For an LTC policy to be eligible for Partnership, it must: Be tax-qualifed (MutualCare® Solutions policies meet this requirement) Be purchased in a state where Partnership is approved Have inflation protection based on specific age brackets at time of purchase The Partnership Guide has been updated to reflect the New Mexico requirements for training as well as appropriate qualifications. Learn about state Partnership programs and how to structure an LTCi policy that’s Partnership qualified: Overview & Training Guide If you have questions, please call Mutual of Omaha’s Sales Support at (800) 693-6083, or email sales.support@mutualofomaha.com. Updated Partnership Overview
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Oklahoma Now a Pre-Appointment State
Effective November 1, 2019, the state of Oklahoma updated their state regulations to move Oklahoma to a pre-appointment state. This means that if you are writing business in the state of Oklahoma you will be required to have an effective appointment prior to taking an application. All producers currently in the Mutual of Omaha system with a Just-In-Time Oklahoma appointment will be placed in an effective status as of 11/1/2019. All future triggered appointments will be placed in an effective status to meet this regulation change. If you have questions, please contact Mutual of Omaha’s Producer Services Team at
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LTC Partnership Approved in New Mexico
Great news! Partnership has been approved in NM on November 12, 2019. The Partnership Program is designed to allow those who have a qualifying policy to protect their assets from Medicaid spend-down requirements on a dollar-for-dollar basis, equal to the amount of any long-term care insurance benefits received. For a policy to be eligible for Partnership, it must: Be tax-qualified (MutualCare Solutions policies meet this requirement) Be purchased in a state where Partnership is approved Have inflation protection based on specific age brackets at time of purchase LTC13 applications signed in New Mexico on or after November 12, 2019 will
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2020 Tax Deductible Limits For Long-Term Care Insurance Announced
The just announced increased 2020 tax deductible limits can be a significant benefit for those with tax-qualified long-term care insurance policies according to the American Association for Long-Term Care Insurance. “Tax deductibility for your long-term care insurance is a great subsidy especially after retirement, but only a small segment of newly purchased long-term care insurance policies offer the tax deductible opportunity,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance (AALTCI). The Internal Revenue Service just announced the increased limits for tax deductibility of long-term care insurance premiums. According to IRS Revenue Procedure 2019-44, a couple age
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Illinois Partnership Active Exchange
In October, customers with eligible policies meeting Illinois partnership requirements received notification letters informing them their LTC policy is partnership qualified. Customers with LTC13 policies not qualifying for the passive partnership exchange may choose to participate in an active exchange. An active exchange requires policyholder(s) to apply for a coverage change, modifying coverage to meet state inflation protection requirements. Both a new application and the “National Partnership Exchange Cover Letter” are required to be completed and submitted with the application to be treated as a coverage exchange. There will be full underwriting on the increased coverage. Letters notifying customers of
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2019 Long-Term Care Insurance Claims Data Shared
It’s roughly 13 years from the a consumer purchases a long-term care insurance policy to the beginning of a claim according to information being shared by the American Association for Long-Term Care Insurance (AALTCI). “The information comes from one of the very few relevant studies of long-term care insurance so the insights are of enormous value,” explains Jesse Slome, director of the group. Slome, who is the author of numerous consumer guides that focus on long-term care and retirement planning, was conducting a conference call with leading long-term care insurance specialists. According to the Association director, the data comes from
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Illinois Partnership Passive Exchange
In December 2018, Mutual of Omaha announced the Illinois Partnership approval. The next phase of the process begins October 2019. Impacted customers, those with relevant policy forms and meeting state inflation protection requirements, will receive notification letters beginning mid-October. This letter will inform customers their LTC policy is now partnership-approved. Click here to view the Partnership Program page on Sales Professional Access (SPA) for more information on LTC Partnership. Illinois Partnership Passive Exchange #goldencareagent #mutualofomaha
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EssentialLTC – Partnership Exchange Mailings in 3 States (KY, OH & OR)
With the recent Partnership policy approval in select states, we are happy to announce that the exchange of eligible National Guardian Life (NGL) EssentialLTC policies is scheduled to occur in the following three states: Kentucky Ohio Oregon Exchanges of eligible EssentialLTC policies in these states are scheduled to begin July 19, 2019. Eligibility for Automatic Exchange to a Partnership Policy To be considered as eligible for an automatic exchange to a Partnership policy, the inforce EssentialLTC Long Term Care insurance policy would need to meet all of the following LTC Partnership eligibility requirements: active policy issued and inforce that
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EssentialLTC Partnership Policy Available In Illinois
Change effective May 31, 2019 National Guardian Life Insurance Company (NGL) is pleased to announce that effective May 31, 2019, the EssentialLTC policy will now be available as a partnership policy in the state of Illinois. Applications submitted in Illinois that are dated May 31, 2019 and after require the following additional application forms: Form Name Form # Action Acknowledgement Regarding Partnership Policy Qualification NLTCPRT-ACK Submitted with application The new application forms will be available via the Agent Resource Center on May 31, 2019. Determination of Partnership Eligibility EssentialLTC policies issued in Illinois will automatically be issued as
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