How does Asset Care work?
Have questions about Asset Care?
Talk with an A & I Insurance agent.
What Asset Care Is
Asset Care is whole life insurance that allows access to 100 percent of the life policy death benefit to help pay for qualifying long-term care (LTC). By using an asset based LTC policy, you could reposition an amount of your existing assets (CD, money market account, or cash as a single premium) into a specific life insurance policy designed to provide LTC benefits.
*** Optional Continuation of Benefits rider can extend LTC benefits beyond the base face amount ***
Benefit Triggers*
Activities of Daily Living
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 (for
example, from a bed to a chair).
Cognitive Impairment
You request care as a result of a severe cognitive impairment, such as Alzheimer’s disease. ekyins
** *To be eligible for benefits, the insured must be a chronically ill individual with qualified long-term care services provided pursuant to a plan of care prescribed by a licensed health care practitioner. ***
Elimination Period
No Elimination Period
Informal Care
Home Health Care
Adult Day Care
90-Day Elimination Period
Assisted Living
Nursing Home Care
International Facilities
*** There is no elimination period to access LTC benefits for Informal Care, Home Health Care, and Adult Day Care. There is a 90-day elimination period for Assisted Living, Nursing Home Care, and International Facilities. ***
Provides for more than just nursing home care
Our LTC solutions can help you pay for almost any type of care and can progress with you as needs change.
Examples of LTC include:
Informal care:
Some early LTC needs don’t require
specialized knowledge or physical intervention, and those needs can be met by family or friends, if desired.
Home health care:
This category includes a wide
variety of medical and non-medical services that can be paid by your benefits, allowing you to continue living safely and comfortably at home. This can be provided by a licensed home health care agency or an independent provider, licensed or certified if required.
Adult day care:
Centers are designed to provide care and companionship for older adults who need assistance and/or supervision during the day.
Assisted living:
For individuals that need help with daily care, but not as much intervention as a nursing home would provide.
Nursing home:
Also called skilled nursing facilities, nursing homes provide a wide range of health and personal care services, focused more on medical care than most assisted living facilities provide
Note: Not all features and benefits of the policy are shown here. For additional details of all features and benefits, please see the policy.
Caring expertise at every step
If a long-term care event occurs and support is needed, you and your loved ones can feel confident they’ll receive more than just the funds to pay for necessary services. At OneAmerica Financial, we help create a community of support and care, and you’ll see and feel that in many ways.
The vast majority of Americans want to age at home.¹ Asset Care allows for long-term care benefits to be received under either cash indemnity or reimbursement (with the ability to switch as needs change). Giving you and your loved ones the best of both worlds in terms of flexibility.
Informal care delivered at home*
When care can be provided informally by a family member or loved one early in your long-term care journey, your policy provides:
• A Caregiver Consultant who is available at no cost to provide ongoing counsel and support for informal caregivers
• Access to a cash benefit that provides a way to offset costs and ease financial burdens from providing informal care at home
Formal care services at home
When more specialized care is needed, your policy offers the flexibility to pay for a variety of services and tools to help you stay in your home longer, including:
• Independent providers
• Home health care agencies
• Adult day care
• Supportive equipment tools
Care That Can Progress With Your Needs
While Asset Care is designed to support home-based care, should your needs progress, your policy also provides benefits for most other care settings including assisted living and nursing homes. Regardless of where you receive care, OneAmerica Financial also provides the support you need to maximize your benefits.
https://apnorc.org/wp-content/uploads/2021/04/LTC_Report_AgingatHome_final.pdf, May 2021.
*Cash indemnity payments (Acceleration of Benefits rider only) are available up to 75% of the monthly benefit limit, up to the IR
Have questions about Asset Care?
Understanding how life insurance and long-term care benefits work together can be easier when you can discuss your individual situation with an insurance professional.