OneAmerica Care Solutions News

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Tools and resources

LTC Tax Guide
The 2021 Long-Term Care Tax Guide is now available, including updated information on the 2021 age-related table eligible premium amounts; a thorough discussion of the benefits of Asset Care when provided as an executive bonus; the benefits of IRC section 1035 exchanges into Care Solutions portfolio products; and much more!
 

Operations updates

Grace period in place to assist policyholders receiving late billing statements
We have become aware that due to pandemic and weather mailing delays, some policyholders are receiving their premium notices very close to the payment due date. If you receive calls from concerned policyholders, please keep the following in mind:

  • Although we contractually grant 30 days grace to our clients, we actually provide up to 60 days of grace. So, there is ample time for clients to get their payment to us. Policies are fully in force and active during a grace period.
  • We neither charge late fees nor assess any kind of penalties for late payments.
  • We provide no payment history reporting of any kind to credit agencies on client payment activities.

We continue to monitor the USPS situation and are working on process improvements to mitigate some of these challenges. Thank you for your support as we all work through this situation.
 
New for California: Updated asset-based LTC loan/withdrawal process
In an effort to help clients better understand the impact of taking a loan or withdrawal from their asset-based LTC policy, California will now require policy owners to sign a letter outlining this impact before we can process a loan or withdrawal. This will affect California Asset-Care®, Annuity Care®, Annuity Care II and Indexed Annuity Care policies and contracts issued on or after Jan. 1, 2021. Learn more about this new regulation.
 

Compliance notices

Attention Arkansas, Michigan and Rhode Island: Best interest is here!
Arkansas, Michigan, and Rhode Island have updated the requirements around best interest and suitability in annuity transactions. A new training will be required to be able to submit applications for any annuity products, including annuities funding whole life. The changes for Arkansas and Michigan went into effect Dec. 29, 2020, and for Rhode Island, the changes will take effect until April 1, 2021. Information will be forthcoming on the new training requirements and the new forms to use in these states. Original forms can be submitted until updated ones are made available. Note: States previously approved include Arizona and Iowa.
 
Attention Arkansas, Michigan and Rhode Island: Best interest is here!
A new version of the Producers’ Guide has been created to align with the 2020 Best Interest revisions of the NAIC Suitability in Annuity Transactions Model Regulation. These changes go in effect Dec. 29, for Arkansas and Michigan and April 1, for Rhode Island. The prior version of the Producers’ Guide will remain in effect for those states that have not yet adopted the revised Best Interest requirements. Review the new Best Interest Annuity Suitability Policies and Procedures Producers’ Guide here. All other states will continue using the original producers’ guide. Note: States previously approved include Arizona and Iowa.

 

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