OneAmerica’s Asset Care Review – Unlimited Lifetime Benefits
OneAmerica was one of the first insurance companies to provide an asset-based long-term care insurance policy.
As a matter of fact, their long-term care insurance products have been available for over 30 years. Today, their most notable asset-based long-term care product is OneAmerica Asset Care.
Now there are two reasons why OneAmerica Asset Care is unique and why I recommend it:
- First, OneAmerica Asset Care offers unlimited lifetime coverage for both spouses
- Second, OneAmerica Asset Care offers Joint Coverage for Couples
OneAmerica Asset Care is the only product that offers unlimited lifetime coverage along with joint coverage for spouses.
With OneAmerica Asset Care, you have the access and advantage of an unlimited lifetime benefit pool. A OneAmerica Asset Care policy will pay long-term care benefits for the life of your qualifying long-term care event.
Also, couples can apply for coverage with a single application and receive a joint policy. With a joint policy, you can leverage your funds to provide an adequate amount of benefits for both partners.
Therefore, I believe OneAmerica Asset Care’s unlimited lifetime benefits with joint coverage definitely makes it stand out in the Hybrid Long-Term Care Insurance marketplace!
Now let’s examine how OneAmerica’s Asset Care works and discuss its features in detail.
How Does Asset Care Work?
OneAmerica’s Asset Care is a qualified long-term care insurance rider on a whole life insurance chassis. Asset based LTC products like OneAmerica’s Asset Care provides benefits in three ways:
- It pays for long-term care services if you need care
- The asset passes onto your heirs creating a legacy if you never need care
- It offers the option to return your premium to you if you ever change your mind.
These policies offer such great flexibility and LTC protection benefits that they are rarely ever cancelled.
What Services Does Asset Care Cover?
Asset Care covers care in long-term care facilities including hospice care, adult day care, and care in an assisted living facility. Asset Care also covers home health care including homemaker services.
Additional benefits include bed reservation, respite care, and international facility training. However, it is important to note that you should always review your outline of coverage for policy exclusions and limitations.
How Does Asset Care Pay Claims?
Now Asset Care pays claims through reimbursement. With the reimbursement method, you must first submit bills or receipts of your long-term care expenses to OneAmerica. From there, benefits will then be paid to you or your long-term care facility after your claims are processed.
The reimbursement of benefit payments help ensure that your benefits are not misused and are utilized for LTC services only.
Now let’s look at some of the key features that sets Asset Care apart.
How Do I Qualify For A Policy?
To be able to qualify for Asset Care, you must be between the ages of 35-80. However, if you are applying for Asset Care using the annuity funding structure, you must be between the ages of 59 1/2-80.
How May I Pay For A OneAmerica Asset Care Policy?
Now OneAmerica’s Asset Care is one of the most flexible hybrid long-term care policies in regards to how you may pay for it. You can use a single or recurring premium option deposits to pay for this product.
The single premium option allows you to pay for your policy using a lump-sum guaranteed premium. Folks who are looking to pay for their policy in one shot and be done with it typically prefer this option.
Now the recurring premium option allows you to pay your premium over the next 5, 10, or 20 years depending on your age. You can also select to pay premiums to age 95. All premiums are guaranteed never to increase over the pay period you choose and the policy is fully paid up once all premium payments are met. This option has definitely become more popular as of late.
Typically, assets used to to pay for Asset Care include:
- Cash value in an existing life insurance policy via a 1035 Exchange
- Simple Reallocation of:
- Saving Accounts
- Mutual Funds
- Money Markets
In addition, you can use an annuity to fund Asset Care. In the annuity structure, the annuity uses an income rider to fund a 10-pay whole life insurance policy. The source of premium or assets to fund the annuity include:
- Existing Nonqualified Annuities or Qualified Money via 1035 Exchange
- Existing IRA via Direct Transfer or Rollover
As you can see, Asset Care provides a number of ways to fund or pay for your policy.
Key Features Of Asset Care
Joint Policy Coverage
The beauty of OneAmerica’s Asset Care is it’s uniqueness in offering joint hybrid long-term care policy. This means that couples can receive coverage on a single policy.
