Mutual of Omaha Announces 40% Long Term Care Insurance Rate Increase
Mutual of Omaha 40% Price Increase Announced September 1st
The most affordable traditional long term care insurance policy in the marketplace will be increasing its New Business pricing in 32 states on September 1st up to 40%. If you have been thinking about obtaining a traditional LTC insurance policy the time to act is now.
This pricing change is not unexpected. Mutual of Omaha has the most affordable pricing in the marketplace and has not refreshed its premiums since 2013, even with the declining interest rate environment over the past 7 years.
As the leading traditional long-term care insurance company, Mutual of Omaha has a responsibility to its policyholders and its distribution partners to ensure its 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, Mutual of Omaha is increasing its rates and implementing benefit option changes to the MutualCare® Solutions Portfolio for new business applications effective September 1, 2020.*
The details are outlined below:
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
Premium adjustments will vary by age, sex and benefit selection. The implemented rate increase will be up to 40%.
• 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%
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
o Applications with a signed date of September 1, 2020, and later will get the new rates and benefits and will require our new application.
o 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.
o 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.
Mutual of Omaha's MutualCare® Solutions Portfolio is Designed for Long-Term Stability
Mutual of Omaha has decades of expertise developing products and is pricing its policies effectively for the long run. Mutual of Omaha sold our first long-term care insurance policy in 1987, and since then, Mutual Of Omaha has paid over $1.1 billion in benefits to our policyholders. This means Mutual of Omaha will be there for you at claim-time when it matters the most.
Complete Your Mutual of Omaha LTC Insurance Application Today
Call me at (800) 891-5824 to complete your application before the September 1st deadline. We can complete your application in 20 minutes by phone. If easier, you may schedule a call with me through my online calendar.