We are pleased to announce that Mutual of Omaha is now accepting emailed photos of completed LTC post issue requirements (PIRs). The photos must be sent to the LTC.New.Business@mutualofomaha.com email address to be processed. Examples of requirements that can be emailed include: Policy Delivery Acknowledgement A Policy Delivery Acknowledgement (PDA) is currently required for five states: WV, LA, SD, NE and IL. If a signed PDA has not been received within 25 days, an electronic version of the form may be sent to the client through DocuSign for electronic signature. The Acknowledgement (paper or electronic) must be signed and returned
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What are LTC Post Issue Requirements?
Below is an illustration of the typical LTC application process: STEP 1 Application Submission STEP 2 Risk Assessment STEP 3 Final Action STEP 4 Policy Delivery STEP 5 PIR Submissions You may think that your work is complete by Step 4: Policy Delivery; however, in some situations post issue requirements (PIRs) are needed. Awareness of potential PIRs will help you maintain customer satisfaction as well as monitor your cases until final policy delivery. So… What is a Post Issue Requirement? PIRs may include one or more of the following items: Outstanding Premium Total premium is due 60 days from
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LTC Compensation Timing Update
To better align with our other product lines, beginning June 5, 2020, compensation for LTC policies will be paid at the time all Post Issue Requirements (PIRs) are received and the case is considered placed. As a reminder, below are the PIRs that must be received to place the policy in force: Outstanding Premium Monthly EFT drafts will occur on the first renewal date selected by the customer. For all modes other than monthly, a billing statement will be sent with the policy. Total premium is due 60 days from issue. Policy Delivery Acknowledgement A Policy Delivery Acknowledgement (PDA) is
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LTC Post-Issue Requirements: Outstanding Premium
Over the past few weeks you’ve learned the basics about long-term care post issue requirements (PIRs), including an overview of the types, as well as different amendment scenarios. Today we will discuss outstanding premium. If there is any outstanding premium due, below are things to note to meet the post-issue requirements as quickly as possible. Post-Issue Benefit Changes If a benefit change is made post-issue, the original premium is still due by day 60 from issue. The new Premium Statement sent in the new policy kit will list the date the premium is due as “Upon Receipt.” Completed Checks When
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LTC Post-Issue Requirements: Amendment Scenarios
Last week you read the overview of the three types of post issue requirements for LTC policies: amendments, outstanding premiums and Policy Delivery Acknowledgments. Amendments must be returned to Mutual of Omaha within 60 days of your client’s policy being issued. Changes made within the first sixty days from issue will also require a returned amendment. The Benefit Change form found in the issue kit may be used to request a benefit change but is not required, nor is it a replacement for an amendment. Amendments are required for a variety of situations, including: Missing Application Requirements When an application
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What are LTC Post Issue Requirements?
Below is an illustration of the typical LTC application process: STEP 1 Application Submission STEP 2 Risk Assessment STEP 3 Final Action STEP 4 Policy Delivery STEP 5 PIR Submissions You may think that your work is complete by Step 4: Policy Delivery; however, in some situations post issue requirements (PIRs) are needed. Awareness of potential PIRs will help you maintain customer satisfaction as well as monitor your cases until final policy delivery. So… What is a Post Issue Requirement? PIRs may include one or more of the following items: Outstanding Premium Total premium is due 60 days from
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