One America Long-Term Care Insurance: 2024 Review

One America is a reputable financial services organization that offers various insurance and financial products to individuals and businesses. With its headquarters in Indianapolis, Indiana, One America is part of a group of mutual companies owned by American United Mutual Insurance Holding Company (AUMIHC).

Shop Long-Term Care Insurance Rates

Your marketplace for America's top insurers

Long-term care insurance (LTCI) is a crucial coverage option that provides financial security and peace of mind for individuals who may require assistance with their daily activities in the future. One America, a prominent financial services organization, offers a range of insurance products, including long-term care benefits. In this comprehensive review, we will explore the features, benefits, and reputation of One America’s long-term care insurance policies.


What is Long-Term Care Insurance?

Long-term care insurance is designed to provide coverage for the costs associated with long-term care services, both in-home and facility-based, which may include assistance with activities of daily living (ADLs) such as bathing, dressing, and eating. This type of insurance helps individuals protect their assets and preserve their quality of life in the event they require long-term care in the future. With the rising costs of long-term care services, having a comprehensive long-term care insurance policy is essential.


One America: History and Overview

One America is a reputable financial services organization that offers various insurance and financial products to individuals and businesses. With its headquarters in Indianapolis, Indiana, One America is part of a group of mutual companies owned by American United Mutual Insurance Holding Company (AUMIHC).

One America has a long-standing history, dating back to 1877, when it was founded as a life insurance program by the Knights of Pythia, a non-sectarian fraternal order. Today, the company has evolved to provide a range of insurance products, including long-term care insurance, annuities, and life insurance.

Types of Long-Term Care Insurance Policies Offered by One America

One America offers two primary types of long-term care insurance policies: Asset Care and Annuity Care. These policies combine life insurance or annuities with comprehensive long-term care benefits, providing individuals with flexible options to meet their specific needs.

Asset Care: Life Insurance with Comprehensive Long-Term Care Benefits

One America’s Asset Care policy combines a life insurance policy with extensive long-term care benefits. This policy allows policyholders to pay a single premium or choose a premium payment option over a specified period. The policy provides coverage for in-home care, facility care, hospice and respite care, caregiver training, and more.

Policyholders can choose between unlimited comprehensive lifetime long-term care benefits or an initial benefit account. The policy also offers inflation options to protect against rising long-term care costs. Couples have the option to obtain a joint policy with individual long-term care benefits and a second-to-die death benefit. One of the unique aspects of Asset Care is that it provides tax-free long-term care benefits and a tax-free death benefit.

Annuity Care: Annuity with Long-Term Care Benefits

One America’s Annuity Care policy is designed for individuals who prefer to use an annuity as a funding source for their long-term care needs. This policy allows policyholders to deposit a single premium into an annuity, which automatically creates a more substantial sum of tax-free long-term care benefits. Similar to Asset Care, Annuity Care provides coverage for in-home care, facility care, hospice and respite care, and caregiver training.

Annuity Care offers policyholders the ability to choose from various payment options and select unlimited long-term care benefits. The policy’s accumulated benefit grows with interest, and policyholders can also add an inflation rider for added protection against rising long-term care costs. Annuity Care allows for 1035 tax-free exchanges, enabling individuals to roll money from another annuity into this policy, including qualified funds.

Benefits and Coverage Options

One America’s long-term care insurance policies provide comprehensive coverage for a wide range of long-term care services. Policyholders have the flexibility to choose the type and extent of coverage that best suits their needs. Here are the key benefits and coverage options offered by One America:

In-Home Care

One America’s policies cover in-home care, allowing individuals to receive the necessary care and assistance in the comfort of their own homes. This can include assistance with ADLs, medication management, meal preparation, and other essential tasks.

Facility Care

For individuals who require care in a facility, such as an assisted living facility or nursing home, One America’s policies provide coverage for the associated costs. This ensures that individuals have access to quality care and support when needed.

Hospice and Respite Care

One America’s long-term care insurance policies also cover hospice and respite care services. Hospice care provides support and comfort to individuals with terminal illnesses, while respite care offers temporary relief to caregivers by providing short-term care for their loved ones.

