Washington state LTCi updates: Processing solution as 11/1 deadline nears Thank you for your patience as we work diligently to process the significant influx of long-term care (LTC) application volume we’ve received as a result of the Washington Cares Fund. The surge in applications has put significant strain on carriers, underwriters and the vendors who support this business across the industry. We received triple the normal number of LTC applications throughout May, June and July. And while we have made meaningful progress, there are still a significant number of applications to process. Current projections indicate that we will return to
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Update: WA long-term care application process
Update: WA long-term care application process The rapid influx of applications in the state of Washington (WA) has put significant strain on carriers, underwriters, and the vendors who support this business across the industry. When we made the decision to temporarily suspend sales of our Asset Care and Annuity Care products in Washington state on Aug. 14, we indicated we were unable to guarantee applications would be fully processed with a policy in force prior to Nov. 1, 2021. The following is the current status on pending applications for the remainder of October: On WA applications requiring medical records it
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NGL EssentialLTC – Washington State underwriting update
Washington State Underwriting Update We have now completed the underwriting for over two-thirds of the Washington State business that has been submitted. The remaining applications require obtaining necessary sets of medical records to reach an underwriting decision. There are a small number of cases that have not yet completed telephone interviews or an age required LTC Exam. We do expect all of those to be done within the next two weeks. To facilitate the release of medical records, our vendor has been offering electronic transmission options as a time saver to the larger medical care providers. We have established an
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NGL EssenitalLTC – Washington State Sales Announcement
Washington State Sales Announcement As stated in previous communications, the Washington Cares Fund has generated an influx of business that has reached levels beyond NGL’s processing capacity. In order to continue to accept business for other states, restrictions were put into place only allowing certain 10-Year and Single Payment applications to be submitted. Even with these restrictions, NGL has continued to see an increased volume of Washington State applications. Due to this, NGL has made the difficult decision to stop all sales of EssentialLTC in Washington State effective immediately. There is an exception for pre-approved multi-life executive carves outs with
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Important State of Washington Long-Term Care Rider Announcement
From the Desk of Tess Grace & Marty Johnson We have been closely monitoring the sales volumes and regulatory environment with the Washington Cares Fund. Earlier this month, we announced the preferred deadline to submit applications with the Long-Term Care Rider for our Income Advantage and Life Protection Advantage IUL policies in the state of Washington. After further review, we have made the decision to suspend sales of the Long-Term Care Rider effective immediately in the state of Washington. We will continue to accept applications for the Income Advantage and Life Protection Advantage IUL policies that do not include the
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Income Advantage, Income Advantage IUL, indexed universal life, insurance, IUL, Life Insurance, Life Protection Advantage, Life Protection Advantage IUL, mutual of omaha, omaha, Term Life Answers, TLA, United of Omaha, WA Cares Act, WA Cares Fund, WA LTSS Trust Act, WA State, WA Trust Act, Washington, Washington state, and Washingtonians.
Income Advantage, Income Advantage IUL, indexed universal life, insurance, IUL, Life Insurance, Life Protection Advantage, Life Protection Advantage IUL, mutual of omaha, omaha, Term Life Answers, TLA, United of Omaha, WA Cares Act, WA Cares Fund, WA LTSS Trust Act, WA State, WA Trust Act, Washington, Washington state, and Washingtonians.
Suspension of Asset Care Sales in Washington State, effective Aug. 14
Suspension of Asset Care Sales in Washington State, effective Aug. 14 We have been monitoring the sales and regulatory environment created by the WA Cares Fund. It’s important for OneAmerica® to regularly assess risk to protect our ability to deliver on promises made today and long into the future. Accordingly, we have decided to temporarily suspend sales of our Asset Care product in Washington state effective Aug. 14, 2021. New Business Submission Rules Beginning Aug. 14, 2021, Asset Care applications in Washington will no longer be accepted. All eApp or paper applications must be received in the Home Office
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NGL EssentialLTC – Important Washington State Announcement
Important Washington State Announcement The Washington Cares Fund has created widespread interest in private-pay LTC as a planning option. Since NGL is committed to the LTC marketplace, we took actions so we could continue to accept Washington State business. The influx of Washington State business we have received has continued to grow and has reached a point that is beyond our processing capacity. In the last three days, from Washington alone, we have received the equivalent of three months’ worth of submissions from the entire U.S. UPDATES Effective today, August 9, 2021, at 6 p.m. EST (3 p.m. PST), we
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Temporary Asset Care product changes for WA, effective July 31
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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