On July 18, 2014, Florida will launch the new MutualCare® Solutions LTC product. Click here for the full details (summarized below).
Mutual of Omaha is excited to announce a new long-term care insurance portfolio, MutualCare® Solutions (LTC13). This portfolio will be able to support you and your LTCi sales and addresses the needs of the changing LTCi marketplace. Look for MutualCare® Solutions to have new pricing strategies and various packaging; which will continue to support this valuable product lines longevity and remain a strong member in the long-term care industry.
The two products, MutualCare® Secure Solution and MutualCare® Custom Solution, are valuable options for clients who worry about relying on their families for care, staying home as long as possible, or protecting their retirement nest egg.
Features with MutualCare® Solutions:
- Compensation has been revised to be more competitive in the marketplace
- Sex-distinct rates
- Issue ages now 30-79
- Revised Benefit Levels and Periods
- Improved benefit definitions including a new definition of couples that now includes partner
Transition Rules
Please review the rules and dates regarding the transition to MutualCare® Solutions for Florida:
- MutualCare® Solutions replaces Mutual Care® Plus (LTC09M) and United LTCi Solutions (LTC09U), in the states that have been approved
- July 17, 2014- Applications for Mutual Care® Plus and United LTCi Solutions (LTC09U), must be signed on or before this date
- July 25, 2014– The last date applications will be accepted in the Home Office for Mutual Care® Plus and United LTCi Solutions (LTC09U). No exceptions will be made
- Any pending applications will be processed as applied for
- To change a pending Mutual Care® Plus or United LTCi Solutions (LTC09U), application to the new MutualCare® Solutions application, a new application will be required along with a written statement advising to withdraw the current application
Compensation
For details about specific commission rules and rates, please refer to the updated commission schedules which can be found on SPA. For additional questions the Distribution Compensation Support Center can be contacted at 800-475-4465.
Underwriting
Featured in the new MutualCare® Solutions Product and Underwriting Guide (M28379_0114) you will find updates such as:
- All applications will require an APS
- Decreased waiting periods on certain conditions
- More conditions eligible for the Preferred rate class and 15% discount
You will be able to reference the new MutualCare® Solutions Product and Underwriting Guide for any other rules, criteria, underwriting guidelines, and uninsurable health conditions you may need to know.
MutualCare® Solutions Marketing Materials
Approved MutualCare® Solutions marketing materials including applications will be available on SPA or through your regular ordering channels. Winflex and MutualCare® Solutions software will also be available to download from SPA.
Please remember to keep your Winflex or MutualCare® Solutions software up-to-date by downloading the latest version from SPA.
Details regarding Mutual Care® Plus and United LTCi Solutions
For the additional states that are still pending the approval of MutualCare® Solutions, the new revised underwriting guidelines outlined above will apply. These guidelines were effective September 16, 2013.
If you have any questions, please contact Sales Support at (800) 693-6083 or e-mail sales.support@mutualofomaha.com.