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Mutual of Omaha Increasing LTC Rates to their MutualCare Solutions on 9/1 in Most States
Effective September 1st, Mutual of Omaha is increasing their new business rates and implementing benefit option changes to the MutualCare® Solutions Long Term Care product portfolio.
- Rate Adjustments: Premium adjustments may vary by age, sex and benefit selection. The new rates will not be available until September 1st.
- Benefit Changes: Cash Benefit - 25% of home health care benefit up to a maximum of $2,000 per month.
- "In Good Order" applications must be signed by August 31, 2020 to receive the old pricing. Applications signed after this date will receive new pricing.
- Rate change affects only these states at this time: 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.
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Important LTC Age Limitations
Back in April, Mutual of Omaha implemented the following temporary underwriting changes:
- They will not be accepting LTC applications for individuals age 65 and older.
- All LTC cases not already approved or issued will be postponed and processed as an incomplete application.
- They will continue to prequalify applicants 64 and younger. The prequalification will be good for 60 days. If the health of the client changes or the prequalification is past 60 days, you will need to prequalify the applicant again.
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We at GBS Insurance thank you again for your business. For more information or insurance quote requests, please contact your brokerage manager or give us a call at (800) 473-5966
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For agent use only - not for use with the general public.
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Corporate CA License No. 0D87913
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21820 Burbank Blvd., Suite 301
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GBS Insurance and Financial Services, Inc. do not provide investment, tax, or legal advice. The information presented here is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.
These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
© 2020 Arthur J. Gallagher & Co.
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