One America Annuity Care Overview
One America Annuity Care is a Single-Premium Deferred Annuity. Which allows the owner to access their cash for qualifying long-term care needs.
Some questions surrounding One America Annuity Care:
Who can purchase One America Annuity Care?
Anyone (or joint spouse) in the age range of 50-85 will be able to apply for One Americas Annuity Care.
What sort of Tax benefits can I get from Annuity Care?
One America offers several Tax advantages for non-qualified premiums. Any and all LTC benefits from either the continuation rider or the original LTC benefit pool are Income-Tax Free.
How Much does One America Annuity Care Cost?
The individual or party will need to fund the annuity with a minimum of $10,000 and a maximum of $50,000.
What happens if the annuitant or owner of the policy were to pass away?
In the event you pass away all surrender charges will be waved, and access to the money will be granted to your beneficiaries.
What kind of interest rate does One America Annuity Care Guarantee?
State Life Guarantees an Interest Rate credited to the policy at a 5-year guarantee, after which the crediting rate is revisited and calculated off the market.
How can I pay for One America Annuity Care?
You can use Qualified (IRA, SEP, Pension Plans, 401K’s) and Non-Qualified (Money you have saved) funds from a multitude of sources to transfer into this product.
What kind of surrender charges does this policy have?
Well years 1-3 there is an 8% surrender charge, after which year 4-9 there is a 1% decrease per year, with year 10+ being surrender free
What are some of One America Annuity Cares Long Term Care benefits?
So what type of care does this annuity actually cover?
1) Nursing Home Facility
2) Hospice Care
3) Respite Care and Bed Reservation
4) Adult Day Care
5) Assisted living facility
This annuity funds these things with the accumulated value of the policy, also referred to as the long-term care fund. There is a monthly benefit limit that cannot be over reached.
How long does this policy provide benefits?
Anywhere from 18-36 months depending if on a single annuitant is withdrawing or both you and your spouse are using the benefit at the same time (18 months).
What if I want more than 36 months of Long term care funds?
One America knows that some patients might need coverage longer than 36 months. So, to counter this limited benefit pool, they added a feature called a Continuation of Benefits rider. This feature allows you to choose between an additional 36 months or an unlimited benefit period. Once the original Long-Term Care pool is depleted, the annuitant continues to receive long term care benefits indefinitely. You can either fund this CoA Rider with a single premium or use annual installments.
Who is the Ideal Candidate for One America Annuity Care?
Generally, most of our Clients are 55-80 who want to self-fund their long-term care needs with a lump sum. There assets can range between $300,000-$1,500,000+. For those clients who are less liquid than that we generally advise them to use One America Asset Care.
If you are interested in One Americas Annuity Care and want to see some personalized quotes, or have questions that need answers. Feel Free to Contact Us
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