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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Cash and Reimbursement… The Best of Both Worlds
MutualCare® Solutions policies give your clients two options on receiving long-term care benefits – cash or reimbursement. Cash Benefit The cash benefit can be used for any services that supports the plan of care. Plus, there is no elimination period to meet before receiving the cash. Reimbursement Benefit After the elimination period is met, the reimbursement benefit allows your client to access covered long-term care services, reimbursed up to the selected amount each month. Best of all, your clients have the flexibility to switch between the cash or reimbursement benefit at any time. For more details on the MutualCare® Solutions
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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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Updated LTC Cost of Care Numbers
With the rising costs for long-term care services, how can your clients afford not to have long-term care insurance? Mutual of Omaha’s Cost of Care brochure provides an easy-to-read chart of how much long-term care services cost by state. The brochure is a great way to help your clients understand the financial protection long-term care insurance provides. View Cost of Care Study → With these statistics, the evidence is clear: long-term care insurance is essential to protect the financial future of your clients and their families. Not to mention, it keeps them happy, in their home, and
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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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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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Order Now! New MutualCare® Solutions Applications Available
Paper Applications ORDER TODAY! New paper applications are available for order. These applications reflect the no cash with application and conditional coverage changes effective 2/23/2020. The version being replaced must be signed and received in the Home Office no later than 2/29/2020. If received in the Home Office after 2/29/2020, the application will not be accepted. E-Applications Reminder: If you have a pending e-application that was started prior to 2/23/2020, you can access your pending app, complete and submit like normal. The pending e-Application must be signed and received in the Home Office no later than 2/29/2020 or it will not
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