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Long Term
Care In The News......
July 6, 2005
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Volume 39
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Welcome to the thirty- ninth 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 to our brokers, agents and their staffs. Please note, this
email has two important attachments related to these announcements.
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IMPORTANT
REMINDER
LAST DAY TO RECEIVE MASS MUTUAL LONG TERM CARE
APPLICATIONS FOR SIGNATURE CARE-300 IN NEW YORK
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Mass Mutual Signature Care-300 will be
discontinued in the state of New York and the last day for
the home office to receive applications for this lower priced contract will
be July 22nd. Mass Mutual’s pricing on this Signature Care-300 series has
been very attractively priced with a 50% discount on the second person’s
life, as well, this policy has remained very cost competitive against
numerous other carriers. If you have clients sidelined, this is the time to
get them to move. Applications must be signed and received to us by July 21st
at the latest. We already have the new pricing for the Signature Care
400 series in a majority of the states and the pricing is significantly
higher. Pricing example: Two 55 year
old insured’s with $200 per day, lifetime benefit period, 5% compound
inflation, 90 day elimination period. Cost currently in NY for the 300
series is $4,607 the new price after July 21st will be $5,856.
We encourage you to remind all your clients of this opportunity.
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MED AMERICA UNDERWRITING CHANGES & NEW AGGREGATE MAXIMUM DISCOUNT
EFFECTIVE AUGUST, 5 2005
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Med
America announced changes
today to their preferred health discount and care partner discounts. All
applications signed on August, 5, 2005 and after, will
receive an aggregate maximum discount capped at 40% for all states except
NY, which will be 20% and CT which will be capped at 30%. This change
effectively limits the care partner discount if the client qualifies for
the 15% preferred discount. Currently, the discounts are stacked together
without any caps. However, after August 5th, all applications will
be capped at their particular states maximum discount level. For example,
if you have two healthy clients applying together in NJ, that would qualify
for the 15% preferred health discount, their care partner discount will
only be 25%, giving them a total of 40%. All applications received between
now and August 4th will be given the stacked discounts! Please
note that the Affiliation discount as well as the employer program discount
will not be effected and will continue to stack on
top of the stated state discount.
On
August 1st, 2005 Med America will be
changing the face-to-face requirements. The face-to-face mandatory
threshold will be raised from $7200 to $9300 per monthly benefit. However,
they will continue to conduct a face-to-face interview for all lifetime
benefit periods regardless of the monthly benefit amount.
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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.
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Debra A. Walker, LTCP, CLTC Karin L.
Wertheim, LTCP, CLTC
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