GoldenCare has received many questions related to the Washington Cares Fund, and want to help position you for success.
We’ve gathered key details here, ranging from the informative consumer website, LTCi carrier news and updates, to news articles and related stories.
WA Cares Fund consumer website
Special GoldenCare Training Event With LTC Expert Steve Moses
YOU ASKED. WE LISTENED! The impacts of the COVID-19 pandemic and the Washington LTSS Trust Act are among the top concerns noted by our agents.
Join us for an LTCi Industry Impacts presentation with one of the most influential and respected people in long-term care: Steve Moses! With so much changing so quickly, you do NOT want to miss this event!
Important Announcement Regarding Long-Term Care Insurance in the State of Washington
June 16, 2021
Effective immediately, Mutual of Omaha is suspending long-term care sales in the state of Washington.
Here is what you need to know:
- Applications submitted on or before the end of the day June 16, 2021, will be processed as normal.
- All pending in-house business will be processed as normal.
- Any applications received June 17, 2021, and after will not be accepted. No exceptions will be made
We anticipate resuming sales in Washington once again in November 2021.
As a leading long-term care insurance provider, Mutual of Omaha has a responsibility to our policyholders and distribution partners to ensure our product offerings are used as designed, offering security and peace of mind to our valued customers.
Effective immediately, we are instituting the following adjustments to the MutualCare® Solutions product offerings for the state of Washington:
- Increasing minimum issue age to 40
- Increasing minimum monthly benefit to $3,000
- Increasing minimum inflation option to 3%, lifetime duration
To process applications not meeting the minimum requirements listed, paper and e-applications must be received at Mutual of Omaha on or before June 11, 2021. No exceptions will be made.
- Beginning with applications signed May 19, 2021, there will be a commission chargeback of 100% if a policy is issued through November 1, 2021, and lapses within the first policy year.
Paramed Ordering Changes
- Parameds will no longer be used in lieu of doctor’s visits. Applications received for clients who have not been seen by a physician in the last 24 months will be declined.
NGL EssentialLTC Washington State Trust Act Update
May 24, 2021
Effective immediately, NGL is instituting 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.
- Washington is a pre-appointment state that requires agents to have an approved and effective state appointment prior to signing or dating an application.
- We will be processing applications in the order received with no exceptions.
- It is quite possible as volume increases, processing times will be impacted.
- We recommend submitting applications ASAP.
SUSPENDED IMMEDIATELY: Thrivent long-term care sales in WA through independent agents/third party advisors
June 17, 2021
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.
- This cessation of long-term care sales is limited to the state of Washington and to independent agents/ 3rd party advisors.
- Applications submitted on or before this cutoff date/time, will be processed as normal.
- All pending in-house business will be processed as normal.
- Any applications received after this cutoff date/time will not be accepted. No exceptions will be made.
- eApp will error out if/when an advisor attempts to submit a long-term care application for a WA state resident.
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.
We anticipate resuming long-term care sales through independent agents/third party advisors later this year and will keep you posted on this.
Thrivent will implement the following changes to our long-term care insurance product for sale in the state of Washington effective at 10 AM Pacific/ 12 PM Central on Friday, May 28th:
- We will increase our minimum issue age to 40.
- We will increase our minimum monthly benefit amount to $3,000.
- Paper or electronic applications for proposed insureds under age 40 or monthly benefit less than $3,000 (eApp or Paper) must be received at Thrivent by 10 AM Pacific/ 12 PM Central on Friday, May 28th.
- There will be no exceptions made to these deadlines.
6/21/2021: “Insurers Try to Avoid Collision With State LTCI Program,” by Allison Bell, ThinkAdvisor
LTC Comment: Source for those Moses quotes is “LTC Bullet: The WA Cares Fund Gets a Bad Wrap,” published Friday, June 18, 2021.
LTC Comment: Click through to the article and you’ll also find a link to our “LTC Bullet: The WA Cares Fund Gets a Bad Wrap,” published the same day, which Ms. Hovde requested to post on their website. It is good to have allies like Elizabeth Hovde and the Washington Policy Center in our fight to stop bad LTC public policy.
6/14/2021: “Meetings, rules and deadlines push long-term care law along,” by Elizabeth Hovde, Washington Policy Center
LTC Comment: The politicians and bureaucrats pushing the WA Cares Fund won’t take “no” for an answer from voters. They know the Fund can’t survive without putting its rapidly increasing reserves into risky investments susceptible to market declines. With the stock markets at all-time highs, that is a terrible idea. Trying to sneak it by voters with another, less visible ballot initiative, as they’ve discussed doing, is unconscionable.
6/8/2021: “Details about the state’s mandated long-term care law and payroll tax are slowly emerging,” by Elizabeth Hovde, Washington Policy Center
LTC Comment: The Keystone Kops of LTC Insurance continue complicating the coverage.
LTC Comment: Click through for the answers and all the red tape.
For more information about the WA Cares Fund, view the consumer website at: http://www.wacaresfund.wa.gov/private-insurance/