How does Asset Care work?
Asset Care is whole life insurance that allows access to 100 percent of the life policy death benefit to help pay for qualifying LTC expenses. When a need for care arises, you have the option to accelerate your death benefit to help you pay for the care you need. You even have the option to continue benefits for a set period or your life if your death benefit is exhausted. Asset Care can help younger people start to plan for their retirement earlier in life. The multi-pay option allows you to spread the funding of your protection across 5 to 20 years or even your lifetime. You can be confident knowing that the financial commitments you’ve made won’t be affected by a possible need for care.
Product highlights
- Provides a guaranteed amount of LTC benefits
- • Pass death benefit income tax-free to beneficiaries if not used for LTC.
- The Continuation of Benefits rider has options that allow you to extend your LTC protection for just a few years up to your entire lifetime.
- The joint protection option allows you to cover two lives under one policy
- An automatic waiver of premium benefit means any required ongoing premiums are waived once an insured is receiving LTC benefits for care (does not apply to Respite Care, Caregiver Training, Supportive Equipment, Care Coordination, or International Facility benefits)
- Benefits for LTC are available to be paid as soon as 0 days after home health care begins or 90 days for all other care
- A single premium drop-in rider that allows you to make up to two additional lump sum drop-ins within six months of policy issue (see page 11 for details)
Your steps to get the care to meet your needs
OneAmerica’s Asset Care is medically underwritten, so you must be in average or better health to qualify. Most applicants can qualify by participating in a brief telephone interview to determine eligibility and the next steps.
Benefit triggers
Benefit payments are triggered in one of two ways:
- First, you cannot perform at least two of six Activities of Daily Living (ADLs), which include bathing, maintaining continence, dressing yourself, eating/feeding yourself, toileting (including getting on and off a toilet), and transferring (like from a bed to a chair).
- You require care as a result of a severe cognitive impairment (such as Alzheimer’s disease).
Your death benefit can be accelerated to help pay for other benefits like:
- Bed reservations can “hold your spot” in nursing, assisted living, or hospice facilities if you require more specialized care in a hospital for a period of time.
- Caregiver training helps pay for the training of an unpaid informal caregiver to care for an insured at the insured’s home.
- Supportive equipment includes installation fees, labor, and related costs for purchasing or renting equipment like pumps and other devices for intravenous injection, grab bars, home ramps, and stairlifts.
- Respite care involves short-term or temporary care to relieve a primary caregiver if they need to travel or simply need a break.
Payout options
After you’ve satisfied the waiting period (0 days for home health care, 90 days for all other care), your policy can begin paying for qualifying long-term care expenses at the rate chosen at the time of purchase.
- 50 months
- 33 months
- 25 months
Looking to the future
Long-Term Care Continuation of Benefits Rider (COB)
Long-term care needs are unpredictable, so we offer a Long-Term Care Continuation of Benefits Rider to ensure you and your family remain covered after your base policy duration is met. Some diagnoses can require many years of care. OneAmerica Care Solutions products offer protection for the extent of a lifelong condition like Alzheimer’s or dementia, instead of for just a few years.
Inflation Protection Riders (IPR)
This option can help protect against the rising costs of LTC expenses due to inflation. This option guarantees both the base policy long-term care benefit balance and the maximum monthly benefit amount will increase each year. As costs increase, so does your monthly benefit amount. Both COB and IPR protection pay periods must match the base policy. If the first insured dies, premiums are guaranteed to never increase, even on a joint policy.
