Mutual of Omaha: Long-Term Care New Business Rate Refresh and Benefit Changes

08-20-2020

As a leading long-term care insurance carrier, Mutual of Omaha has a responsibility to their policyholders and distribution partners to ensure their pricing strategy and product offerings are effective. Mutual of Omaha has been monitoring industry trends, internal claims data and the economic environment over the past several years. As a result, they are refreshing their rates and implementing benefit option changes to the MutualCare® Solutions Portfolio effective September 1, 2020.*

The details are outlined below:

Impacted States

Alabama, Alaska, Arkansas, Colorado, Georgia, Idaho, Illinois, Iowa, Kentucky, Louisiana, Maine, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, and Wyoming

Rate Adjustments

Premium adjustments may vary by age, sex and benefit selection. You may view the new rates by referring to the quoting software beginning September 1, 2020.

Benefit Changes

  • Cash Benefit:
    • MutualCare® Custom: 25% of home health care benefit up to maximum of $2,000 per month
    • MutualCare® Secure: 25% of home health care benefit up to maximum of $2,000 per month
  • Partner Premium Allowances:
    • Both Issued: 15%
    • One Issued: 5%

Transition Rules

New paper and e-Applications for MutualCare Solutions will be required beginning September 1, 2020. Please discontinue use of all old applications. The following transition rules will apply:

  • Paper Applications
    • Applications with a signed date of September 1, 2020, and later will get the new rates and benefits and will require the new application.
    • Applications signed prior to September 1, 2020 and received in the home office on or before September 11, 2020, will receive the current rates and product benefits.
    • Old applications received after September 11, 2020, will not be accepted regardless of application sign date. Applications will be closed, and a new application will be required to apply for coverage. No exceptions will be made.
  • e-Applications 
    • If you have a pending e-Application started prior to September 1, 2020, your application must be signed prior to September 1, 2020 to receive the old rates and benefits. You can access your pending application, complete and submit like normal.
    • Pending e-Application must be received in the Home Office no later than September 11, 2020, or it will not be accepted.

Quoting Software

Winflex, MutualCare® Solutions, and mobile quote software will be available for download effective September 1, 2020.

Marketing Materials and Forms

Marketing materials are in the process of being updated. 

  • Old Applications
    • Paper applications are available for download only on Sales Professional Access until August 31, 2020.
    • e-Applications will be available until August 31, 2020.
  • New Applications
    • Paper applications will be available to order through your normal ordering channels on August 19, 2020.
    • e-Applications will be available on September 1, 2020 on Sales Professional Access.

Click here for Mutual of Omaha's Competitive Brochure

Mutual of Omaha remains committed the LTCi marketplace and is making the responsible business decisions necessary to keep theirpromises to policyholders and to remain competitive.