In efforts to support the Washington State Cares Fund initiative, Mutual of Omaha implemented underwriting and commission changes for applications received from the state of Washington, including: A 100% chargeback for policies issued May 19, 2021 – November 1, 2021 and lapsing within the first policy year. Declining applications for clients not seen by a physician in the last 24 months. However, due to continually increasing application volumes from the state, Mutual of Omaha must make additional modifications. Effective immediately, we are instituting the following adjustments to the MutualCare® Solutions product offerings for the state of Washington: Increasing minimum issue
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Washington State Underwriting and Compensation Updates
The state of Washington recently passed the WA LTC Trust Act, now renamed as the WA Cares Fund. This legislation is intended to provide a limited amount of long-term care coverage for qualified Washington residents by levying an uncapped payroll tax of .58% on all wages beginning January 1, 2022. The state is allowing residents to opt-out of this long-term care payroll tax; however, the employee must attest that he or she has a long-term care insurance policy in force on or before November 1, 2021. Due to the approaching deadline, we are experiencing a significant increase in application volumes.
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Encourage Clients to Purchase LTCi Now, Not Later
Your clients have busy lives. Between family and work obligations, they have a lot going on. So even if they understand the value of long-term care insurance, purchasing a policy often isn’t a top priority. But they may not be aware there’s cost associated with waiting. It’s easy to put things off until tomorrow. But some of life’s decisions are too important to ignore. Waiting to purchase a long-term care insurance policy is one of them. Waiting may mean paying higher premiums down the road. Procrastinating also could lead to the inability to qualify for coverage. That makes this concept
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Reminder: Updated Other Than Applied Processes
As a reminder, effective March 1, 2021, the other than applied processes listed below have been updated. Declined Spouse: When both spouses apply and one is declined, underwriting will issue the approved spouse with a reduction in partner allowance percentage and remove Shared Care, if applicable. No hold will occur. Rate Class or Benefit Selection with Shared Care: When one or both spouses are approved other than applied due to rate class or benefit selection, a communication is sent to the application designated contact notifying them of the required changes. We will hold issue for 7 days. Underwriting Evidence: When
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Updated Other Than Applied Process
Effective March 1, 2021, the other than applied processes listed below have been updated. Declined Spouse: When both spouses apply and one is declined, underwriting will issue the approved spouse with a reduction in partner allowance percentage and remove Shared Care, if applicable. No hold will occur. Rate Class or Benefit Selection with Shared Care: When one or both spouses are approved other than applied due to rate class or benefit selection, a communication is sent to the application designated contact notifying them of the required changes. We will hold issue for 7 days. Underwriting Evidence: When an application is
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LTCi Application Tips
Painting a picture is the best way to ensure your cases are issued quicker When underwriting your LTCi cases, Mutual of Omaha looks at the total picture, including your client’s health, cognitive status and lifestyle. So, the better job you do painting a picture of your client’s situation, the faster the underwriting process will go. Mutual of Omaha knows your LTCi clients are more than a list of diagnoses. Even people with chronic health conditions can be viewed favorably as long as they’re physically and socially active and working with a physician to manage their health. But underwriting has to
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LTC Sales Idea: Return of Premium
If you have clients who don’t want to end up paying premiums for something they may never use, there’s a feature of the policy that can help ease their concerns. Mutual of Omaha Offers Three Return of Premium Options: Add an optional Return of Premium rider to a long-term care policy. Here’s how it works: If the insured dies while the policy is in force, premiums paid minus any policy benefits received by the insured are refunded to the insured’s beneficiary. ROP Benefit ROP Three Times the Maximum Monthly Benefit Less Claims Paid ROP if Death Occurs Before Age 65
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Get Maximum Benefits for Professional Home Health Care
If staying at home is your client’s top priority, here’s a way to ensure the policy provides maximum benefits for home health care. The Professional Home Health Care rider, available only on a MutualCare® Custom Solution policy, makes additional funds available for long-term care services provided by a nurse or skilled health-care professional. These extra funds allow your client the ability to get the level of care needed, even if it exceeds the policy’s maximum monthly benefit. Here’s How it Works: If the cost for professional home health care services exceeds the policy’s home health care maximum monthly benefit in
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LTCi Application Tips
Painting a picture is the best way to ensure your cases are issued quicker When underwriting your LTCi cases, Mutual of Omaha looks at the total picture, including your client’s health, cognitive status and lifestyle. So, the better job you do painting a picture of your client’s situation, the faster the underwriting process will go. Mutual of Omaha knows your LTCi clients are more than a list of diagnoses. Even people with chronic health conditions can be viewed favorably as long as they’re physically and socially active and working with a physician to manage their health. But underwriting has to
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Return of Premium… Like a Money-Back Guarantee
Did you know? Return of premium can turn a skeptical prospect into a confident customer. Will your clients need long-term care services? No one knows for sure. So if they hesitate to purchase a policy because they don’t want to end up paying for something they may never use, here’s how to ease their concerns. Explain how adding optional return of premium rider is like a money-back guarantee. Premiums they’ve paid minus any policy benefits they’ve received will be refunded to a beneficiary upon their death. With three return of premium options available from Mutual of Omaha, you’re sure to
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