How It Works: Asset-Based Long-Term Care

Currently, more than 70 percent of people over the age of 65 will need long-term care in their lifetime. Who would take care of you? How would you pay for long-term care? Life insurance with asset-based long-term care benefits could help your family maintain its quality of life and give you a comfortable level of care.

Will you need long-term care? The statistics say more than likely. With life expectancy continuing to grow, those statistics will grow stronger.

While the numbers say you should prepare for long-term care, how you will pay for it is becoming complex. Medicare, health or disability insurance, long-term care insurance, reverse mortgages, life insurance are just some of the possible sources, but can also have limited benefits.

OneAmerica offers a product, life insurance with asset-based long-term care benefits, that is meant to provide for long-term care needs while also giving the owner benefits beyond that level.

Some reasons life insurance with asset-based long-term care benefits might be of interest to you include:

  • It can be purchased for a single person or two people with benefits available for both
  • Premiums never increase and your benefits cannot change
  • Because it is built on life insurance, your policy’s death benefit goes to your beneficiaries if you don’t use it for long-term care
  • Long-term care protection becomes available when you cannot perform two of the following activities of daily living:  bathing, dressing, eating, continence, toileting, transferring or if you have cognitive impairment (such as Alzheimer’s disease)
  • Choose protection for a specific number of months or get extended, guaranteed lifetime benefits as an option
  • A broad range of qualifying long-term care expenses means you can receive care in your home, use adult day care facilities or stay at a nursing home or assisted living facility. Covered care also includes qualifying hospice care, respite care, caregiver training, and supportive equipment

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