Review: OneAmerica Asset Care
- 7 min read

Review: OneAmerica Asset Care

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You may like this policy for its lifetime benefits and limited cash indemnity, but it’s higher in cost and primarily reimbursement-based.

Intro

The Energizer Bunny has long been a symbol of longevity and reliability, famously “going and going” no matter what. That same enduring spirit defines Asset Care, one of the first hybrid long-term care insurance (LTCi) policies, first introduced over 30 years ago. As the only hybrid plan offering lifetime benefits, Asset Care ensures you’re prepared for extended memory care costs, the wildcard of long-term care.

This review highlights the updated version of Asset Care, released in October 2024. With new features like limited cash indemnity benefits and enhanced care coordination, it continues to lead the pack in extended coverage. Let’s explore how this “Energizer Bunny” of LTCi policies keeps going strong for you.

Here's a 30-second clip of two early Energizer bunny ads, including one where you can order things on the Internet. 🤯

As you consider your options, let "LTC" guide you: Learn about options, Talk with family, and Create a plan that supports your shared future. If you want to insure for the costs of Alzheimer's care, this policy should be considered in your plan.

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At Long Term What? we sell long-term care insurance from multiple companies. All of our content is free of ads and partnerships, unbiased, and provided at no cost. Learn more about us.

Post jargon

benefit: the amount LTCi pays for covered care expenses
benefit period: the maximum time LTCi pays for care after criteria are met
benefit pool: total amount available in LTCi for care expenses
cash indemnity: pays the full benefit, regardless of the actual care costs
death benefit: a payout to a beneficiary from a hybrid policy after the insured passes away
elimination period: the waiting period after criteria are met before benefits start
exclusion: an insurance rule that denies benefits for specific risks
inflation protection: LTCi benefit that adjusts for rising costs
nonforfeiture option: LTCi feature allowing reduced benefits or partial premium return if policy lapses or cancels
premium: the payment to maintain insurance
rider: an insurance add-on
surrender options: LTCi cancellation options with partial premium refund or reduced benefits
underwriting: insurer’s review process to decide coverage and cost

➡️ Explore all the LTC jargon

What's special about it?

Many policies include special features in an effort to stand out in a competitive market. Let’s take a closer look at what this one offers.

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Benefits and terms may vary depending on your state of residence.

Lifetime benefits

Asset care is the only hybrid policy to offer lifetime benefits.

Yep, this one is a doozie.

Most policies limit the benefit period to 6 to 8 years, but Asset Care coverage keeps going and going. For your lifetime.

It’s important to weigh the cost of lifetime benefits, but it might be more affordable than you’d think—especially if you get a joint policy.

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If you’re concerned about the potentially high costs of memory care for conditions like Alzheimer’s, this policy is worth exploring.

Joint policy

You can purchase Asset Care as an individual or joint policy. The only other joint hybrid option on the market is CareMatters Together.

Why does this matter? This joint policy differs from buying two individual policies in a few ways:

  • Lower overall cost: Joint policies generally cost less than purchasing two separate policies.
  • More tax benefits: A larger percentage of the premium goes toward LTC coverage, which may provide additional tax advantages.
  • Lower total death benefit: The death benefit is paid only after both partners pass away. While this can be a downside, it’s often a worthwhile tradeoff if your primary goal is LTC coverage.
  • Delayed death benefit: Unlike individual policies, where the surviving partner receives the death benefit when the first partner passes, joint policies delay the payout until both partners have passed.
  • Shared benefit pool: One partner can access the other partner's unused benefits to cover their care costs, offering more flexibility.
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If you choose lifetime benefits, the shared benefit pool isn’t available since both partners have unlimited coverage.

Cash indemnity... kinda

Asset Care is a reimbursement policy.

But in 2024, they added a limited cash indemnity benefit with these caveats:

  • Only available for the first two years of care
  • Up to 75% of your monthly benefit limit (not the full 100%)

This benefit was introduced to provide compensation for a family member or neighbor offering care during the initial stages, giving families valuable time to explore and arrange more formal care options.

Since informal caregiving can often lead to burnout, the two-year limit strikes a practical balance—offering flexibility and relief while transitioning to professional in-home care or assisted living arrangements.

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As a reminder, cash indemnity offers more benefits than reimbursement, but often comes at a higher cost.

After two years, the policy only pays via reimbursement for formal providers.

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Our opinion: While not as strong as 100% cash indemnity, it’s better than 100% reimbursement—one of many factors to weigh when choosing a policy.

Great care coordination

Most LTCi policies include some level of care coordination to support you when you need LTC, but One America has picked this area to shine.

Their concierge team consists entirely of in-house employees based in Indianapolis, rather than using third-party vendors. Their team offers:

  • Care Benefit Concierge – A dedicated claims specialist to guide you through the claims process.
  • Care Coordinator – Assistance in finding local facilities and providers tailored to your needs.
  • Caregiver Consultant – A free monthly coach, available virtually or in person, to support informal caregivers at home.

Collectively, you'll feel the TLC for when LTC is needed. ❤️

More tax savings

In many cases, you can deduct the LTCi portion of your premium, but not the life insurance portion. Asset Care separates these premiums, allowing you to take this deduction.

Easily pay with qualified funds

If you have qualified retirement funds like an IRA or 401(k), OneAmerica makes it simple to leverage them to buy LTCi and maximize your care options.


The details

If this policy sounds intriguing, let’s dive deeper.

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You might be wondering, "Can the author possibly add another relevant Energizer Bunny gif to this post?" Probably not.

We’ll rate the benefits, premium, underwriting, and company from one to three stars (three being the best) compared to other LTCi policies.


Benefits

Benefits are what the policy pays for covered care expenses. Asset Care provides a unique solution to receive lifetime benefits and a death benefit.


Premium

Premiums are the payments made to maintain insurance. This policy provides a cost-effective option to cover two people with a joint policy, allows easy payment using qualified funds, and features guaranteed premiums that won’t increase.


Underwriting

Underwriting is the insurer’s process to decide coverage and cost. OneAmerica employs a table rating system that offers more granularity than traditional broad categories like standard, substandard, or decline. Health risks are assigned to specific tiers, with higher-risk individuals incurring proportionally higher costs.


Company

OneAmerica is a well-established company with roots dating back to before the advent of cars. In 1989, they introduced the first hybrid long-term care insurance policy. Asset Care is technically issued and underwritten by The State Life Insurance Company, a subsidiary of OneAmerica.

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Company strength matters because LTCi benefits may be needed decades into the future. While bankruptcy is rare, strong companies ensure reliable claims, better service, and peace of mind.


Comparisons

How does Asset Care compare with other LTCi policies? Sort and search for things most important to you.


Next steps

If this policy sounds like a good fit, request quotes and mention "Asset Care" in your notes.


Wrap up

Like the Energizer Bunny, Asset Care keeps going and going, providing protection from the unexpected costs that come with long-term care. With Alzheimer’s care that can last 10-20 years, its unlimited benefits are built to handle this significant risk. Add in the death benefit and joint policy option, and it’s a plan worth considering.

However, you’ll need to weigh these upsides against the less flexible reimbursement policy and the overall cost. Be sure to get multiple quotes to compare and ensure this option fits your needs and budget—so you’re ready for whatever the future brings.

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Explore more: OneAmerica (dry Asset Care overview); OneAmerica (PDF brochure)