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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