Joint applicants are defined as legally married spouses, domestic partners, or those in a civil union. The maximum age difference between joint insureds is 25 years.
This is a great feature to have as a single policy can leverage a couple’s funds to provide an adequate amount of benefits for both spouses.
Unlimited Lifetime Benefits
Asset Care is also known for its Unlimited Lifetime Benefits!
With Unlimited Lifetime Benefits, you never have to worry about exhausting your long-term care coverage. Asset Care will to continue to pay for LTC benefits (up to the maximum monthly benefit allowed in your policy) so long as you are eligible for claims.
While most hybrid policies offer maximum benefit periods of 7 or 8 years, Asset Care offers benefits for a lifetime.
In addition, you can apply for the Unlimited Lifetime Benefit option on joint policies. Therefore, the unlimited life benefit will apply to both insureds for a single premium rate!
Let’s consider the fact that an individual with Alzheimer’s dementia can live as long as 20 years after diagnosis. This is according to the Alzheimer’s Association. If that person had a long-term care insurance policy with a benefit period of 8 years, they would be left paying for care for at least another decade!
However, an Asset Care policy with Unlimited Lifetime Benefits would provide LTC benefits for the duration of their long-term care event!
No Elimination Period For Home Health Care Services
Asset Care also offers no elimination period or waiting period for home health care services if you go on claims. This is a great feature to have in a Hybrid Long-Term Care insurance policy.
According to the U.S. Department of Health and Human Services, most-long term care services are provided at home. Therefore, having a 0-day elimination period for home health care is quite beneficial if you ever need long-term care services.
In addition, having a 0-day elimination period for home health care services can result in huge cost savings. The annual median cost in the U.S. for home health care services is $50,000 a year. Hence not having to pay out-of-pocket for your typical 90-day elimination period may save you over $12,000!
Unfortunately however, the elimination period for all other forms of LTC services (facilities, adult day care, etc.) is 90 days with an Asset Care policy.
Now OneAmerica’s Asset Care has one of the more flexible inflation protection options. It offers inflation protection of either 3% or 5% compound interest for a limited duration of 20 years or for the life of the policy. This flexibility allows for an individual to help control the cost of their policy while still receiving valuable inflation protection.
Why Choose OneAmerica’s Asset Care?
OneAmerica’s Asset Care is a great option. This is especially true when you consider how expensive a long-term care event may be. A long-term care event, depending on the cause, has the potential to drain a huge chunk of your assets.
For example, in 2019 the American Association for Long-Term Care Insurance surveyed 7 leading long-term care insurance companies. The survey reflected the largest individual long-term care claims currently being paid by these companies. Here are the results:
Based on of the table, these companies were still paying individual claims on both men and women that exceeded a million dollars! Three of the seven companies had individual claims that exceeded 2 million dollars!
In addition, while the average long-term care event may last 2-3 years, these individual claims lasted 10 years or more!
What we must consider is cognitive impairments such as Alzheimers or Dementia can add longevity to a long-term care event making it last up to 10 years or more.
With OneAmerica’s Asset Care’s Unlimited Lifetime Benefits, you never have to worry about outliving your long-term care insurance! Your Asset Care policy, will continue to pay long-term care benefits so long as you need long-term care!
In addition, with Asset Care offering joint coverage, this unlimited lifetime protection is offered to both you and your spouse. It’s hard to compete with that level of coverage!
Now let’s take a look at an example of how this policy works!
65 Year Old Couple Looking For The Most Long-Term Care Benefits
For a 65 year old couple looking to place $200,000 in a hybrid policy, here is what Asset Care offers:
For $200,000, a 65 year old couple can each get an initial monthly LTC benefit of $4,052 for life. In addition, due to a 20-year 3% compound inflation protection option, that monthly benefit increases to $7,319 for life!
Not many products available today can compete with the lever coverage and protection offered by OneAmerica’s Asset Care!
Conclusion – OneAmerica Asset Care Is Long-Term Care Insurance Gold!
OneAmerica’s Asset Care is a great product. If you want to ensure that you have lifetime protection from a long-term care event and that you never run out of coverage, than this is the product for you!
ThatI invite you to reach out to if you are considering an Asset Care policy so I can help to get this great policy.
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