The Consolidated Appropriations Act (“CAA”) provided coronavirus relief as well as other tax related extensions that will affect your clients. Here are some highlights that relate to individuals. Stimulus checks are back. The amount is $600 per taxpayer and $1,200 for married persons filing jointly along with $600 for each qualifying child. Income limits vary upon marital status. Teachers and instructors who teach grades K-12 are allowed a $250/$500 (Single/MFJ) above the line deduction to allow for the purchase of personal protection equipment and disinfectant. The above the line deduction for $300 of charitable gifts is extended into 2021. There
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Long-Term Care Virtual Assessments
From the Desk of Allen Gregoire Throughout the pandemic, Mutual of Omaha has been evaluating our underwriting and new business practices in efforts to support business continuity, deliver a high level of service and maintain our financial strength. As a result, your LTC Underwriting team is temporarily completing virtual assessments for applicants age 65 and over with favorable medical records. Virtual assessment qualification parameters will be based on underwriter discretion. Minimum requirements for consideration: Applicants age 65 and over with favorable medical records. * Applicants with any blood pressure, build and mobility concerns will not qualify for a virtual assessment.
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COVID-19, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).
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Attention Arizona and Iowa producers: Best Interest is coming!
Arizona and Iowa have updated the requirements around Best Interest and suitability in annuity transactions. New training will be required to be able to submit applications for any annuity products, including Asset Care annuity funding whole life. The changes will go into effect Dec. 31, 2020, in Arizona and Jan. 1, 2021, in Iowa. Updated training course required by each state Producers who have previously taken the four-hour state generic annuity suitability course can now have the option of taking either the one-hour catch-up training course on annuity best interest, or they can take the newly created four-hour course
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COVID-19 and underwriting guidelines
COVID-19 and underwriting guidelines We reevaluated and adjusted our underwriting guidelines for applicants who have had a negative COVID-19 test. The current guidelines are: If a test is taken: There will be no waiting period for negative testing scenarios such as work, travel, visiting family or testing in advance of an elective surgery (colonoscopy, etc.). There will be a one month waiting period for a negative test result on an applicant with symptoms or direct exposure to another person who was positive. A positive test is a 6 month waiting period after a full recovery to assess any residuals. These
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Thrivent LTC: COVID-19 Underwriting Update
Long Term Care: COVID-19 Underwriting Update Effective 12/8/20: Applicants ages 18-60 who are positive for COVID with no hospitalization, fully recovered and are symptom free for 30 days can be considered for coverage. Applicants ages 61-69 who are positive for COVID with no hospitalization, fully recovered and are symptom free for 60 days can be considered for coverage. If the applicant has not met the 60 day requirement but has a physician’s statement noting they have been seen and are fully recovered can be considered for coverage. Applicants age 70 & up who are positive for COVID with no hospitalization,
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Care Solutions News
Product News Annuity Care and Annuity Care II updates launching Nov. 21 We’re making updates to the Continuation of Benefits options on our Annuity Care and Annuity Care II products starting Nov. 21. Review the key details, including transition rules, states where changes apply and more. Attention California producers: Regulatory requirement impacting Asset-Care IV effective Oct. 24 Due to a change in calculation requirements under the non-forfeiture regulations, there will be a small impact to values illustrated prior to Oct. 24 and how the policy is issued for Asset-Care IV only. The result will be a slight increase in surrender
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How to Safely Conduct Business
As we shared with you earlier this year, Mutual of Omaha continues to focus on providing information and recommendations to help protect the health and safety of our associates and ensure uninterrupted service to our customers and you. We are all encouraged to do our part to slow the spread of the coronavirus by social distancing, practicing good hygiene and following the CDC guidelines in the areas and states where you do business in. Below are Health and Safety guidelines to help provide a safe way to conduct business. Opt for video meetings or phone calls when possible. Avoid in-person
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COVID-19, Critical Illness, Dental, Disability Income Insurance, Industry News, Life Insurance, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).
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LTC Age Restrictions Now Lifted in All States
LTC Age Restrictions Now Lifted in All States Mutual of Omaha will begin accepting LTC applications for clients age 65 and over in California, Oregon and Washington effective immediately, August 24, 2020. Reminder: Underwriters will initiate scheduling the face-to-face assessments for LTC applicants age 65 and over after medical records have been received, reviewed and considered favorable for insurability. This new process ensures we are only requesting face-to-face assessments on individuals who are indeed insurable, subject to the completed assessment. Restrictions are now lifted for all 50 states. For a complete list of effective dates, please view the Frequently Asked
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Premium Repayment Plans
Mutual of Omaha remains committed to helping our customers during these challenging times. We continue to follow regulatory guidance on a state-by-state basis regarding extending grace periods and/or non-cancellation/non-renewal requirements on insurance policies. In certain circumstances, clients who have been impacted by the COVID-19 pandemic may be eligible for repayment plans on their deferred premiums. Please direct any clients who inquire about their repayment options to contact Policyowner Services at 800-775-6000. Premium Repayment Plans #goldencareagent #mutualofomaha
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COVID-19, Critical Illness, Dental, Disability Income Insurance, Industry News, Life Insurance, Long-Term Care, Medicare Supp./Adv., and Mutual of Omaha (& Affiliates).
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Lifting LTC Restrictions in Ten Additional States
Lifting LTC Restrictions in Ten Additional States Effective July 20, 2020, Mutual of Omaha is pleased to announce additional states where the age restriction will be lifted for LTC applications age 65 and over. Please refer to the Frequently Asked Questions document for a current list of all states and effective dates. Kentucky Maine Minnesota New Hampshire New Mexico North Carolina Ohio Pennsylvania Vermont Virginia We continue to evaluate lifting restrictions for the remaining states of California, Oregon and Washington. Until then, these states must follow the guidelines and processes outlined in our temporary underwriting guideline communication. Reminder: Underwriters will
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