Effective June 1, 2021, Mutual of Omaha implemented pricing and benefit changes in four additional states (DC, FL, ND & SD). In Florida, however, one additional change was made to enhance the product offering. When the MutualCare® Solutions LTCi products were launched in 2013, the Florida State Department of Insurance approved a state-specific version which did not allow the optional Waiver of Elimination Period for Home Health Care rider to be offered. Exciting News! Mutual of Omaha is pleased to announce that, as of June 1, 2021, Florida MutualCare® Solutions LTCi policies can now be sold including this optional rider!
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Rate Adjustments Effective August 1, 2021 (CO)
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 August 1, 2021: Block of Business Impacted States LTC06 Colorado For a complete rate history, see the state approval grid on Sales Professional Access. Policyholder Notification Process Policyholders will receive
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Rate Adjustments Effective September 1, 2021 (RI)
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 September 1, 2021: Block of Business Impacted States LTC06 Rhode Island For a complete rate history, see the state approval grid on Sales Professional Access. Policyholder Notification Process Policyholders will
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LTC New Business Rate Refresh and Benefit Changes in Additional States
As a leading long-term care insurance carrier, Mutual of Omaha has a responsibility to our policyholders and distribution partners to ensure our pricing strategy and product offerings are in line with industry trends, internal claims data and the economic environment. Last year, Mutual of Omaha began implementing new rates and benefit option changes to the MutualCare Solutions Portfolio in approved states. Effective June 1, 2021, we will be implementing these changes in four additional states. Impacted States Delaware, Florida, North Dakota and South Dakota Rate Adjustments Premium adjustments may vary by age, sex and benefit selection. You may view the
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Rate Refresh Partner Allowance Guidelines
Mutual of Omaha is allowing a 6-month period for policyholders to receive the “Partner – Both Issued” allowance when partners are issued policies with two different rates (one issued pre rate refresh, one issued post rate refresh). The rule will only apply if the second partner’s policy is issued within 6 months of the rate refresh effective date. Below are scenarios based on a state with a rate refresh implementation date of September 1, 2020 and a six-month deadline of March 1, 2021. Partner A is issued a policy with old rates. The 15% “Partner – One Issued” allowance applies
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Upcoming holiday hours and our Summer Schedule
Please note Thrivent Long-Term Care’s upcoming schedule changes: Friday, 5/28: Office closes at 1 pm CDT Monday, 5/31: Closed for Memorial Day Beginning Friday, May 28, we will be switching to our summer office hours. To keep our Team performing at their peak, we will be closing our office at 1 pm CDT on Fridays. If you need quotes, pre-screening, answers to product questions or other assistance for weekend meetings, please contact us before 10 AM Central on Fridays. Through Labor Day, our office hours will be: 8 am – 5 pm CDT Monday-Thursday 8 am – 1 pm CDT
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Thrivent LTC: Washington State LTC Update
Washington State LTC Update As a leading long-term care insurance carrier, Thrivent has a responsibility to our contract holders and distribution partners to ensure that product offerings are being used in a manner consistent with their original intent around protecting clients against the risk of long-term care. The Washington State Cares Fund announcement is prompting us to implement changes to ensure that sales of Thrivent LTC are the result of financial advice based on the client’s unique needs, rather than as an available (and temporary) option to avoid a payroll tax. Thrivent will implement the following changes to our long-term
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NGL EssentialLTC Washington State Trust Act Update
Washington State Cares Fund Update The state of Washington recently passed the Washington Cares Fund with the intention of creating a limited benefit for long term care services. W2 employees will be directly impacted through a new payroll tax that takes effect on January 1, 2022. The state has allowed for an opt-out provision for employees who can attest to having an LTCi policy in force prior to November 1, 2021. As a result, National Guardian Life Insurance Company (NGL) is beginning to see an influx of Washington LTC new business applications containing minimum benefit limits to avoid the payroll
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Long-Term Care Virtual Assessment Update
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. In February, we announced a temporary transition to virtual assessments for applicants age 65 and over with favorable medical records. However, due to the increasing number of Americans being vaccinated, we will be moving back to face-to-face assessments. Effective June 1, 2021, virtual assessments will only be conducted when a nurse is not available or due to geographic location. *Reminder: Underwriting will
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COVID-19, Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).
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The 2021 LTC cost-of-care study is here
The $100,000 Question How will your clients pay for long-term care services? Most people don’t have an extra $100,000 available to pay for long-term care services. But according to our current cost-of-care study, that’s approximately what a year of nursing home care would cost. We’ve recently updated our cost-of-care resources to help you demonstrate how an LTCi policy from Mutual of Omaha could be the answer to your clients’ question … “How will I pay for long-term care services?” Cost-of-Care Calculator — See the current cost of LTC services by state and view what those costs might be 5, 10
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