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Understanding the Difference: Asset-Based Long-Term Care vs. Long-Term Care Insurance

Understanding the Difference: Asset-Based Long-Term Care vs. Long-Term Care Insurance

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Understanding Asset-Based Long-Term Care

One day you or your spouse may need long-term care (LTC) services. In fact, 70 percent of all adults 65 and older will at some point1. If you’re among them, will you have the financial resources to keep you in your home? To get the kind of care you desire, plan ahead for the expense of home health care, assisted living and nursing home care.

Products that can help you protect yourself

OneAmerica® offers Asset-Care, part of the Care Solutions product suite, to help you plan for your future and protect your retirement with:

  • Premiums to fit your budget. You can pay all at once, over 10 years, over 20 years or over your lifetime to suit your budget.
  • Income-tax free benefits to help pay for home health care2, extended care, nursing home stays and more.
  • Single and joint life coverage to cost effectively cover two people.

Different than traditional long-term care insurance

Unlike traditional LTC insurance, OneAmerica offers:

  • Premiums guaranteed to never increase, ensuring your peace of mind
  • A guaranteed death benefit for your loved ones if LTC is never needed
  • Guaranteed cash value growth, returned to you if you choose
  • Optional lifetime LTC benefits

Learn more about the difference between Care Solutions and standalone LTC insurance options:

 

Function
Asset-Care®
LTC Insurance

Premiums

Guaranteed to never increase
Not guaranteed to never increase

Death benefit

Can pass money to your loved ones tax-free upon your death
None

Coverage length

Opportunity for lifetime LTC benefits if selected
LTC benefits end in the future

Cash value

Has cash value growth over time that can be returned to you if you change your mind
None

LTC benefits

Provides a monthly LTC benefit to help cover cost of home health care, nursing home care, assisted living and more
Provides a monthly LTC benefit to help cover cost of home health care, nursing home care, assisted living and more

 

To learn more Asset-Care, please contact a OneAmerica representative.

1Source: "Who Needs Care?", Longtermcare.gov. Web 15 January 2016.

2 In California, home care.

NOTES: OneAmerica is the marketing name for The State Life Insurance Company® (State Life), a OneAmerica company.

Asset-Care® is whole life* insurance or whole life* insurance and annuity combination that allows access to 100 percent of the life policy death benefit and/or annuity cash value for qualifying LTC expenses (paid monthly). Asset-Care is issued and underwritten by State Life, Indianapolis, IN, a OneAmerica company that offers the Care Solutions product suite. Policy form numbers L301, R501 and R518 may not be available in all states and may vary by state. Form numbers for ID: L301 (ID), R501 and SA31. From numbers for OR: L301 (OR), R501(OR) and SA31(OR). All guarantees are subject to the claims-paying ability of State Life.

This is a solicitation of long-term care insurance.  Details about the cost, benefits, limitations and exclusions of these policies and long-term care insurance riders will be provided to you by a licensed insurance agent/producer.  When you respond, an insurance agent/producer will contact you. 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. Neither State Life nor their representatives provide tax or legal advice. For answers to specific questions and before making any decisions, please consult a qualified attorney or tax advisor.      

* - In Pennsylvania and Maryland, universal life

PM-342

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