Product enhancements coming June 3
More Robust Benefits Will Soon Be Available
Effective June 3, 2024, the Maximum Monthly Benefit will increase from $10,000 to $15,000 on our MutualCare Solutions long-term care products! This will allow clients access to additional benefits if needed and provide a greater sense of security if a long-term care event occurs.
Monthly benefit amounts range from $1,500 to $15,000 per month with this new increase*. The total Maximum Monthly Benefit, including long-term care coverage from other companies, will also increase to $15,000.
With this change we will be removing the 60-month benefit multiplier on our Secure product. The $500,000 policy limit cap on our Custom product is still in effect.
New paper and e-applications reflecting the higher Maximum Monthly Benefit and removal of the 60-month benefit period will be available on June 3, 2024. Please discontinue use of all old applications.
The following transition rules will apply:
- All old versions of the application must be received at Mutual of Omaha no later than June 21, 2024 for processing.
- Old applications received after June 21, 2024, will not be accepted. Applications will be returned, and a new application will be required. No exceptions will be made.
Please also note, the Maximum Monthly Benefit for Class I and Class II health risks will remain at $10,000 if there is a history of one immediate family member with dementia.
Marketing Materials will also be updated by June 3, 2024. Additional information can be found in the LTC Product Guide. Watch for updates as we get closer to the June 3 launch.
*Minimums may vary by state.