September 8, 2020 | Long-Term Care Newsletter
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Rate Refresh in 32 States Effective September 1, 2020
Effective September 1, 2020, Mutual of Omaha refreshed rates and implemented benefit changes for the MutualCare Solutions portfolio in 32 states, including Alabama, Alaska, Arkansas, Colorado, Georgia, Idaho, Illinois, Iowa, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wyoming.
New paper and e-Applications are required as of September 1, 2020. Old applications must be signed BEFORE September 1, 2020, and received by ARM by 3 PM EST on September 11, 2020 to be considered for the current rates.
Updated quoting software is available for download. An updated Product Guide, Underwriting Guide, and product brochures for these states are now available.
CLICK HERE to view the updated Custom Solutions Brochure
CLICK HERE to view the updated Secure Solutions Brochure
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Rate Refresh Partner Discount Guidelines
Mutual of Omaha is allowing a 6-month grace period for policyholders to receive the "Partner - Both Issued" allowance when partners are issued policies with two different rates (one issued pre-refresh, one issued post-refresh).
The rule will only apply if the second partner's policy is issued within 6 months of the rate refresh effective date (i.e. issued before March 1, 2021). After the 6-month grace period, each partner will be issued the corresponding "Partner - One Issued" allowance. Click the link below for more information.
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Restrictions Lifted for those Ages 65+ in All States
Effective August 24, 2020, Mutual of Omaha resumed taking applications on those ages 65+ in all states. Click the link below to see an updated FAQ on the restriction lifting process, which includes a revised list of the states affected.
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Restrictions Premium Rate Adjustments
Effective November 1, 2020, Mutual of Omaha is implementing rate adjustments on in-force business in North Carolina and Illinois, and effective December 1, 2020, it is implementing rate adjustments in Rhode Island. Click the links below for more info.
CLICK HERE for more information about rate actions in North Carolina and Illinois
CLICK HERE for more information about rate actions in Rhode Island
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Carrier Covid-19 Reminders
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CLICK HERE to see Transamerica's updated announcement regarding Grace Periods and policy mail outs
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CLICK HERE to see National Guardian Life's announcement stating that they're accepting apps on those 66+
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CLICK HERE to see Genworth's announcement about the extension of Grace Periods
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CLICK HERE to see John Hancock's announcement about the extension of Grace Periods
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Employer Group Rate Class Replaces Discount in Washington, DC
Effective September 25, 2020, National Guardian Life is replacing the Employer Group premium discount with the Employer Group rate class in the District of Columbia. Click the links below to view the full announcement, and to view the updated state variation listing.
CLICK HERE to view the updated state variation listing
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Updated Marketing Materials
National Guardian Life has updated several marketing pieces, and published a new rate comparison flier with Mutual of Omaha's new rates. Click the links below to download.
CLICK HERE to view the Mutual of Omaha Rate Comparison flier
CLICK HERE to view the updated Worksite Process and Resources flier
CLICK HERE to view the updated LTCi for Almost Any Business flier
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Premium Rate Action
Effective August 31, 2020, Genworth implemented rate action on in-force business in Delaware, and effective September 8, 2020, rate action was implemented in Hawaii. Click the links below for more info.
CLICK HERE for more info about rate action in Delaware
CLICK HERE for more info about rate action in Hawaii
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Advanced Resources Marketing
Pioneering Long-Term Care Insurance Strategies
313 Washington Street, Suite 225 Newton, MA 02458
| info@armltc.com | www.armltc.com
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