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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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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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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“More Universal Life Comes With Long-Term Care Riders: Milliman”
“More Universal Life Comes With Long-Term Care Riders: Milliman,” by Allison Bell, ThinkAdvisor Quote: “More universal life insurance (UL) policies may be coming with chronic illness riders, and more indexed universal life (IUL) policies may be coming with long-term care riders. Susan Saip and Carl Friedrich, actuaries at Milliman, have published new data on the market for UL and IUL benefits in a new survey report summary. … A copy of the new Milliman universal life and indexed universal life survey report summary is available here. An article about an earlier Milliman UL/IUL survey report is available here.” LTC Comment (from Stephen A. Moses,
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Clippings, Industry News, and Long-Term Care.
“The Most Important Coronavirus Statistic: 42% Of U.S. Deaths Are From 0.6% Of The Population”
“The Most Important Coronavirus Statistic: 42% Of U.S. Deaths Are From 0.6% Of The Population,” by Avik Roy, Forbes Quote: “Americans are vigorously debating the merits of continuing to lock down the U.S. economy to prevent the spread of COVID-19. A single statistic may hold the key to resolving this debate: the astounding share of deaths occurring in nursing homes and assisted living facilities. 2.1 million Americans, representing 0.62% of the U.S. population, reside in nursing homes and assisted living facilities. … According to an analysis that Gregg Girvan and I conducted for the Foundation for Research on Equal Opportunity, as of May 22, in
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Clippings, COVID-19, Industry News, and Long-Term Care.
“WHO launches digital app to improve care for the elderly”
“Seniors housing municipal bonds under distress due to COVID-19 costs,” by Amy Novotney, McKnight’s Senior Living Quote: “The interactive digital application is called, ‘WHO ICOPE Handbook App’ and provides practical guidance for conditions such as mobility limitations, malnutrition, vision and hearing loss, cognitive decline, depressive symptoms and social care and support. This digital application is needed because the world’s population is aging at a fast pace, and by 2050 one in five people will be over 60. Although every person is different, both physical and mental capacity typically decline with increasing age.” LTC Comment (from Stephen A. Moses, President,
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Clippings, Industry News, and Long-Term Care.
“Seniors housing municipal bonds under distress due to COVID-19 costs”
“Seniors housing municipal bonds under distress due to COVID-19 costs,” by Amy Novotney, McKnight’s Senior Living Quote: “The coronavirus is pushing more continuing care retirement communities into financial upheaval and putting pressure on the municipal bonds that financed them, according to an article Wednesday in Bloomberg Law. Some communities, unable to accept new occupants amidst COVID-19 restrictions, are using stimulus loans to make payroll, drawing in debt service reserves to make interest payments and even asking bondholders to forgo interest payments for the next year, the article reports. Since the beginning of March, at least five retirement communities have missed a
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Clippings, COVID-19, Industry News, and Long-Term Care.
“Long-Term Care Policy after Covid-19 — Solving the Nursing Home Crisis”
“Long-Term Care Policy after Covid-19 — Solving the Nursing Home Crisis,” by Rachel M. Werner, M.D., Ph.D., Allison K. Hoffman, J.D., and Norma B. Coe, Ph.D., New England Journal of Medicine Quote: But this crisis in nursing homes is not a new problem. Long-term care in the United States has been marginalized for decades, leaving aging adults who can no longer care for themselves at home reliant on poorly funded and insufficiently monitored institutions. Although major regulatory policies, including the Federal Nursing Home Reform Act of 1987, have attempted to address deficiencies in the quality of care, Covid-19 has highlighted the
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Clippings, COVID-19, Industry News, and Long-Term Care.
LTC Compensation Timing Update
To better align with our other product lines, beginning June 5, 2020, 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 Monthly EFT drafts will occur on the first renewal date selected by the customer. For all modes other than monthly, a billing statement will be sent with the policy. Total premium is due 60 days from issue. Policy Delivery Acknowledgement A Policy Delivery Acknowledgement (PDA) is
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