GOOD IS GETTING BETTER NEW TO THE CONNECTICUT PARTNERSHIP: TRANSCARE II 3% COMPOUND BENEFIT INCREASE OPTION People are living longer, and they need competitively-priced, flexible strategies to help protect their loved ones and financial futures. Long term care insurance can help address costs stemming from qualified long term care services, so clients can help protect their quality of life with confidence knowing they’ve prepared. Introducing TransCare® II’s 3% Compound Benefit Increase Option, available to your clients starting June 1, 2020. With level premium, this Compound Benefit Increase Option automatically increases policy benefits by 3%, annually, beginning on its anniversary date.
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Set Target Premium with MutualCare Solutions Software
When you are meeting with clients who have a desired premium in mind for long-term care coverage, we have a great tool to get you to that premium amount. Use the MutualCare Solutions software Set Target Premium feature. It allows you to enter the desired premium your clients want while building the benefits around the premium. When you open the software, look for this symbol. Now, enter the client’s state, age, gender, premium mode, inflation protection and elimination period. Once you hit Set Target Premium, you will enter the client’s desired premium. The monthly benefit will adjust to the targeted
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Advantages of a Monthly LTCi Benefit
Some insurance companies offer LTCi policies based on a daily benefit amount. Mutual of Omaha’s policies are based on a monthly benefit. A daily benefit has a per day maximum which means your clients are reimbursed up to a set amount for each day. If the cost of the service is over this amount, your client will have to pay the balance. With a monthly benefit, your clients are reimbursed for the actual costs of the services received each day up to the maximum monthly benefit – regardless of daily costs that may vary throughout the month. While both policies
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Managing Expectations When Clients Go on Claim
Your Phone is Going to Ring When the need for long-term care services arises, the producer often is the first person contacted. That’s why it’s important for you to understand your role in the LTCi claims process so you can help manage your clients’ expectations. If you become aware of a potential claim, notify the claims department as soon as possible. And be prepared to provide the following information: Insured’s name Phone number Mailing address Email address Policy number Insured’s representative/power of attorney Type of claim (i.e., home health care, assisted living, nursing home) Want to learn what happens next?
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Submit your LTC applications and watch demo
Submit your long term care applications Your business is important to us and we want to make sure you have the tools needed to serve your community. We continue to accept NGL EssentialLTC long term care applications up to the nearest age 79. Items to keep in mind: Applications will not be closed or rejected based on age. Depending on the state you are in and if you are experiencing a stay-at-home order, it might take a little longer than usual for the face-to-face interview. We are making every effort to complete the scheduled exams for applicants who are currently
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Important Long Term Care COVID-19 Update
LONG TERM CARE PRODUCT GRACE AND LAPSE PERIOD CHANGES Amid the changes we’re making to help agents conduct business during the COVID-19 pandemic, we’ve received guidance regarding how long we can extend grace and lapse periods for long term care policies. We are extending premium payment due dates by an additional 30 or 60 days.* Customers have 90 days from the due date to pay premiums and keep their insurance coverage. Customers should know: Existing policy holders will receive a one-time mailing outlining this extension — please see the non-TFLICNY state-specific letter, and the TFLICNY New York letter for reference
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Medicare Supplement COVID-19 UPDATE
MEDICARE SUPPLEMENT COVID-19 UPDATE POLICY MAILING AND GRACE PERIOD EXTENSION We hope this email finds you and your loved ones doing well. Unprecedented times call for agile solutions. As COVID-19 concerns continue to grow, we want you to know we’re working hard for your business and your clients. Click the link below to see some of the steps we’re taking to respond, including mailing policies directly to clients and extending grace and lapse periods. We’ll update this page regularly, so please bookmark it to stay up to date. View More Medicare Supplement COVID-19 UPDATE #goldencareagent #transamerica
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New Partnership policy states and updated marketing materials
EssentialLTC now available as Partnership policy in four additional states We are pleased to announce effective April 17, 2020, National Guardian Life Insurance Company’s (NGL) EssentialLTC is now available as a Partnership policy in Maryland, New Mexico, Pennsylvania and Virginia. Click here for more information and a list of new or additional application forms required for these states. The forms for each state will be available on the Agent Resource Center on Friday, April 17. Updated marketing materials Newly updated marketing materials are now available and ready for you to download from the Agent Resource Center. We will continue to
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LTC Underwriting Issue Age FAQ
We have received questions regarding our temporary underwriting guideline changes effective April 16, 2020. In response, we have developed a Frequently Asked Questions document. Mutual of Omaha remains committed to the long-term care insurance marketplace. Please continue to reach out to your Sales Directors if you have any questions. Thank you for your flexibility and understanding. LTC Underwriting Issue Age FAQ #goldencareagent #mutualofomaha > Related: Important LTC Underwriting Update
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From our Advanced Markets Team: LTCi – Self-Insurance or Self-Delusion?
LTC: Self-Insurance or Self-Delusion? Hear from our Advanced Markets Team! Some clients say they would prefer to self-insure instead of purchasing a long-term care policy. And while that may sound like the cheaper option, there are a lot of moving parts here that clients often don’t consider. You can learn more about the pitfalls of self-insurance from Stephen Alloy on our Advanced Markets team here. From our Advanced Markets Team: LTCi – Self-Insurance or Self-Delusion? #goldencareagent #mutualofomaha #longtermcare
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