Wellcare Insider: Important Updates and Reminders

Wellcare Insider: Important Updates and Reminders

Wellcare Insider: Important Updates and Reminders
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important Updates and Reminders for Wellcare Agents

Welcome to the latest edition of Wellcare Insider, your source for important updates and reminders to help you provide excellent service and grow your business.

Today’s edition has information on the following topics:

  • Medicaid Redetermination – Resources to assist you in helping members
  • SEP Duration Reminder – Recent change does not apply to Part C or Part D
  • Broker Support Options – Convenient ways for you to find quick solutions

Medicaid Redetermination Resources

Wellcare members at risk of losing their Medicaid coverage through the recently reinstated redetermination process will need your help to obtain new coverage and maintain continuity of care. Redetermination processes are well under way in all states, and up to 15 million individuals are at risk of losing coverage.

Take a moment to review the helpful information on our Redetermination Resource Page.

Be sure to view the Redetermination Broker Training Video, providing a comprehensive overview of redetermination procedures, as well as helpful guidance on how to best assist members in your role as trusted advisors throughout the process.

SEP Extension Clarification

As recently communicated, following a compliance review of the language contained within the recent CMS ruling regarding Special Enrollment Periods (SEP) for disaster/emergency, necessary clarification was made pertaining to the availability of extensions.

What you need to know

The six-month extension granted under the revised CMS ruling only applies to a member’s Initial Election Periods for Medicare Part A & B entitlement. Medicare Parts C & D are not included in this revision.

What you should do now

Visit Special Enrollment Period (SEP) – FEMA / State Declarations to view the complete list of current SEP declarations, as well as those having expired within the last six months. All expiration dates have now been updated to reflect the correct enrollment period. SEPs listed as currently active may present enrollment opportunities up until their listed expiration dates.

Broker Support Options

We’re committed to your success and understand that when you have questions, you need answers quickly. To expedite your service needs, we’ve invested in broker support options that conveniently provide you with expertise and help whenever you may need it.

  • Centene Workbench – Your dedicated online Broker Portal is available whenever you need it, with 24/7 support. Log in to Centene Workbench through your Single Sign On portal and enjoy access to information related to licensing, appointments, applications, enrollments, and sales compensation – as well as the ability to submit a support ticket anytime you may need.
  • Local Broker Support – Your Regional Agency Managers and Directors are ready and able to help you succeed. Reach out to your market agency for expertise within your local area.
  • Dedicated Broker Support Team – Our broker support call center is available with personalized knowledge, guidance, and white-glove processes for all your business needs. Connect with a knowledgeable support team member by calling 1-866-822-1339, Monday – Friday, 8 a.m. – 8 p.m. EST.

We’re continually reviewing and updating our broker support processes with an eye toward providing you the very best resources and help. Trust us to continue working hard to provide everything you need to succeed as we move into the 2024 sales season and beyond.

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

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Nationwide | Increased payout rates for all ages on the Bonus Income+ Rider

Nationwide | Increased payout rates for all ages on the Bonus Income+ Rider

Nationwide | Increased payout rates for all ages on the Bonus Income+ Rider
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Guaranteed Lifetime retirement income just got even better

Now available: Increased payout rates on the Bonus Income+ Rider.

Combining the Nationwide Peak® 10 fixed indexed annuity with the Bonus Income+ Rider (for an additional cost) means you can now provide clients even more guaranteed income for retirement they can’t outlive, as well as:

  • An opportunity to outpace inflation
  • Protection against market risk

Take a look at this hypothetical example

Maria, who is 65 years old, purchases a $250,000 Nationwide Peak 10 fixed indexed annuity contract with the Bonus Income+ Rider. Let’s see how much more annual income she could receive based on our increased payout rates, depending on when lifetime income withdrawals begin.

At 70 years old with an income benefit base of $420,000

New single-life payout:

6.2%

Previous: 5.4%

New lifetime withdrawal amount:

$26,040

Previous: $22,680

Payout amount increased by

14.81% or $3,360

At 75 years old with an income benefit base of $540,000

New single-life payout:

6.75%

Previous: 5.95%
New lifetime withdrawal amount:

$36,450

Previous: $32,130
Payout amount increased by

13.45% or $4,320

The lifetime income scenarios depicted are a hypothetical model intended to demonstrate the differences in payouts over time. Payout percentages will vary for single-life versus joint contracts. The income scenarios above are purely hypothetical and shouldn’t be considered a representation of what you may receive. The hypothetical income values were calculated assuming growth of the income benefit base at the higher of the 8% simple interest roll-up rate on the initial purchase payment (with 20% bonus credit) for the first 10 years multiplied by the appropriate lifetime payout percentage, which changes depending on the age at which lifetime income payments begin. This example does not include a lock-in of the index(es), minimum income benefit value, rider charges, withdrawals, or excess withdrawals.

