Inforce Long-Term Care Insurance Rate Adjustments Effective 03/01/22
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 Internal Wholesaler.