Mutual of Omaha is increasing its new business premiums up to 40% in September. Cash benefit being decreased. Couples discount being decreased. No surprise. It is about time.
Mutual of Omaha New Business Rate Increase Announced
- Thread starter ltcadviser
- Start date
- 2,055
Act now to save up to 49% on Mutual of Omaha LTCi
Mutual of Omaha: LTC New Business Rate Refresh and Benefit Changes
To position their solutions for long term viability, Mutual of Omaha will be implementing pricing changes on September 1 to new business sold in the following states:
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
These changes will include reductions in the couples discounts and in the built-in Cash Alternative Benefit. We've been told to expect premiums being up to 49% higher in some instances. Those expected to experience the most impact are:
Paper Applications
Mutual of Omaha: LTC New Business Rate Refresh and Benefit Changes
To position their solutions for long term viability, Mutual of Omaha will be implementing pricing changes on September 1 to new business sold in the following states:
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
These changes will include reductions in the couples discounts and in the built-in Cash Alternative Benefit. We've been told to expect premiums being up to 49% higher in some instances. Those expected to experience the most impact are:
- Couples
- SharedCare
- 3% Compound Inflation
Paper Applications
- Applications signed prior to September 1, 2020 and received in the home office on or before September 11, 2020, will receive the current rates and product benefits. To meet this deadline paper apps MUST be received by NewmanLTC by 3 PM Central on September 10.
- Old applications received after September 11, 2020, will not be accepted regardless of application sign date. Applications will be closed, and a new application will be required to apply for coverage. No exceptions will be made.
- Applications with a signed date of September 1, 2020, and later will get the new rates and benefits and will require our new application.
- If you have a pending e-Application started prior to September 1, 2020, your application must be signed prior to September 1, 2020 to receive the old rates and benefits. You can access your pending application, complete and submit like normal.
- Pending e-Application must be received in the Home Office no later than September 11, 2020, or it will not be accepted.
They just relaxed their age 65 requirements as well so there's a one week window.
- 2,055
PRICING UPDATE: Mutual of Omaha
We’re reaching out to share an important product announcement – Mutual of Omaha has been monitoring industry trends, internal claims data and the economic environment over the past several years.
As a result, they are increasing their new business rates and implementing benefit option changes to the MutualCare® Solutions Portfolio effective November 1, 2020.
Important Dates
Application Signed Date: Saturday, October 31, 2020
We’re reaching out to share an important product announcement – Mutual of Omaha has been monitoring industry trends, internal claims data and the economic environment over the past several years.
As a result, they are increasing their new business rates and implementing benefit option changes to the MutualCare® Solutions Portfolio effective November 1, 2020.
- Rate adjustments: Premium adjustments may vary by age, sex and benefit selection. The new rates will not be available until November 1st.
- Benefit changes: Cash Benefit - 25% of home health care benefit up to a maximum of $2,000 per month
- Partner Premium Allowances: Both Issued: 15%, One Issued: 5%
Important Dates
Application Signed Date: Saturday, October 31, 2020
- "In Good Order" applications must be signed by October 31, 2020 to receive the old pricing. Applications signed after this date will receive new pricing.
- Applications signed by October 31, 2020 must be received by Mutual of Omaha no later than November 13, 2020 in order to receive the old pricing
- Applications must be received "in good order" to LTCI Partners office [email protected] NO LATER than Thursday, November 12th, in order to process and submit to Mutual of Omaha on time
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