Temporary Asset Care product changes for Washington state, effective July 31 The WA Cares Fund in Washington state has opened the door to important conversations about the potential impact of a long-term care (LTC) event, resulting in increased demand for our asset-based strategies. OneAmerica® is committed to ensuring those seeking alternative or additional coverage to the Washington plan have options. Therefore, to help meet the LTC protection needs for policyholders, as well as the needs of our distribution partners, we are implementing the following temporary changes effective Saturday, July 31: Return of premium: Return of premium (ROP) option will be
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NGL EssentialLTC – WA Annual Premium Clarification
Washington Annual Premium Minimum As a reminder, there is a new annual premium minimum of $2,000 in effect for Washington state. To clarify what this means for different payment options, please see below for a breakdown of this minimum based on payment mode: $2,000 – Annual Premium $1,040 – Semi-Annual Premium $540 – Quarterly Premium $175 – Monthly Premium Please note, the minimum annual premium for a joint application is only $2,000 total, not $2,000 per applicant. These minimums are only applicable to Washington applications and are only in place through November 1, 2021. New Business NGL is processing the
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NGL EssentialLTC – New Washington state premium minimum
New Washington state premium minimum Due to the recent Washington Cares Fund, National Guardian Life Insurance Company (NGL) is experiencing a very high volume of low premium LTCi new business applications from Washington, many of which are less than one-third NGL’s average LTCi premium per policy. NGL is taking steps to increase the likelihood applicants are purchasing LTCi protection for the long term. NGL is instituting a new premium minimum in Washington state only: Effective Wednesday, July 7, 2021, all WA applications must have a minimum annual premium of $2,000. The other previously announced benefit minimums will no longer in
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NGL EssentialLTC Washington State Cares Fund Reminder
Washington State Cares Fund Reminder As a reminder NGL has instituted new policy minimum benefits, underwriting requirements and administrative changes in Washington State only. To provide coverage similar to the benefits available through the Washington Cares Fund: The minimum Daily Benefit Amount available is $100. Applications with $50 – $90 Daily Benefit Amounts will not be accepted. The applicant must choose an inflation option. Applications with no inflation will not be accepted. Facility only applications will not be accepted. Underwriting: If an applicant in Washington has not been seen by a physician in the last 24 months, they will be
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Thrivent LTC: Temporary app processing delays
Expect temporary LTC application processing delays Work is underway to process unprecedented influx of LTC applications One of Thrivent’s commitments is to provide a consistently high-quality service experience. We’re honoring this commitment by communicating with you transparently about a current service disruption. Since late May, Long Term Care Group (LTCG) has received an unprecedented volume of long-term care (LTC) applications. This volume is causing delays in the processing of LTC applications and the ability to respond promptly to inquiries. What’s causing the influx The Washington State Legislature established a long-term care insurance benefit for all eligible workers funded by a
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Industry News, Long-Term Care, and Thrivent.
insurance, Long-Term Care, long-term care insurance, LTC, LTCi, producer guide, rider compatibility, rider compatibility chart, Thrivent, Thrivent Financial, Thrivent Financial for Lutherans, WA Cares Act, WA Cares Fund, WA LTSS Trust Act, WA State, and WA Trust Act.
insurance, Long-Term Care, long-term care insurance, LTC, LTCi, producer guide, rider compatibility, rider compatibility chart, Thrivent, Thrivent Financial, Thrivent Financial for Lutherans, WA Cares Act, WA Cares Fund, WA LTSS Trust Act, WA State, and WA Trust Act.
SUSPENDED IMMEDIATELY: Thrivent Long-Term Care Changes In WA
SUSPENDED IMMEDIATELY: Thrivent long-term care sales in WA through independent agents/third party advisors As a leading long-term care insurance carrier, Thrivent has a responsibility to our contract holders and distribution partners to ensure that product offerings are being used in a manner consistent with their original intent to protect clients against the risk of long-term care expenses. Effective 3 PM PDT / 5 PM CDT today (6/17/21), Thrivent will suspend long-term care sales in the state of Washington through independent agents/third party advisors. The details: This cessation of long-term care sales is limited to the state of Washington and to
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Industry News, Long-Term Care, and Thrivent.
insurance, Long-Term Care, long-term care insurance, LTC, LTCi, producer guide, rider compatibility, rider compatibility chart, Thrivent, Thrivent Financial, Thrivent Financial for Lutherans, WA Cares Act, WA Cares Fund, WA LTSS Trust Act, WA State, and WA Trust Act.
insurance, Long-Term Care, long-term care insurance, LTC, LTCi, producer guide, rider compatibility, rider compatibility chart, Thrivent, Thrivent Financial, Thrivent Financial for Lutherans, WA Cares Act, WA Cares Fund, WA LTSS Trust Act, WA State, and WA Trust Act.
NGL EssentialLTC Washington State Trust Act Update
Washington State Cares Fund Update The state of Washington recently passed the Washington Cares Fund with the intention of creating a limited benefit for long term care services. W2 employees will be directly impacted through a new payroll tax that takes effect on January 1, 2022. The state has allowed for an opt-out provision for employees who can attest to having an LTCi policy in force prior to November 1, 2021. As a result, National Guardian Life Insurance Company (NGL) is beginning to see an influx of Washington LTC new business applications containing minimum benefit limits to avoid the payroll
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NGL – Washington State Long Term Care Trust Act
Washington State Long Term Care Trust Act NGL would like to address the Washington State Long Term Care Trust Act and timing for application processing. The most recent date determined by the Washington legislature to meet the “opt out” provision by obtaining a private LTCi policy is November 1, 2021. There is a high probability that all LTCi carriers will see a large increase in applications from now until the fall. In order to process new business and offer an underwriting decision in a timely manner, we are suggesting any applications for applicants trying to meet the November 1 deadline
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