Mutual of Omaha is excited to announce our MutualCare® Solutions portfolio has been approved by the Interstate Compact, and it’s 36 member states. You are receiving early notification of this announcement, please be sure to look for our general announcement in our weekly Express publication on Wednesday, August 28th. We will be announcing two webinars on September 10th at 9:00 and 3:00 central time.
Features with MutualCare® Solutions:
- Compensation has been revised to be more competitive in the marketplace (Please call Newman Long Term Care for assistance in determining whether it’s better for your client to apply now or wait for the new product)
- 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 in the states from the grid below:
- MutualCare® Solutions replaces Mutual Care® Plus (LTC09M) and United LTCi Solutions (LTC09U), in the states that have been approved.
- September 15, 2013- Applications for Mutual Care® Plus and United LTCi Solutions, must be dated on or before this date.
- September 19, 2013– Applications must be received by Newman Long Term Care by end of day 9/19/13 so we can scrub the applications and have them in to the Home Office by the deadline.
- September 23, 2013– The last date applications will be accepted in the Home Office for Mutual Care® Plus and United LTCi Solutions. 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 application to the new MutualCare® Solutions application, a new application will be required along with a written statement advising the intent to withdraw the current application MutualCare® Solutions Partnership products are pending approval.
The August 28th Express publication will also include updated information:
- Compensation Schedules
- Underwriting
- MutualCare® Solutions Marketing Materials
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 referenced above will apply. These guidelines will be effective September 16th.
Please watch for these details to be coming soon.
LTCI Interstate Compact States:
Alabama, Alaska, Colorado, Georgia, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.