One America Financial Hybrid Long-Term Care Insurance Review

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One America Financial Hybrid Long-Term Care Insurance Review

Company Details

Founded: 1877
Headquarters: Indianapolis, Indiana

Claim Information

Phone Number: 800-621-3724

Products Offered

  • Retirement/401k Services
  • Life Insurance
  • Disability Insurance
  • Hybrid Long-Term Care
  • Annuities

Insurer Highlights

One America/State Life is one of the nation's leading insurance companies offering hybrid Long-Term Care Insurance options. These companies are under OneAmerica Financial Partners, Inc., which has maintained outstanding financial ratings from A.M. Best and Standard and Poors.

In January 2024, the company unveiled a refreshed brand as OneAmerica Financial. The company claims the change was to create greater awareness and distinctiveness for the company while amplifying its differentiators.

The company's focus remains a variety of financial and insurance products, including hybrid Long-Term Care Insurance, various life insurance products, disability insurance, annuities, and employee retirement benefit plans.

One America's history goes back over 145 years. They are among the top 8% of all U.S. life insurers. A.M. Best gives One America Financial, including their affiliate companies, an A+ (Superior) rating. The company has a Comdex Percentile Score of 95/100.

True 'Hybrid' Policies Meeting Federal Guideline

Several types of long-term care solutions are available to consumers.

Types Of Long-Term Care Insurance Policies & Which Is Best For You.

One America offers Asset Care and Annuity Care "hybrid' policies that meet federal guidelines.

Federal Regulation and Consumer Protections

With One America, Asset Care offers a tax-free life insurance death benefit and tax-free long-term care benefits. Annuity Care offers long-term care benefits in addition to the accumulated value (death benefit) available to heirs if you do not use all the long-term care benefits.

If you are looking for a hybrid, experts recommend limiting your review to those that meet the federal regulations for Long-Term Care Insurance.

All Long-Term Care Insurance contracts are regulated under IRS regulations §7702B(b). Any insurance contract that meets the guidelines set by the Internal Revenue Service is considered long-term care.

All insurance products that meet these federal guidelines contain consumer protections, regulated benefit triggers, and tax advantages.

These One America policies meet Section 7702(b) guidelines. Remember, any insurance contract under Section 101(g) cannot call itself 'Long-Term Care Insurance and should generally be avoided as a long-term care solution. Federal law prohibits insurance companies from marketing these policies as "long-term care" policies.

Two Product Options with One America

One America has two primary products – Asset Care and Annuity Care.

With these "hybrid" policies, you have guaranteed benefits for long-term care, death, or both. You have access to your money as well in three ways:

You require long-term care services - You receive tax-free benefits to pay for all levels and types of long-term care, either at home or in a facility of your choice. The trigger for benefits is the same as any traditional Long-Term Care Insurance policy. Because this is a true Long-Term Care policy, you do not need to have a permanent or "terminal" health condition to trigger the benefit in addition to your need for extended care. Nor does the long-term care benefit expire at a specific age.

You die - Like any life insurance policy, you get a tax-free death benefit when you die. With Annuity Care, the policyholder's heirs will receive the accumulated value at the time of death.

You change your mind - If, for any reason, you need money, you can receive the cash surrender value. While very few people will ever consider doing that, it gives many people additional peace of mind, knowing the policyholder has access to the money in the policy.

One America - Features and Benefits

One America's Asset Care combines a life insurance policy with comprehensive benefits for long-term care services. The premium is paid with either a single premium, or you can pay the premium over five years, ten years, twenty years, or guaranteed annual premiums to age 95 that can NEVER increase.

