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Long Term Care In The News......
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Volume 27
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Welcome to the twenty seventh edition of
Long-Term Care in the News. We, at
Custom Care Solution, LLC, want you to be on the cutting edge of changes
and updates within the Long-Term Care industry. We will accomplish this through these
email bulletins distributed each week to our brokers, agents and their
staffs.
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LAST CALL FOR GE’S LTC CHOICE IN NY, PA, MA, IN & MD
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GE’s LTC Choice will be off the
market in two weeks!! All applications must be received at GE’s home office
by 12/3. Please contact all of your clients who might have been on the
fence. GE’s reimbursement contract includes a monthly pay, a zero day wait
for home care, and survivorship. This policy is still one of the lowest
cost reimbursement contracts available for couples. Call us today for
illustrations!!
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MED AMERICA’S SIMPLICITY UNDERWRITING
CHANGES
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MedAmerica’s Simplicity continues
to be one of the hottest cash LTC products available on
the market, however as of December, 1, 2004 they will be enforcing
new monthly benefit and underwriting restrictions, they are as follows:
- New Maximum Monthly Benefit- $12,000 limit is
based on the total of benefits from all LTCi
policies owned regardless of insurer.
- New Duration Limits- Unlimited
Lifetime benefits will not be available with monthly benefits over
$9,000.
- New Benefit Limit- Unlimited
Lifetime Maximum will not be available to applicants under age 50.
- New Underwriting- APS & Face to
Face interviews will be required for all applicants requesting maximum
monthly benefit of $7,200 per month or higher and/or Unlimited
Lifetime Maximum.
These
new limitations will take effect on all applications dated after November
30 and received in MedAmerica’s Home Office after
December 10. Again, we urge you to
contact any of your clients that you have presented the Simplicity program
to – be sure your clients have the opportunity to apply for the benefits
that they want.
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MASS MUTUAL SIGNATURE CARE 300 VS. 400 SERIES
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Mass Mutual will be launching their new
Signature Care 400 product at the beginning of 2005, replacing the 300
series in all states except CA & PA. New pricing for the 400 series
joint policy is the following: The younger insured’s premium is calculated
at 30% of the older insured’s premium. Whereas in the 300 Series, the
younger insured’s premium is calculated at 50% of the older insured’s premium.
In addition to their 3, 4, 6 and lifetime benefit periods, they will be
adding a 5 and 10 year benefit period. The 300 series elimination period is
currently a 1 for 1 service day, the new 400 series will be 1-day of care
received from a Sunday to Saturday will count 7 calendar days towards the
elimination period. While Mass Mutual’s base
policy is a daily reimbursement, the 400 will have a monthly reimbursement
rider as well and a rider to waive the home care elimination period. While
they will still have the professional indemnity rider, the Cash option will
no longer exist on the new contract. Mass Mutual-300 Series continues to be
attractively priced against the competition; this could be a very
interesting option for the next few months. Please contact
us today for your illustrations.
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NEW YORK LIFE OPENS TO BROKERAGE
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New York Life has recently opened their product
to the brokerage community. A long-term care player for the past 20 years
to in-house agents only, NY Life has finally opened their doors to the
brokerage community. NY Life’s
product is a daily reimbursement contract but converts to a monthly benefit
if the insured uses their home care coordinator. In addition, NY Life offers a third pool
of money to couples to invade if either exhausts their initial pool. Please
contact us today to learn more about this new product.
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INFORMATION REGARDING TRANSAMERICA
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As previously announced, Transamerica
Occidental Life Insurance Company (TOLIC) will discontinue new LTC insurance sales as of January 1, 2005. Existing business will not be affected by
this change. TOLIC will continue to
administer this business and provide the same level of service currently
provided to their customers.
Applications must be signed and dated no later than December 31, 2004. All applications must be received by
TOLIC by January 14, 2005. Existing policyholders will not be able
to upgrade their coverage or reclassify their premium after December 31, 2004 so if you have any
clients that this affects, you need to contact them now! Transamerica was a huge player in the
Worksite marketplace. We have other
companies that will fill that void.
For any information about LTC at the Workplace,
please contact
us.
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We at CCS are continually
looking for ways to keep our brokers up to date. If you’d like to send
comments or suggestions to make this newsletter better, please feel free to
contact us.
 
Debra A. Walker, LTCP, CLTC Karin
L. Wertheim, LTCP, CLTC
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C U S T O
M C A R E S O L U T I O N ,
L L C
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One Penn
Plaza, Suite 2035
New York, New York 10119
info@customcaresolution.com
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