For the original Mutual of Omaha bulletin, click here.
When MutualCare® Solutions (LTC09M) was released March 2015 in California, it included new features that were not previously available to California customers. The California State requirements indicate when new long-term care features or benefits are made available, current long-term care policyholders must be given the opportunity to upgrade their coverage within one year of the release of the new features or benefits.
Beginning March 2016, all current California LCA/NCA and LTCI and LTCII policyholders will receive a letter (LTC04Ior LCA/NCA) from the home office informing them that they are eligible to upgrade to the new product. This requirement does not mandate that a policyholder actually change their policy, it only states that they be given the opportunity to do so.
Customers that choose to exchange to the new policy:
- Must complete a new application
- Be required to go through full underwriting
- May see an increase in premium due to the new product benefits and features, and premiums will be based on their current age
- The minimum increase in premium would be no less than 10% and could be more depending on the option(s) selected
- Policyholders may be entitled to an annual premium credit if they exchange their current policy – please refer to the ‘Upgrade Rules of Exchange’ page for additional information on this credit
Policyholders have 60 days after receiving the letter to take advantage of the offer and are advised to contact their current agent for more information.
To help you with any inquiries, there is a list of Questions and Answers specific to the upgrade offer as well as the Rules of Exchange.
For questions on the LCA/NCA policy forms, please contact 1-800-775-6000. For questions regarding theLTC04I policy forms, please contact 1-877-894-2478.