OneAmerica Asset Care - Still Your Best Hybrid LTC Policy

As the landscape of long-term care (LTC) insurance evolves, hybrid LTC policies have become increasingly popular due to their flexibility and benefits. Among these, the OneAmerica Asset Care stands out as a leading option for those seeking a reliable and versatile hybrid LTC policy. In this comprehensive guide, we’ll explore why OneAmerica Asset Care remains a top choice for hybrid LTC insurance, examining its features, benefits, and why it might be the perfect fit for your long-term care needs.

Understanding Hybrid LTC Policies

Hybrid long-term care insurance combines the benefits of traditional LTC insurance with elements of life insurance or annuities. This combination provides policyholders with a versatile tool for managing both long-term care needs and estate planning. Unlike traditional LTC policies, hybrid policies often offer a return of premium or a death benefit if long-term care services are not needed.

What Sets OneAmerica Asset Care Apart?

OneAmerica Asset Care is a hybrid LTC policy that integrates LTC coverage with life insurance benefits. This dual-purpose design makes it an appealing choice for individuals looking to safeguard their assets while ensuring they have coverage for long-term care expenses. Here’s why OneAmerica Asset Care continues to be a top choice:

1. Comprehensive Coverage Options
2. Flexible Premium Payments
3. Tax Benefits
4. Return of Premium Feature
5. Cash Value Accumulation

Comprehensive Coverage Options

OneAmerica Asset Care offers robust long-term care benefits, ensuring that you are well-protected if you require extended care. The policy covers various types of care, including:

• In-Home Care: Assistance provided at home by professional caregivers or family members.
• Assisted Living: Care provided in a residential facility that offers support with daily living activities.
• Nursing Home Care: Comprehensive care provided in a skilled nursing facility.

This comprehensive coverage ensures that you have access to a broad range of services, giving you peace of mind that you won’t be limited by your policy’s coverage.

Flexible Premium Payments

One of the standout features of OneAmerica Asset Care is its flexibility in premium payments. Policyholders have several options for paying their premiums, including:

• Single Premium: A one-time lump-sum payment that covers the policy for life.
• Limited Premium: Payments over a specified period, such as 10 or 20 years.
• Lifetime Premium: Ongoing payments throughout the life of the policy.

This flexibility allows you to choose a payment plan that aligns with your financial situation and goals, making it easier to incorporate the policy into your overall financial plan.

Tax Benefits

Hybrid LTC policies like OneAmerica Asset Care offer significant tax advantages. Premiums paid into the policy may be tax-deductible, depending on your circumstances. Additionally, benefits received from the policy, such as long-term care benefits, are generally tax-free. This tax efficiency can enhance the overall value of the policy and provide financial relief when you need it most.

Return of Premium Feature

OneAmerica Asset Care includes a return of premium feature, which means that if you do not use the long-term care benefits or if you pass away before using them, your beneficiaries will receive a payout equal to the premiums paid. This feature provides a safety net for policyholders who are concerned about losing their investment if long-term care services are not needed.

Cash Value Accumulation

The policy also accumulates cash value over time, which can be accessed or borrowed against if needed. This cash value can serve as an additional financial resource, offering flexibility and support for various financial needs beyond long-term care.

Why Choose OneAmerica Asset Care?

1. Proven Track Record

OneAmerica Asset Care has established a solid reputation in the insurance industry. Its parent company, OneAmerica Financial Partners, Inc., has been providing financial solutions for over 140 years. This long history of stability and reliability underscores the strength of the OneAmerica Asset Care policy.

2. Tailored Solutions

The policy is designed to cater to a wide range of needs and preferences. Whether you are looking for extensive long-term care coverage, tax benefits, or flexible payment options, OneAmerica Asset Care provides tailored solutions that can be customized to fit your individual requirements.

3. Financial Security

By combining life insurance with long-term care benefits, OneAmerica Asset Care ensures that your financial security is not compromised. The policy helps protect your assets and provides a safety net for both long-term care and estate planning.

4. Peace of Mind

Knowing that you have a policy that covers both long-term care and offers a death benefit provides peace of mind. You can rest assured that your long-term care needs will be met and that your beneficiaries will be provided for in the event of your passing.

Comparing OneAmerica Asset Care to Other Hybrid Policies

While OneAmerica Asset Care is a top contender in the hybrid LTC insurance market, it is important to compare it with other options to ensure it meets your specific needs. Consider the following factors when making your comparison:

Coverage Details

Review the specifics of long-term care coverage, including the types of care covered, benefit limits, and any exclusions. Ensure that the policy aligns with your anticipated care needs.

Premium Structure

Compare the premium payment options and amounts with other hybrid policies. Determine which structure best fits your budget and financial goals.

Return of Premium and Cash Value

Evaluate the return of premium and cash value accumulation features. Ensure that the policy offers a competitive return of premiums and provides sufficient cash value growth.

Company Reputation

Research the insurance company’s reputation for reliability, customer service, and claims handling. A strong reputation indicates a higher likelihood of a positive experience with your policy.

OneAmerica Asset Care remains a premier choice for hybrid long-term care insurance due to its comprehensive coverage, flexible payment options, tax benefits, and return of premium feature. Its strong track record and financial security make it a compelling option for individuals seeking to protect their assets while preparing for potential long-term care needs.

When considering a hybrid LTC policy, it’s essential to carefully assess your personal needs, financial situation, and preferences. By doing so, you can make an informed decision and select the policy that best suits your long-term care planning strategy.

For more information on OneAmerica Asset Care and how it can benefit you, consult with a qualified insurance professional who can provide personalized advice based on your unique circumstances.

