Long-Term Care Insurance Product Updates Effective 06/03/2024
Effective June 3, 2024, the Maximum Monthly Benefit will increase from $10,000 to $15,000 on our MutualCare Solutions long-term care products! This will allow clients to access additional benefits if needed and provide a greater sense of security if a long-term care event occurs.
Monthly benefit amounts range from $1,500 to $15,000 per month with this new increase*. The total Maximum Monthly Benefit, including long-term care coverage from other companies, will also increase to $15,000.
With this change we will be removing the 60-month benefit multiplier on our Secure product. The $500,000 policy limit cap on our Custom product is still in effect.
New paper and e-applications reflecting the higher Maximum Monthly Benefit and removal of the 60-month benefit period will be available on June 3, 2024. Please discontinue use of all old applications.
The following transition rules will apply:
- All old versions of the application must be received at Mutual of Omaha no later than June 21, 2024 for processing.
- Old applications received after June 21, 2024, will not be accepted. Applications will be returned, and a new application will be required. No exceptions will be made.
Please also note, the Maximum Monthly Benefit for Class I and Class II health risks will remain at $5,000.
Marketing Materials will also be updated by June 3, 2024. Additional information can be found in the LTC Product Guide, or you can reach out to a member of your Financial Markets LTC Sales Team.