October 27, 2020 | Long-Term Care Newsletter
Rate Refresh in 5 Additional States Effective November 1, 2020
 
Effective November 1, 2020, Mutual of Omaha is refreshing rates for the MutualCare Solutions portfolio in 5 additional states, including Kansas, Maryland, Massachusetts, Pennsylvania, and Wisconsin.
 
New paper and e-Applications will be required beginning November 1, 2020. Applications must be signed BEFORE November 1, 2020, and received by ARM by 3 PM EST on Friday, November 13, 2020 to be considered for the current rates.
 
In these states, the Cash Benefit is being changed to 25% of the home health care benefit up to a maximum of $2,000/month, and spousal discounts are being reduced to 15% for cases in which both spouses are issued and 5% for cases in which one spouse is issued.
 
Updated quoting software and marketing materials will be available for order and download on November 1, 2020. Click the link below for more information.

CLICK HERE to view the official announcement
Marketing Updates
 
In this National Guardian Life has come out with two new valuable marketing resources. The first of which is a comparison flier outlining the differences between EssentialLTC and product offerings from carriers such as Transamerica and Mutual of Omaha. The second flier is a next steps guide for clients who are about to go through the underwriting process. Click the links below for more information.

CLICK HERE to download the Carrier Comparison flier
CLICK HERE to download the Consumer Underwriting Next Steps flier
Try National Guardian Life's E-App
 
In this current environment, electronic applications have become more important than ever. Click the link below to see how easy it is to use National Guardian Life's E-App platform.

CLICK HERE to watch National Guardian Life's E-App demo
Partnership Exchange Mailing in New Mexico, Pennsylvania, and Virginia
 
Following the Partnership policy approval in New Mexico, Pennsylvania, and Virginia in April 2020, National Guardian Life began mailing out exchanged policies to eligible policyholders on October 16, 2020. Click the link below for more info. 

CLICK HERE for more information
Carrier Covid-19 Reminders
Premium Rate Action
 
Effective October 12, 2020, Genworth implemented rate action on in-force business in Arkansas and Pennsylvania. Effective October 19, 2020, rate action was implemented on in-force business in Connecticut. Effective October 26, 2020, rate action was implemented on in-force business in Alaska, Illinois, and Michigan. Click the links below for more info.

CLICK HERE for more info about rate action in Arkansas
CLICK HERE for more info about rate action in Pennsylvania
CLICK HERE for more info about rate action in Connecticut
CLICK HERE for more info about rate action in Alaska
CLICK HERE for more info about rate action in Illinois
CLICK HERE for more info about rate action in Michigan
New Policy for Reduction Benefit Increase Option
 
Effective October 26, 2020, Genworth instituted new procedures for Privileged Choice Flex policyholders who wish to reduce their Benefit Increase Option to an available level. Click the link below for more info.

CLICK HERE for more information
Premium Rate Action
 
In late November, John Hancock will begin policyholder notifications on the next round of John Hancock and Fortis policy in-force rate actions, which will have an effective date beginning with anniversaries on or after March 1, 2021. John Hancock policies issued in Kentucky, North Dakota, South Dakota, Hawaii, Luisiana, Minnesota, Iowa, New Jersey, and Maryland are affected. Fortis policies issued in Louisiana and Connecticut are affected. Click the link below for more information. 
 
CLICK HERE for more information



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