirements prevented us from requesting the fully justified amount. In 2016, we began requesting the
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Categories: Genworth, Industry News, and Long-Term Care.

Genworth Claims Call 6/27 at 3:00 PM Eastern / 2:00 PM Central

Genworth Claims: Using 40+ years of Data to Help Us Today The Genworth team is hosting our annual Claims Update  call on 6/27 at 3 PM Eastern / 2 PM Central. Our RVP team will be interviewing one of our Senior Claims Managers, Jamie Perkinson, to discuss statistics, trends, and emerging data Genworth is seeing from the largest claims servicing team in the country. We’ll be focusing on how our distribution partners can use this data to help build meaningful extended health care coverage for their customers and how our policy holders are able to utilize our technology and advancements
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Categories: Genworth and Long-Term Care.

GoldenCare Newsletter | June 6, 2017 Edition

In this GoldenCare Newsletter Edition From GoldenCare: Join us for brand new webinar topics including a brand new short-term Home Health Care product and special guest speakers. See our full list of hot topics. PROMO TIME!!   Get in on our Sizzling Summer Promo, June 1 – August 31st.  See the Newsletter for details on this exciting new promotion. Our Guest Article in this edition is “CDC: Those 85+ are six times as likely to need ADL help than those aged 65 to 74,” by Lois A. Bowers, McKnight’s Senior Living.   Enjoy! Industry Updates: Mutual of Omaha has been conducting significant
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Categories: Genworth, GoldenCare News, Industry News, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).