FAQs

1. What is OneAmerica Asset Care?

OneAmerica Asset Care is a hybrid long-term care (LTC) insurance policy that combines the benefits of long-term care coverage with life insurance. This type of policy provides financial protection for long-term care needs while also offering a death benefit or return of premium if the long-term care benefits are not utilized.

2. How does OneAmerica Asset Care differ from traditional LTC insurance?

Traditional LTC insurance provides coverage exclusively for long-term care services, such as nursing home care or in-home assistance. In contrast, OneAmerica Asset Care is a hybrid policy that integrates LTC coverage with life insurance features, including a death benefit or return of premium, providing additional financial security and flexibility.

3. What types of long-term care does OneAmerica Asset Care cover?

OneAmerica Asset Care covers a broad range of long-term care services, including in-home care, assisted living, and nursing home care. This comprehensive coverage ensures that you can receive the care you need, whether it is provided at home or in a facility.

4. What payment options are available for OneAmerica Asset Care?

OneAmerica Asset Care offers several payment options, including single premium, limited premium (payments over a specified period such as 10 or 20 years), and lifetime premium (ongoing payments throughout the life of the policy). This flexibility allows you to choose a payment plan that best suits your financial situation.

5. Are the premiums for OneAmerica Asset Care tax-deductible?

Premiums paid into a OneAmerica Asset Care policy may be tax-deductible depending on your specific circumstances and tax regulations. Additionally, benefits received from the policy, such as long-term care benefits, are generally tax-free.

6. What is the return of premium feature in OneAmerica Asset Care?

The return of premium feature in OneAmerica Asset Care ensures that if you do not use the long-term care benefits or if you pass away before utilizing them, your beneficiaries will receive a payout equal to the premiums paid into the policy. This feature provides financial security and a safety net if long-term care services are not needed.

7. How does cash value accumulation work in OneAmerica Asset Care?

OneAmerica Asset Care accumulates cash value over time, which can be accessed or borrowed against if needed. The cash value grows based on the policy’s terms and can serve as an additional financial resource for various needs beyond long-term care.

8. What are the main benefits of choosing OneAmerica Asset Care?

The main benefits of OneAmerica Asset Care include comprehensive long-term care coverage, flexible premium payments, tax benefits, a return of premium feature, and cash value accumulation. These features make it a versatile and appealing choice for long-term care and estate planning.

9. How can OneAmerica Asset Care help with estate planning?

OneAmerica Asset Care helps with estate planning by offering a death benefit or return of premium feature, which ensures that your beneficiaries will receive financial support if long-term care benefits are not utilized. This feature helps preserve your estate and provides a legacy for your loved ones.

10. What should I consider when comparing OneAmerica Asset Care to other hybrid LTC policies?

When comparing OneAmerica Asset Care to other hybrid LTC policies, consider factors such as coverage details (types of care covered and benefit limits), premium structure (payment options and amounts), return of premium and cash value features, and the insurance company’s reputation for reliability and customer service.

11. How does OneAmerica Asset Care provide flexibility in premium payments?

OneAmerica Asset Care provides flexibility by offering various premium payment options, including single premium, limited premium, and lifetime premium plans. This flexibility allows you to choose a payment schedule that fits your financial situation and goals.

12. Is there a minimum or maximum age for purchasing OneAmerica Asset Care?

OneAmerica Asset Care typically has age restrictions for purchasing the policy, which can vary based on the specific plan and underwriting guidelines. Generally, policies are available for individuals between the ages of 30 and 75, but exact age limits should be confirmed with a licensed insurance advisor.

13. Can I make changes to my OneAmerica Asset Care policy after purchase?

Yes, OneAmerica Asset Care policies often allow for certain changes after purchase, such as adjusting coverage amounts, premium payment plans, or beneficiaries. However, any changes may be subject to underwriting and may impact your policy’s benefits and costs.

14. What happens if I need long-term care but my policy benefits are exhausted?

If your OneAmerica Asset Care policy benefits are exhausted, you will be responsible for covering any additional long-term care expenses out-of-pocket. It’s important to plan for potential additional costs and consider other financial resources or insurance options to address potential gaps in coverage.

15. How do I file a claim for long-term care benefits with OneAmerica Asset Care?

To file a claim for long-term care benefits with OneAmerica Asset Care, you will need to contact OneAmerica’s customer service or claims department. You will be required to provide documentation of your care needs and medical records, and the claims process will involve assessment and approval based on your policy’s terms.

16. Can I use OneAmerica Asset Care benefits for care provided by family members?

Yes, OneAmerica Asset Care typically allows for the use of benefits to cover care provided by family members, provided the care meets the policy’s criteria and is administered in accordance with the policy’s terms and conditions.

17. What should I know about the financial stability of OneAmerica Financial Partners, Inc.?

OneAmerica Financial Partners, Inc., the parent company of OneAmerica Asset Care, has a long history of financial stability and reliability. Established over 140 years ago, the company is known for its strong financial ratings and commitment to providing quality insurance solutions.

18. How does OneAmerica Asset Care support my long-term financial security?

OneAmerica Asset Care supports long-term financial security by offering comprehensive long-term care coverage and integrating life insurance benefits. The policy’s return of premium feature and cash value accumulation also contribute to financial security, ensuring you have resources available for both long-term care and estate planning.

19. Can I purchase OneAmerica Asset Care as a joint policy with a spouse?

Yes, OneAmerica Asset Care can often be purchased as a joint policy with a spouse, allowing both individuals to be covered under a single policy. Joint policies may offer additional benefits and cost savings, but the specific terms and conditions should be reviewed with an insurance advisor.

20. How can I get more information or apply for OneAmerica Asset Care?

To get more information or apply for OneAmerica Asset Care, you can contact a licensed insurance agent or financial advisor who specializes in long-term care and hybrid insurance policies. They can provide detailed information about the policy, assist with the application process, and help you determine if it is the right choice for your needs.