“Four Ways the Coronavirus Pandemic May Affect Long-Term Care Insurance,” ElderLawAnswers Quote: “The coronavirus pandemic has had a devastating impact on the elderly, particularly those in nursing homes and other long-term care facilities. This has raised questions about how the virus has influenced the costs and provision of long-term care insurance, which covers care in facilities and sometimes at home as well. … There are lots of uncertainties regarding long-term care, insurance, and coronavirus. To read the full US News and World Report article about what we do know, click here.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
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New Blood-Borne Pathogen Test Consent Form in Washington
Beginning June 11, 2020, the state of Washington is requiring the HIV Consent Form to be replaced with a new Blood-Borne Pathogen Test Informed Consent Form. The Washington fully-underwritten life insurance application packets have already been updated to include the new form. We encourage you to update your application packets as soon as possible to ensure you are using the correct forms. If you have printed versions of the Washington application packets, please replace the HIV Consent form with the new Blood-Borne Pathogen Test Informed Consent Form. If you need new fully-underwritten application kits in Washington, you can either download
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“Social Security trust funds could run out even faster due to the coronavirus pandemic”
“Social Security trust funds could run out even faster due to the coronavirus pandemic,” by Lorie Konish, CNBC Quote: “Social Security’s trust funds could run out as much as four years earlier due to the coronavirus pandemic, according to new research from the Wharton School at the University of Pennsylvania. Just how much the funds are affected will depend on how fast the U.S. economy recovers. Those planning for retirement may want to account for reduced benefits, just in case.” LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform): The Social Security trust funds will run
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What are LTC Post Issue Requirements?
Below is an illustration of the typical LTC application process: STEP 1 Application Submission STEP 2 Risk Assessment STEP 3 Final Action STEP 4 Policy Delivery STEP 5 PIR Submissions You may think that your work is complete by Step 4: Policy Delivery; however, in some situations post issue requirements (PIRs) are needed. Awareness of potential PIRs will help you maintain customer satisfaction as well as monitor your cases until final policy delivery. So… What is a Post Issue Requirement? PIRs may include one or more of the following items: Outstanding Premium Total premium is due 60 days from
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New Critical Illness Built-in Return of Premium Consumer Flyer
Help illustrate the built-in ROP benefit when talking with clients. If your client dies while their policy is in effect, a beneficiary will receive all premiums paid in, minus any policy benefits or optional riders paid to your client. There is no additional charge for this benefit. To download this new flyer, click here. It’s also available through normal ordering channels. Note: Return of Premium is not available in all states. Please check your state policy for complete benefit information. New Critical Illness Built-in Return of Premium Consumer Flyer #goldencareagent #mutualofomaha
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LTC Riders: Understanding the Differences in Design
Our LTC Rider on Income Advantage IUL and Life Protection Advantage IUL follows what is known as a reimbursement rider model. Many other companies use an indemnity model. Knowing the difference is important. Here’s a basic definition: Indemnity — Policyowner can take rider benefits up to the maximum monthly benefit limit regardless of the actual expenses incurred. Reimbursement — Policyowner is reimbursed based on actual expenses incurred by the insured, up to the maximum monthly benefit limit. At first glance based on the definitions alone, an indemnity rider may seem like the obvious choice, that your client has access to
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Video Interview: LTC Underwriting Insights
Meet our underwriter, Bill Spano. Insurance is a family business for Bill Spano- he became an underwriter thanks to the encouragement of his siblings. It seems to be a good fit too, as he enjoys building relationships with agents and brokers, helping them out however he can. Take a couple minutes to check out Bill’s video and you’ll hear him discuss how you can get quick answers to your questions as well as some common application issues. Video Interview: LTC Underwriting Insights #goldencareagent #mutualofomaha #ltc
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Medicare Solutions – Omaha Family of Companies
Dental: Dental Insurance Spotlight-The Network View information about Mutual of Omaha’s Dental Network. “Chomp at Dental Insurance for More Sales” Webinar Questions View Questions asked, during our “Chomp at Dental Insurance for More Sales” webinar, along with answers provided by our Sales Managers and Dental Teams. #goldencareagent #mutualofomaha
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Important | Mutual of Omaha LTC Compensation Timing Update
Important Update Mutual of Omaha LTC Compensation Timing Update To better align with other product lines, beginning June 5, 2020, Mutual of Omaha compensation for LTC policies will be paid at the time all Post Issue Requirements (PIRs) are received and the case is considered placed. As a reminder, below are the PIRs that must be received to place the policy in force: Outstanding Premium – total premium due 60 days from issue Policy Delivery Acknowledgement (PDA) – required in WV, LA, SD, NE, IL Amendments – required when application response is missing/changed, when policy is issued with different risk
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You’re Invited! Home Care Service Plans from True Freedom
GoldenCare now offers True Freedom Home Care Plans as an LTC alternative! These are field-issue plans available in all 50 states! All True Freedom Home Care Plans feature: 1-Question Field Issue | No Medical Underwriting | Available Nationwide | No Age Limit | No Elimination Period | No ADL Requirements | No Claim Forms Nationwide Home Care Plans with No Medical Underwriting Register Now To Reserve Your Space! Click below to register: Thurs, June 11, 2020 2:00 PM to 2:45 PM CDT Questions? Call the GoldenCare Marketing Team at 800-842-7799! Don’t forget to subscribe to our News Digest
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