We are pleased to announce that effective immediately we will be handling ALL Life and Annuity products in-house. Any applications that you once processed through Brokers Alliance will now be handled directly through our office. We have a multitude of A rated carriers and numerous options available to you.
Audrey Sunner has been handling much of our Life and all of our Long-term Care products, and will now take on all of the Life side of the business, as well as Annuities. She is a wealth of knowledge and can guide you with the best recommendations for your clients. As your BGA, we feel we will provide you with more value by offering all senior health products. We will continue to use our affiliation with Brokers Alliance in situations where they can supplement our existing products and services.
Should you have any questions regarding your Life Insurance or Annuity business, please contact her directly at 919.794.3084 (800.928.4998 ext. 9) or via email at audrey@tbrins.com.
John Hancock discontinues all Individual Long-term Care Sales.
As of December 3rd, 2016, John Hancock will no longer be accepting individual Long-term Care applications in ALL states. They have made the increasingly difficult decision to exit the Long-term Care market and will accept all final 'in good order' applications on December 2nd, 2016. Any existing customers that have Long-term Care policies with John Hancock will NOT be impacted.
The last day to complete any paramedical exams will be December 16th, 2016 and ALL policies must be issued and paid for by February 10th, 2017. To read John Hancock's statement, click here.
John Hancock completed a comprehensive claims study and has deemed it necessary to increase inforce premiums on certain policies. State filings will begin this month. Read the full article here.
If you have any questions about these impending changes, or are looking to find new carriers that offer Long-term Care products, we have numerous options available for you. Please contact our Life & Long-term Care Sales Manager, Audrey Sunner, who can advise you with the best options for your clients. 919.794.3084 or 800.928.4998 ext. 9.
Happy
Holidays!
Our offices will be closed Monday, December 26th in observance of Christmas and on Monday, January 2nd in observance of New Year's day. We wish you and your families a very healthy and happy holiday season, and we look forward to a very prosperous 2017.
We thank you for your loyalty, your dedication and your hard work. We hope to exceed your expectations as your BGA in 2017 and look forward to working with you.
CMS announces Parts B premiums will rise.
CMS has announced that Part B premiums will rise in 2017. 70% of Medicare beneficiaries will have their premiums increase from ~$105/month to $110/month. However, the remaining 30% will face a 10% increase in their base premiums. The 6% of beneficiaries who pay a high income surcharge will pay an additional 10% increase in that surcharge, on top of their Part B premiums.
Examples:
Tom Smith is a widower with an annual income of $88,000. His premium will be $187.50/month (up from $170.50/month in 2016).
Jane and Bob Thompson have an adjusted gross income (AGI) of $433,000 and will pay $10,286.40 next year in Part B premiums (up from $9,355).
Individual Tax Return with Income
Joint Tax Return with Income
Income-related Surcharge
Total Monthly Premium Amount
< or = $85,000
< or = $170,000
$0
$134.00
> $85,000 and < or = $107,000
> $170,000 and < or = $214,000
$53.50
$187.50
> $107,000 and < or = $214,000
> $214,000 and < or = $320,000
$133.90
$267.90
> $160,000 and < or = $214,000
> $320,000 and < or = $428,000
$214.30
$348.30
> $214,000
> $428,000
$294.60
$428.60
All Social Security recipients will receive a 0.3% cost of living increase for 2017. A meager increase to say the least, but better than getting nothing at all, which was the case in 2016. 70% of recipients fall under a hold harmless provision implemented back in 1987 which is designed to keep their net checks from diminishing. So for those retirees who have their Part B premiums deducted from their Social Security checks, the premium cannot go up in any given year by more than the extra dollars that they're receiving as a cost of living adjustment. The remaining 30%, who are well off and who don't have their premiums withheld from their SS checks, are the unlucky recipients of the rising costs that are deflected from those that fall under the hold harmless provision.
The numbers sound abysmal, but in light of what could have happened, they're not nearly as exorbitant as they could have been. Last year Congress voted to keep the increase to 16% for the 30% who pay the surcharge (rather than the proposed 52%). Next year's increase was proposed to be 22% which Congress has knocked back to 10%.
The costs are staggering, and the issue isn't going to resolve itself anytime soon, as seniors continue to live longer and the cost of care continues to climb.
Companion Life (Mutual of Omaha) announces Income Advantage approval in NY.
Income Advantage IUL is approved in New York effective December 1, 2016. This product is a fantastic option for your clients who want strong growth potential from Companion Life's three indexed crediting strategies, permanent death benefits and flexibility for the future with a no-cost guaranteed refund option and accelerated death benefit and lapse guard riders.
Mutual of Omaha's Long-term Care
Mutual of Omaha's LTCi products have evolved over the past 30 years. Coming in 2017 will be a new quarterly web series to keep producers abreast of products and services. Bi-monthly emails from the carrier will be sent out next year with tips for increased sales. The Marketing Credits program will continue (and all 2016 marketing credits must be
redeemed by March 31st, 2017) to assist you with building your business. And finally a new pre-screddning tool will be coming next year to help improve placement rates.
Aetna's offering a cash incentive for their Med Supp products.
Aetna's offering a cash incentive for each new ACI/AHLIC/CLI individual Medicare Supplement application received between November 22 - December 31, 2016 that results in an issued policy (with initial premium applied) on or before January 15, 2017. A minimum of ten issued policies is needed to qualify. Earn up to $50 per application AND if more thant 50% of your qualifying apps are underwritten, you'll receive an additional $10 per application. Complete details are here.
Are you new to Medicare Supplement?
Are you offering Medicare Supplements to your clients? Now is the time that we're in the thrust of AEP. If you're not currently doing so and want to get the process started, we have everything you need to know to be successful at selling Medicare Supplement products to your clients. Our Medicare Supplement Kit is available online and we will have it available in hard copy soon.
Security Life is merging with Ameritas.
Effective December 31st, 2016 Security Life will be merging with Ameritas Life Insurance Corporation. Highlights for the Ameritas dental network include:
Over 428,000 access points and 111,500 unique providers
Discounted fees, up to 30% below average chargers in your community
Immediate network discounts
Award winning service and one of the nation's largest dental networks will now be at your fingertips.
We have a Part D/Medicare.gov tutorial to assist you.
It's important to assist your clients through the Part D/Medicare.gov process. The website can be daunting, and as such we've created a tutorial to help you walk your clients through the process of choosing a pharmacy, based on costs and the prescriptions they need. Download our ten page guide.
Cigna's Healthy Rewards.
If you have a client inquiring about Cigna's Healthy Rewards, they provide this information only to the policy holder. Silver & Fit charges a flat fee of $ 25/year vs. CHLIC Healthy Rewards which gives deeper discounts. To find out what is available by state and by program, advise your client to go to ChooseHealthy.com and select Find a Provider, select Service Type and Search By to choose options. When your client calls the facility they will tell them they have Healthy Rewards, and will let them know what kind of discount is available.
Mutual of Omaha's Plan G is highly competitive.
Medicare Supplement Plan G from Mutual of Omaha is very competitive and in most states has the lowest rates available. Are you offering it to your clients? The ONLY difference between plans F and G is the Part B deductible which is $166. Talk to our Senior Solutions Consultants today if you need assistance with choosing the correct plan for your clients.
Our Senior Solutions Consultants can help you choose the correct plan for your clients. Whether the right solution is Medicare Supplement, Long-term Care, Life or any of our Ancillary lines, we're here to help you grow your client base and increase your bottom line. Want to learn more? Get contracted today or request a call from us.
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