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Dec 14, 2021 • LTCI Partners

Mutual of Omaha- In Force Rate Adjustment News

 

From the Desk of

Michael Sladek

 

 

Mutual of Omaha actively monitors our inforce long-term care business, filing rate adjustments when necessary to ensure we keep our promises to policyholders and remain competitive in the marketplace.

We will be implementing the following inforce rate adjustments effective March 1, 2022:

Effective Date(s) States Impacted Policy Forms Impacted Benefit Period  2022 Rate Increase 2023 Rate Increase
3/1/2022 Georgia LT50, NH50, HCA, NHA and LTA Non-Lifetime 15% N/A
3/1/2022 Georgia LT50, NH50, HCA, NHA and LTA Lifetime 15% N/A
3/1/2022 Michigan LT50, NH50, HCA, NHA and LTA Non-Lifetime 30% N/A
3/1/2022 3/1/2023 Michigan LT50, NH50, HCA, NHA and LTA Lifetime 30% 27.5%
3/1/2022 Nebraska LT50, NH50, HCA, NHA and LTA Non-Lifetime 25% N/A
3/1/2022 3/1/2023 Nebraska LT50, NH50, HCA, NHA and LTA Lifetime 25% 25%
3/1/2022 3/1/2023 Oklahoma LT50, NH50, HCA, NHA and LTA Non-Lifetime 15% 13.04%
3/1/2022 3/1/2023 Oklahoma LT50, NH50, HCA, NHA and LTA Lifetime 15% 15%

Policyholder Notification Process

Policyholders will receive a letter notifying them at least 60 days prior to the premium rate increase effective date as outlined above.

Along with the premium rate increase notification letters, most policyholders will receive an adjustment offer if there are options available. The offer will provide the policyholder a benefit reduction alternative to help reduce the impact of the premium increase.

Tools Available

Additional resources are available on Sales Professional Access, including:

  • Historical rate adjustment information by policy form on the Rate Adjustment page.
  • A list of impacted policyholders on the Reports page.

Please share this information with your producers. Any additional information and state approvals will be communicated in our weekly Express newsletter. For a complete list of affected policy forms as well as additional key information, please review the FAQ.

Long-term care insurance is a core product for Mutual of Omaha, and we intend to remain a key player in this market for years to come. 

Should you have any further questions, please contact your Sales Director or Account Executive.

 

Employee Photo

Michael Sladek
Vice President, Brokerage Sales
(800) 693-6083
Contact Me

 

For producer use only; not intended for the general public.

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3300 Mutual of Omaha Plaza
Omaha, NE 68175, US

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Written by LTCI Partners