  • Choice of unlimited comprehensive lifetime long-term care benefits or an initial benefit account
  • Monthly long-term care benefits
  • Inflation options available (3% and 5% compound - lifetime or both twenty years)
  • Couples have one policy with individual long-term care benefits with a second-to-die death benefit
  • Tax-free long-term care benefits. Tax-free death benefit
  • Case management
  • Bed reservation
  • Caregiver training
  • International benefit

The most unique part of Asset Care is that couples can have one policy for two people. Each individual has their own monthly benefit with a shared long-term care benefit pool (or UNLIMITED benefits) with a second-to-die death benefit. One America/State Life is the ONLY available hybrid policy that offers UNLIMITED benefits - meaning the policyholder can NEVER exhaust their long-term care benefits.

The unlimited long-term care benefit is an outstanding option for individuals or couples with substantial assets and/or family history.

Tax Benefit with Asset Care

There is a significant tax benefit with Asset Care. The insurance company breaks down the premium individually for "life" and "long-term care." This allows the policyholder the ability to deduct the long-term care portion of the premium for tax purposes (as permitted by law) or for reimbursement in qualified Health Savings Accounts.

One America/State Life's Annuity Care

This is a unique policy and provides similar comprehensive long-term care benefits. However, don't think of this as an annuity, as you would never utilize this policy in that way.

When you deposit money in this policy with a single premium, it automatically creates a much larger sum of tax-free long-term care benefits.

It otherwise works similarly to Asset Care in providing comprehensive long-term care benefits, including joint benefits for couples. The accumulated benefit provides benefits to heirs if money is left in the policy at death (second to die for couples). Your benefits within the policy grow with interest, and policyholders can add an additional inflation rider.

Indexed Annuity Care offers several other payment options and the ability to select unlimited benefits. Money within the policy can grow based on the market index (just like other typical indexed annuities).

1035 tax-free exchanges are allowed - meaning you can roll money from another annuity into this policy, including qualified funds. Unlimited long-term care benefits are also an option with this product. You can use both non-qualified and qualified money.


Long-Term Care Insurance, including hybrids, is medically underwritten, and every company has its own underwriting rules that determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.

What is Underwriting? How Does Current Health Impact Ability to Obtain Long-Term Care Insurance?

One America Asset Care's underwriting is considered "moderately conservative" compared to other insurance companies. Annuity Care's underwriting is more open for those with pre-existing health issues. However, if you have several pre-existing health issues, discuss your health in detail with a Long-Term Care Insurance specialist before applying.


Since One America offers hybrid policies, they are not traditional Long-Term Care Insurance. As a result, they will not qualify as a partnership policy under state and federal law.

You can learn more about the federal/state partnership program - What is a Long-Term Care Partnership Policy?

Find State-Specific Information

Each state has a state-specific page that includes the current and future cost of long-term care services, available tax incentives, information on care providers, and other important information - LTC NEWS Cost of Care Calculator.


If you own a One America policy and seek help submitting a claim, LTC NEWS offers free - no-obligation assistance - including help finding quality caregivers and facilities.

Since most agents have little or no experience in this area, this assistance can be helpful for the entire family - Filing a Long-Term Care Insurance Claim.

Shopping for Long-Term Care Insurance?

When shopping for Long-Term Care Insurance coverage, remember that numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates products and premiums. Because of regulation, an insurance agent, agency, or financial advisor cannot give a consumer a special discount that is unavailable otherwise.

Use all the tools and resources available on LTC NEWS to help you in your research - Resources for Long-Term Care Planning.

There are more similarities than differences when it comes to features and benefits. However, options and benefits vary from company to company, and premiums can vary between companies by over 100% when comparing equal benefits.

Comparing LTC Insurance Products

Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare each policy's features, benefits, and costs. You can find a trusted and qualified specialist representing the major insurance companies that offer these products - Work With a Long-Term Care Insurance Specialist.

Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Insurance specialist will ask several questions about your health to provide accurate quotes and professional recommendations.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company rather than another.

When comparing Long-Term Care Insurance, you should understand the differences between Nationwide and other companies.

There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance. However, the primary features and benefit choices are comparable from company to company.

Premiums and underwriting criteria vary dramatically between insurance companies.

State variations may apply.

Need to file a claim?
View Insurance Claim Contact Information

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