Long-Term Care insurance (LTCi) is a core product for Mutual of Omaha, and we intend to remain a key player in this market for years to come. To fulfill this commitment, we actively monitor emerging industry trends and make any adjustments necessary that enable us to keep our promises to policyholders and remain competitive in the marketplace.
For this reason, we will be implementing the following rate adjustments effective January 1, 2020:
|Block of Business||Impacted States|
|LTC04G||Delaware, West Virginia|
|LTC04I||Delaware, District of Columbia|
|LTC06UI||Alaska, District of Columbia, Mississippi, North Dakota, West Virginia|
For a complete rate history, see the state approval grid on Sales Professional Access.
Policyholder Notification Process
Policyholders will receive a letter notifying them at least 90 days prior to the premium rate increase. The effective date of the premium rate increase will be listed in this notification. Notification to all affected policyholders will be sent by November 1, 2019 to ensure policyholders in the approved states receive notification of their January 1, 2020 premium rate increase. Along with the premium rate increase notification letters, most policyholders will receive an adjustment offer if there are options available. The offer will provide the policyholder a benefit reduction alternative to help reduce the impact of the premium increase.
To assist in answering customer questions or providing alternative premium options, the following tools are available on the LTCi rate adjustment page on Sales Professional Access. Reference the Rate Adjustment section and you will be able to see:
- Impacted Policyholder Reports
- Assured Solutions Quote software for the LTC06UI block of business.
- Call LTC Administration office (800-921-9334) for the LTC004I and LTC04G blocks of business (quote given over the phone, a printed illustration will not be available)
Additional resources are also available on the dedicated LTCi Rate Adjustment page on Sales Professional Access. For any questions, please contact Mutual of Omaha’s Sales Support at (800) 693-6083.