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Mutual of Omaha Dental Plan Updates
Good news regarding Mutual's Dental Portfolio – with three years under their belt, they have a few exciting items to communicate.
Rate Reduction on Mutual Protection Plan
Mutual is looking at their first rate change since they launched their Mutual Dental Preferred and Mutual Dental Protection products. These actions will improve their competitive position and ultimately provide a unique value to their Med supp policyholders. As follows:
- 10% decrease on our Protection Plan (DNT5)
- Rate hold on our Preferred Plan (DNT2)
For any DNT5 policies written prior to 10/1 – the rate decreases will adjust (going forward) at the next premium renewal date, post 10/1 or future dates. These specific dates are indicated on the Dental Rate Reduction and Multi-Policy communications that have gone out in Broker Express.
But there is more!
Multi-policy Discount
They are also pursuing a multi-policy discount when either of their dental policies is written with a Med supp policy. The discount is as follows:
- 15% discount on the dental premium when the dental application is signed between:
- The Med supp application signed date, and
- 30 days after the Med supp issue date
Keep in mind, existing policyholders will receive the discount moving forward if they would have qualified at the original time of issue.
Mutual is filing the rate adjustments and multi-policy discount in all states where they have the dental product with a targeted implementation and effective date of October 1st 2020, implementation is dependent on state approval. Most states have approved their rate adjustments and multi-policy discounts. They are waiting on state response from a handful of states, still. However, we will continue communicating states’ reductions and discounts, as they approve and become effective.
Not appointed to sell Mutual of Omaha Dental Plans? Request Details.
👉 Why Sell Mutual of Omaha Dental Plans?
Mutual of Omaha offers two dental plans* Mutual Dental Preferred and Mutual Dental Protection insurance policies with an optional vision care rider** underwritten by Mutual of Omaha Insurance Company. The dental product is available in all states except: New York, Virginia and Washington.
While this product is positioned for individuals who are Medicare eligible the issue age is 19 – 99 for these policies. For more information and to see rates view the Dental Insurance Product and Rate Guide.
Medicare supplement and Dental Insurance – Better Together
You have a built-in target market. If you are selling Medicare supplement, there are a number of reasons you should be offering your Medicare clients a dental policy.
First, good dental care is important to overall health. But do you know Medicare doesn’t cover dental services? That means dental bills have the potential to take a bite out of people’s savings.
Second, there is a need among individuals age 65 and older for dental insurance.
- 87% of this group still have their natural teeth
- Due to cost, 1 in 5 of them has untreated tooth decay and fewer than half see a dentist even once a year
- Only 12% have dental insurance
Third, it is an easy sale. If you are taking a Med supp e-App the dental plans are quoted up front and with a few simple questions at the end of the app you can complete a dental sale. Also, all Med supp paper apps have the dental application included in the application book. And with our mobile quote app you can provide your clients a quote on the spot.
Not appointed to sell Mutual of Omaha Dental Plans? Request details here.
