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Long Term Care In The News......
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Volume 30
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Welcome to the thirtieth 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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LTC EDUCATIONAL CAMPAIGN UNDERWAY IN A
FEW KEY STATES
NJ, AK,
VA, ID, NV
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There has never been a better time to sell
long-term care as the government is conducting an educational campaign
designed to increase consumer awareness about the need to plan for future
long-term care. This is a five state pilot program which could become a
national program. The initial states are New Jersey,
Arkansas, Nevada,
Virginia and Idaho. This could be a goldmine for
those of you selling long-term care insurance in these states. This campaign should help all of us get
off to a great start in 2005. You
can find out more about this campaign by reading the LTC Awareness Campaign Summary on the official
web site http://www.ltcaware.info/.
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MULTI-LIFE
DISCOUNT PROGRAM FOR VIP &
VIP2 REQUIREMENTS REDUCED!
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MetLife
has reduced the minimum participation requirements for the Employer-Paid or
Voluntary Simplified Underwriting Program to 10 approved lives.
Employer-paid lives within 90 days of group approval will receive a 10%
multi-life LTCI discount. The employer paid lives can consist of 5
employees and 5 employer-paid spouses.
For Voluntary Simplified Cases, 10 approved lives within 90 days of
group approval will receive the 5% Multi-life LTCI discount.
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2005 PARTNERSHIP MINIMUM’S INCREASED
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On January 1, 2005 the Partnership minimum levels
for California, Connecticut,
and New York
increased. All Partnership applications signed after December 31, 2004 must
be issued with the new minimums. For
California the new minimum is $130 NH
Daily Benefit, for Connecticut,
$151 for NH and $75.50 for HHC or $4,681 monthly benefit. New
York has increased to $180 for NH,
and $90 for HHC.
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MASS MUTUAL TO LAUNCH NEW
PRODUCT
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Mass Mutual’s new
series 400 will launch in several states on February 7th with more following on March
21, 2005. Producers will have 60 days to sell the old Series-300 once the
new product rolls out in a particular state. The states rolling out on
February 7th are the following: Alabama, Alaska, Arkansas,
Arizona, Colorado, Connecticut, District of Columbia, Delaware, Florida,
Georgia, Hawaii, Iowa, Idaho, Illinois, Kansas, Kentucky, Louisiana, Maine,
Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Montana,
Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota,
Ohio, Oklahoma, Oregon, Puerto Rico, South Carolina, South Dakota, Texas,
Utah, Vermont, Virginia, West Virginia, Wisconsin, and Wyoming.
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MET LIFE
VIP2 LAUNCH
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MetLife is launching their new VIP2 Policy in several states on January 28th.
The new VIP2 series will
continue with the Value, Value w/Indemnity Rider, Ideal, Premier and
Facilities Only policies. The rates on average will increase by
approximately 25%. Spousal discounts
will increase from 20% to 30%. Marital increases from 10% to 15%.
Residential increases from 10% to 15%, the Preferred discount will decrease
from 15% to 10%, and the maximum combined discount will now be 40% as well,
discounts will now be additive. The Survivorship rider will be removed from
the Ideal and Premier base policies, but will be made available on all
plans as a rider. The Value and Ideal policies will now include two
important riders, a Calendar Day elimination period or a Home Care Waiver
of Elimination period. The Premier policy will move to 100% International
from its existing 50%. States that will launch January 28th are
the following: AL, DC, MS, NB, ND, OH, SC, WY, IA, MI.
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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
800 - 908 -
2120
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