Every now and then, I decide to dip my toes in the water to see how things compare with our peers in the industry. And, every now and then it surprises me what I find.
For instance, today, I elected to take a look at how the NEW Asset Care 2024 product looked next to one of our friends who offer indemnity benefits. I was surprised at what I found.
Remember that we are comparing premiums AND benefits for a single female, age 67 and in good health with a 72 month benefit without inflation. Asset Care 2024 with the cash option for the base versus a cash-only policy with the other carrier. Let’s see what we get for a single premium cash deposit of $150,000. The premiums do not include any spousal discounts.
| The other guys | Asset Care 2024 | |
| Monthly LTC Benefit | $7,601 | $8,085 |
| Annual LTC Benefit | $91,212 | $97,020 |
| LTC Benefit Pool | $547,272 | $582,120 |
| Death Benefit | $182,483 | $194,049 |
| Residual DB | $36,487 | $0 |
Here’s how the headline should read ASSET CARE 2024 WINS1
This is a simple side-by-side numerical comparison of benefit amounts based upon like premiums. It’s just their numbers next to the Asset Care 2024 numbers.
In anticipation of the response from someone, their policy can offer a spousal discount. That’s great! That is only if she has a spouse or domestic partner. And, that bigger benefit would be only a few dollars a month more than what Asset Care 2024 produces. (And, in this case, I am comparing single women.)
Well, “they’re all cash”. Cash benefits do not necessarily mean that it is the best solution. The client’s unique situation may be a deterrent to a cash solution. (We can get into that discussion at a later time.) When you look at it purely from the pool of benefits created, Asset Care 2024 provides a bigger pool.
So, they’ll pay benefits back to the start of the policy after she meets the 90 day elimination period. Isn’t waiting 90 days to receive benefits that you paid out of pocket a reimbursement? You should note that with Asset Care when care starts at home, there is a zero day elimination period which means benefits can be received more rapidly.
I’m not looking to pick a fight. All I am doing is stating that Asset Care 2024 in a head-to-head comparison produces more benefits for a single woman age 67.
However, if you want to talk about what one can offer that the other does not, here are a few things from Asset Care 2024 …
- Unlimited long term care benefits (aka lifetime)
- Underwriting beyond table 4 (Asset Care can go to table 8)
- 32 different premium combinations
- The only turn-key strategy to fund using qualified money
- Waiver of premium for recurring premium solutions
- Over 35 years of claims paying experience
- Care Benefit Concierge to help manage the claim cycle
- Care Consultant for informal caregiver support
- Ability to pivot to Annuity Care when situation warrants
For more information about Asset Care 2024, you can contact my internal Kelly Hilliard directly at (844) 623-4251 or via email at kelleyhilliard.isp@oneamerica.com
Fridays with Fisher 