OneAmerica® Expands Joint Asset Care Offering Effective July 26, 2023, the joint option on OneAmerica Asset Care will include the 4% acceleration option. Just like the clients we mutually serve, there is no one-size-fits-all approach to long-term care protection. The addition of a 75-month shared benefit pool expands our ability to provide meaningful and flexible benefit options for cost-conscious clients, and our unique lifetime benefit will now be more affordable in many situations. For details, please review I-31591 Care Solutions Product Guide. (The 75-month option currently is not available in California, however.) OneAmerica is committed to continually improving the new
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An opportunity for inherited qualified funds
The SECURE Act An opportunity for inherited qualified funds On December 20, 2019, Congress passed into law provisions from the Setting Every Community Up for Retirement Enhancement (SECURE) Act. This landmark legislation provides the most significant changes to the retirement industry in more than a decade and makes investing for retirement more accessible to millions of Americans. How does this impact long-term care planning? First, the legislation eliminates the concept of “stretch IRAs,” which extended the tax-deferred status of an inherited IRA when it passed to a non-spouse beneficiary. The beneficiary could “stretch” the life—and the associated tax advantages—of
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First Premium Payment Methods Are Changing
Effective June 28, 2023 Due to our vendor’s processing change, we will no longer be able to accept credit cards as a method of payment for the first premium payment as of June 28, 2023. For a client’s first premium payment we accept: Personal check Cashier’s check Electronic check or eCheck OneAmerica® accepts checks made payable to OneAmerica or to The State Life Insurance Company®. Pay by eCheck tip Complete the Electronic Premium Payment Authorization, I-34818. The form authorizes one-time or recurring debit payments from a checking or saving account. Make sure the client has their bank account and
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Help is One Phone Call Away with OneAmerica
Supporting Customers Through Long-Term Care Events Retirement comes with endless possibilities, but also added risks. The more we age, the more likely we are to need long-term care. One way for your clients to continue to be there for their loved ones is to have a plan. In case of a long-term care event, your customers can make sure not only that they will have the means to pay for it, but that their loved ones will have the support they need. Help is Only One Phone Call Away Our Care Benefit Concierge makes it easy for a power of
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Streamlining Electronic Sales with eApp
New enhancements to our eApp process are making it easier for you to submit new business with OneAmerica®. These new features and deep-dive resources are built to improve your virtual workspace experience as you continue to grow your business. They add value to your time while developing efficiencies in our current virtual environment. With eApp you can: Obtain signatures electronically. Run illustrations to prefill applications. Automatically order LTCG tele-interview. Eliminate application errors, no NIGOs. Reduce processing time by two to five days. Place your order with one click! No more calls for tele-interview orders! The new auto-order button automatically
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Care Solutions News, March 2023
Operations updates OneAmerica Closed on Good Friday OneAmerica will be closed on Friday, April 7, for the Good Friday holiday. Normal operations will resume on Monday, April 10. Process Solutions Based on your/client feedback, two enhancements were made to the Asset Care eApp process, to provide a new online option to complete the Part 2 questions and to help identify underwriting program earlier. In addition to the release above, here’s an updated eApp process video. It’s Almost Tax Time Annuity Care II is now offering more leverage on client dollars with activation of a 6-year Continuation of Benefits
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The Pension Protection Act and Long-Term Care FAQs
The Pension Protection Act and Long-Term Care FAQs The Pension Protection Act (PPA) deals with changes and reforms to pension governance, specifically with annuities, long-term care and new tax advantages. What does this mean for annuities? Cash value withdrawals from eligible annuity contracts for qualifying long-term care (LTC) expenses or qualifying long-term care insurance premiums are no longer taxable income. Can regular annuity withdrawals for LTC expenses be treated as tax-free distributions? An annuity policy must include language which makes it qualifying. This would preclude a “regular annuity” (an annuity with standard free withdrawal) from receiving the benefits of the
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OneAmerica — Strong and Stable
DENNIS MARTIN, PRESIDENT, INDIVIDUAL LIFE AND FINANCIAL SERVICES ANDREW MICHIE, CHIEF FINANCIAL OFFICER Over the last few days, you may have seen news reports about Silicon Valley Bank and resulting concern about the stability of the banking sector. Actions by the Federal Reserve and the U.S. Treasury have been swift, but this remains a developing situation. In case you’re wondering if OneAmerica® might be impacted, we want to assure you that: OneAmerica has zero direct exposure to Silicon Valley Bank or to Signature Bank of New York. OneAmerica has exceptional capital strength and diverse sources of liquidity. OneAmerica continues to
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Asset Care annuity withholding process update due to IRS guidelines
New withholding process for Asset Care annuities effective 12/10/2022 Jan. 1, 2023 in all states, IRS guidelines around taxable distributions from retirement plans and annuities will change, requiring a modification to our application process affecting our Asset Care Annuity Funding Whole Life option, as well as Asset-Care II/III (California). Starting 12/10/2022, this guideline change will necessitate collection of a new “Statement of Understanding – Withholding” form as well as IRS Form W-4P to indicate the policyholder’s future withholding preference prior to issue. Please view the video above to learn about this process change. If you have any additional questions,
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Announcing another price decrease on our Asset Care portfolio
It’s time for another timely price decrease on our Asset Care product portfolio JEFF LEVIN, VP, CARE SOLUTIONS DISTRIBUTION For the second time in 2022, OneAmerica® is announcing a price decrease on our Asset Care product portfolio across the country, effective Dec. 9, 2022. Our long-term perspective, disciplined approach and more than 30 years of experience in asset-based long-term care allow us to confidently improve the value to our stakeholders. Backed by our financial strength and commitment to this market, OneAmerica will simply be there when our customers need us most. Learn more about new business submission rules leading up
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