For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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Global Atlantic | Product Update Effective June 12, 2023

Global Atlantic | Product Update Effective June 12, 2023

Global Atlantic | Product Update Effective June 12, 2023
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Effective June 12, 2023, we are making enhancements to our Fixed Index Annuity and Registered Index-Linked products. Global Atlantic is committed to offering you products with compelling benefits at reasonable costs, and we routinely review all products, features, and associated fees and charges. Please note that this enhancement is for new business only, as in-force contracts are not impacted.

ForeIncome II
Fixed Index Annuity
Income 150 + SE
Fixed Index Annuity
ForeAccumulation II
Fixed Index Annuity
ForeStructured Growth
Registered Index-Linked Annuity
Increased lifetime withdrawal income factors  Increased lifetime withdrawal income factors

Changes to the five- and seven-year withdrawal schedule:
Five Year: 8%, 8%, 7%, 6%, 5%, 0%
Seven Year: 8%, 8%, 7%, 6%, 5%, 4%, 3%, 0%

Changes to the 10-year withdrawal schedule:

Ten Year: 9%, 9%, 8%, 7%, 6%, 5%, 4%, 3%, 2%, 1%, 0%

Changes to the five- and seven-year withdrawal charge schedule:
Five Year:8%, 8%, 7%, 6%, 5%, 0%
Seven Year: 8%, 8%, 7%, 6%, 5%, 4%, 3%, 0%

Terminal Illness Waiver and Nursing Home Waiver available in California

Terminal Illness Waiver, Nursing Home Waiver and Income Enhancement Benefit available in California

Terminal Illness Waiver and Nursing Home Waiver available in California

Terminal Illness Waiver and Nursing Home Waiver available in California

Please note that not all products, features and materials are available at all firms or in all states.

NAIC Training
An updated version of the NAIC training will be available on June 12, 2023. Financial professionals who have previously completed NAIC for ForeIncome, ForeAccumulation, Income 150+SE and ForeStructured Growth will not be required to retake the training. The NAIC codes will remain the same.

Marketing materials will be updated and available on June 12, 2023.

New Business

  • All applications issued before June 12, 2023, will receive old product features.
  • Applications issued on or after June 12, 2023, will receive new product features.
  • An updated disclosure document will be available on June 12, 2023. The old disclosure form will not be accepted for new business received on or after July 17, 2023.1
For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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Nationwide | Increased payout rates for all ages on the Bonus Income+ Rider

Nationwide | Timely Insights from Nationwide

Nationwide | Timely Insights from Nationwide
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Offer clients growth and protection for the future

To learn more about recent enhancements to Nationwide Peak® 10 fixed indexed annuities, and how they can help clients grow and protect their retirement savings, visit our site.

View Rate Sheet

For agents who are contracted to sell in AK, CT, IA, MN, MS, MO, NH, NJ, NV, OH, OK, PA, RI, SC, TX, UT, WA, and WY.

View Rate Sheet

For agents who are contracted to sell in AL, AZ, AR, CO, DC, FL, GA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MT, NE, ND, NM, SD, TN, VT, WV, and WI.

Check out this Month’s Timely Insights and Resources

Nationwide Thought Leadership

Help clients navigate inflation concerns

Read how FIAs can provide clients with needed protection and growth potential.

Doing Business with Nationwide

Coming soon: Pending annuity business text/ email updates

An opt-in service for real-time status updates via text and email on pending annuity business will be available soon.

Nationwide Economics Team

May 2023: Cycle Watch

Review Nationwide’s latest insights about the factors driving economic and financial market performance.

 

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The Advisor Advocate® Blog

Inflation Update

In this podcast, learn how consumers could drive the economy in 2023.

Access your Dedicated Resources

Visit our Thought Leadership Library to:

  • Watch and download previous webinar presentations
  • Download related educational materials
  • Register for upcoming webinars
For more information, contact a Pinnacle Financial Services representative today

1 (800) 772-6881 x7731 | sales@pfsinsurance.com

Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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Global Atlantic | Product Update Effective June 12, 2023

Global Atlantic | Important 2023 Compliance Reminders

Global Atlantic | Important 2023 Compliance Reminders
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Contact a Pinnacle Representative if you have any questions.

1 (800) 772-6881
support@pfsinsurance.com

Contact Us

Contact a Pinnacle Financial Service representative today for assistance.

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