3 Unique Benefits of OneAmerica Long-Term Care Insurance: 2022 Review

Thang Truong
Thang Truong
Updated on:

OneAmerica long term care insurance is called Asset-Care. It is a hybrid long-term care insurance policy underwritten by the State Life Insurance company, based in Indiana. This policy has several great features that you’ll want to consider if you’re looking around for a hybrid long-term care/life insurance policy. The three unique benefits of OneAmerica hybrid long-term care insurance are: couple benefits, lifetime benefits, and guaranteed premiums that will never increase.

Quotes for OneAmerica Asset-Care Long-Term Care Insurance Policy

OneAmerica Asset-Care is a hybrid long-term care insurance product. This means that if you need long-term care, you have money in the policy to cover your long-term care expenses. If you don’t need long-term care, your beneficiaries will receive a tax-free death benefit when you pass away, just like permanent life insurance. This is unique and different from traditional long-term care insurance.

This is the quote we got from OneAmerica, for a 50-year old female non-smoker in excellent health.

  • Total premium: $140,460
  • Long-term care benefit: $6,000 a month
  • Yearly: $72,000 (A total of $288,000)
  • Benefit period: 4 years
  • Death benefit: $300,000
  • Annual premiums: $13,212; pay for 10 years. Total premiums: $132,120

One great feature about this policy is that you and your spouse can get covered under the same policy. If our quote above was for a couples’ policy, it would be slightly more expensive, but you would have enough long-term care insurance for both you and your spouse. Instead of $72,000 a year in long-term care benefits, you would each have $72,000 a year in benefits, so yes, up to $144,000 in long-term care benefits. 

>>MORE: Compare the Best Hybrid Long-Term Care Insurance Companies

Riders Available in OneAmerica Asset-Care Long-Term Care Insurance Policy

OneAmerica Asset-Care is a hybrid long-term care insurance product.

The OneAmerica Asset Care Plus Continuation of Benefits Rider: If you add this option onto your policy, you can get long-term care benefits for an unlimited amount of time. You can either double the amount of time you have benefits for, or you can make it a lifetime benefit. This means if either you or your spouse is diagnosed with Alzheimer’s and needs nursing home care for the last ten years of their lives, it’s covered. This is the only hybrid policy that offers lifetime benefits for long-term care. 

Asset Care Inflation Protection Rider: If you’re worried that what you purchase in long-term care protection won’t buy nearly as much care by the time you actually need it, you can add inflation protection. Granted, this is not unique to OneAmerica AssetCare, almost every hybrid insurance policy offers this protection. But it’s a good feature. 

Joint Life Option: The couples protection we mentioned above is actually a rider. This is unique to AssetCare, as no other company provides joint long-term care under one policy.

Waiver of Premium: This is built into the policy. You get 100% of the premiums back if you change your mind. 

Guaranteed premiums: Even if you choose to pay annually, OneAmerica says premiums will never increase. This means you will never be priced out of your own policy. 

Drawbacks of OneAmerica Asset-Care Long-Term Care Insurance Policy

No residual death benefit: If you spend all of your long-term care benefits, this policy doesn’t leave any money for a death benefit, not even a tiny one to cover final expenses.

Reimbursement: Also, this policy is a reimbursement policy. Unlike several companies that just give you a check and let you pay for long-term care as you see fit, OneAmerica requires you pay first, submit receipts, and then they reimburse you. With this sort of plan, you can’t just hire a friend or a relative to help you with long-term care. It has to be someone that OneAmerica considers qualified. 

MoneyGuard III policy of Lincoln Financial Group has the same feature. This is not ideal for the consumers. If you don’t like this feature, you might consider Securian’s SecureCare or Nationwide’s YourLife CareMatters policies. These two policies are also hybrid long-term care insurance and they offer cash indemnity instead.

Another drawback is the 60 day elimination period. You’ll have to pay out-of-pocket for long-term care benefits for the first two months you need care before benefits kick in. This is a drawback, even compared with Lincoln’s MoneyGuard III policy, which has elimination period of 0 days.

Consumer Satisfaction Rating of OneAmerica Asset-Care Long-Term Care Insurance

OneAmerica earns an A+ from the BBB, and it is accredited. There are only 12 one-star reviews and fourteen complaints on the website, which is not a lot. 

The NAIC doesn’t have a listing for OneAmerica. For State Life Insurance, the parent company, they earn a score of .48, which means they get about half as many complaints as you would expect. Neither OneAmerica or State Life Insurance appear on J.D. Power’s life insurance study. 

Financial Strength Rating of OneAmerica Asset-Care Long-Term Care Insurance

OneAmerica/State Life gets an A+, Superior, rating for financial strength from A.M. Best. It appears they have the financial resources they need to pay claims. 

>>MORE: The 5 Best Traditional Long-Term Care Insurance Companies

Last Thoughts

OneAmerica offers several unique benefits that are definitely worthwhile if you’re looking into a hybrid policy. Couples benefits, lifetime benefits and premiums that never increase are three benefits unique to this policy. They are certainly worth considering.

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at realtor.com, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

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