United of Omaha will be implementing a premium rate increase on the LTC06UI block of business. On January 1, 2016, we will begin implementation of the second premium rate increase on in-force business inKentucky. For a complete list of accepted states and additional information on the LTCi rate adjustment, visit the designated LTCi rate adjustment page on Sales Professional Access (SPA).
LTC06UI Increase Effective Dates
|
State |
Effective Date |
Increase Amount |
| Kentucky | January 1, 2016 |
18.6% |
| Michigan | November 1, 2015 |
18.6% |
| Missouri | December 1, 2015 |
18.6% |
| Nebraska | November 1, 2015 |
18.6% |
| New Hampshire | January 1, 2016 |
18.6% |
| South Dakota | January 1, 2016 |
18.6% |
| Washington | January 1, 2016 |
18.6% |
| Wisconsin | December 1, 2015 |
18.6% |
| Wyoming | November 1, 2015 |
18.6% |
Rate Increase Amounts
The premium rate increase was filed nationally, but the actual amount for each individual state will be based on the state approval. The filing was based on the following factors:
- Benefit Period
- Age
- Inflation Option
Keep in mind, policyholders who elect to pay the increased premium will likely be paying less than current products marketed today with similar benefits.
Policyholder Notification Process
Policyholders will receive a letter notifying them at least 60 days prior to the premium rate increase. The effective date of the premium rate increase will be listed in this notification. Notification to all affected policyholders will occur on a state level when approval is received. Therefore, notifications will be mailed byNovember 1, 2015, to ensure policyholders in the approved states receive notification of their January 1, 2016 premium rate increase. Along with the premium rate increase notification letters, most policyholders will receive an adjustment offer if there are options available. The offer will provide the policyholder a benefit reduction alternative to help reduce the impact of the premium increase.
Agent Notification
Your Impacted Policyholder Report is available on the LTCi rate adjustment page. Refer to the Tools section and select Impacted Policyholder Reports.
Software
Assured Quote software will be updated on November 1, 2015 allowing you to quote additional premium options for the LTC06UI.
If you have additional questions please contact Sales Support at (800) 693-6083 or e-mail sales.support@mutualofomaha.com.
For the original Mutual of Omaha Express announcement on this, click here.