The DRA Partnership is Available in Washington!
You now have one more tool in your selling arsenal! You can now sell DRA Partnership-Qualified policies in the State of Washington. Because the Partnership Program offers dollar-for-dollar asset protection, your clients’ assets can be protected from the Medicaid spend-down rules for every dollar of benefits paid from the policy. You can begin selling Washington DRA Partnership-qualified policies on June 30, 2012.
If you have clients in Washington who currently have TransCare® II policies that qualify for the DRA Partnership program, including inflation protection, they may request an exchange of their current policy for a Partnership policy. A new policy will be issued with a new effective date; however, age will be saved.
To qualify as a Partnership policy, policies must include at least a minimum Benefit Increase Option (BIO) for the following age categories:
- For ages under 61: a minimum of a 3% Compound BIO must be included
- For ages 61 – 75: a minimum of a 3% Simple BIO must be included
- For ages 76 and over: all policies qualify regardless of BIO option
Please note that all applicants must still be offered the 5% Compound BIO. Also remember that the 5% Step Rated Compound BIO meets the inflation minimum at all issue ages and begins with a much lower initial premium. Policyholders may age into the next age band and then change their BIO to meet that age band’s BIO requirement.
NOTE: The Policyholder has to retain the correct amount of inflation until the next age band; then the Insured can downgrade coverage to the allowable amount of coverage under that age band. The Insured cannot downgrade coverage if on claim.
To learn more about DRA Partnership Programs, you can view the DRA Partnership Agent Training presentation. More Agent Training presentations are available at the Agent Resource Center. After logging in, select “Training Material” under the Agent Resources tab.
Help your clients become even better protected with a DRA Partnership Policy.
Marketing Materials To Help You Sell: The Quick Consumer Brochure
Looking for a marketing piece that focuses on explaining the many features and benefits of TransCare® II to your client? The Quick Consumer Brochure (QPBR) does exactly that.
The QPBR quickly and easily gives the consumer an abbreviated description of standard features and optional benefit choices. It provides your client with the most important TransCare® II policy details in a compact format. Walk your clients quickly through the TransCare ® II program with this easy-to-use booklet. Its small compact size makes it easy to carry with you or mail to clients. The expanded version, the TransCare® II Consumer Brochure, provides a more detailed explanation of the need for Long Term Care insurance and may be ideal for one-on-one sales presentations.
The QPBR is currently available in all TransCare® II states, except for: MT.
Not available for TransCare® or TransCare® Enhanced states.
Long Term Care insurance sales are easy when you have the right tools and Transamerica Long Term Care is committed to providing them for you. Order the QPBR today at the Agent Resource Center.