Caregiver Training

One America recognizes the importance of caregiver training and includes coverage for caregiver training services. This ensures that caregivers have the necessary skills and knowledge to provide the best possible care to policyholders.

Ready to Shop for Long-Term Care Insurance?

Get Started

Individual and Joint Policy Options

One America offers both individual and joint policy options for their long-term care insurance. Individual policies are designed to cover the long-term care needs of a single person, while joint policies provide coverage for two individuals, typically spouses or partners.

With a joint policy, each individual has their own monthly benefit, and the policy includes a shared long-term care benefit pool or unlimited benefits. This allows couples to plan for their long-term care needs together and ensures that both individuals are protected.

Federal Regulation and Consumer Protections

One America’s long-term care insurance policies comply with federal regulations and offer consumer protections. These policies meet the guidelines set by the Internal Revenue Service (IRS) under section 7702B(b), ensuring that policyholders receive the benefits and tax advantages associated with qualified long-term care insurance.

Federal regulations provide consumer protections, including regulated benefit triggers and tax advantages for qualified long-term care expenses. One America’s policies offer these consumer protections, providing individuals with peace of mind and confidence in their coverage.

Underwriting Process and Eligibility

Like all long-term care insurance policies, One America’s policies require medical underwriting to determine eligibility and rate class. The underwriting process considers various factors, including an individual’s health history, age, and any pre-existing conditions.

One America’s underwriting is considered moderately conservative compared to other insurance companies. While individuals with pre-existing health issues may still be eligible for coverage, it is recommended to consult with a Long-Term Care Insurance specialist before applying to understand the underwriting rules specific to One America’s policies.

Financial Strength and Ratings

When considering a long-term care insurance provider, it is essential to assess their financial strength and stability. One America has a strong financial foundation and has maintained excellent ratings from reputable rating agencies.

AM Best rates One America as A- (Excellent) and highlights the company’s stable credit outlook. Similarly, S&P Global also gives One America a rating of A- and describes the company’s credit outlook as stable. These ratings reflect One America’s financial stability and ability to fulfill its policyholder obligations.

One America’s Reputation in the Market

One America has established a positive reputation in the long-term care insurance market. As one of the nation’s leading insurance companies, it has gained recognition for its hybrid long-term care insurance options, including Asset Care and Annuity Care.

Policyholders and industry experts appreciate One America’s commitment to providing personalized solutions and comprehensive coverage options. The company’s long-standing history and strong financial ratings contribute to its reputation as a reliable and trustworthy long-term care insurance provider.

Claims Process and Customer Support

One America strives to provide excellent customer support throughout the entire insurance journey, including the claims process. Policyholders can rely on the company’s dedicated claims team to assist them in filing claims and ensuring a smooth process.

One America offers multiple ways to submit claims, including phone, email, and online submission. The claims process typically involves filling out the necessary forms, providing supporting documentation, and working with a representative to review the submitted information. The company aims to process claims efficiently and provide timely assistance to policyholders.

Additional Insurance Policies and Products Offered by One America

In addition to long-term care insurance, One America offers a range of other insurance policies and financial products for individuals and businesses. These include retirement/401k services, life insurance, disability insurance, and annuities. By offering a comprehensive suite of insurance and financial solutions, One America aims to meet the diverse needs of its clients and provide holistic financial protection.

Key Takeaways

One America’s long-term care insurance policies offer individuals and couples flexible options to protect themselves against the high costs of long-term care services. With comprehensive coverage, multiple policy options, and a strong financial foundation, One America has established itself as a reputable long-term care insurance provider.

When considering long-term care insurance, it is important to assess your individual needs, budget, and preferences. Consulting with an insurance expert can help you navigate the complex landscape of insurance options and determine if One America’s long-term care insurance is the right choice for you.

Ready to Shop for Long-Term Care Insurance?

Get Started

Protect Your Future with Confidence

Check Your Long-Term Care Options