From today’s MOO Express:
Here are some important rules to consider when helping your clients determine which long-term care insurance policy effective date is right for them. Listed below are the choices that are offered for coverage effective dates.
| Considerations | Policy Effective Date Selected = Date of Application | Policy Effective Date Selected = Date Policy is Issued |
| Premium Required with Application | Yes | No |
| Conditional Coverage/Temporary Insurance during underwriting; provides coverage based on health of insured at time of application | Available (based on conditional receipt or temporary insurance criteria) | Not Available |
| Premium charged | As of Date of Application | As of Date Policy is Issued |
| Premium not received with application | Effective date will be Date Policy is Issued instead of Date of Application | Effective date is Date Policy is Issued |
For Policies with Shared Care: The effective date may be moved forward up to 30 days following issue in order for both policies to share the same effective date. This may be necessary for cases that are reopened and approved for coverage.
For all other Policies: Any requests received to adjust the effective date from application date to issue date will not be granted.
NOTE:Subsequent applications submitted, to obtain a current effective date, will not be accepted if the application is received within 6 months of the original application date. Applications received after the 6 month period will be handled as an Internal Replacement if the original policy is still in force.
For additional questions please contact sales.support@mutualofomaha.com or 1-800-693-6083.