Care Solutions
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Q&A – Tax Treatment of Benefits
Question: What is the tax treatment of LTC Benefits paid from Asset-Care or Annuity Care? Answer: Our Care Solutions portfolio functions on a reimbursement basis. Since Reimbursement Benefits for qualified LTC services are not taxed, benefits are tax-free. As a side note, Per Diem or Indemnity Benefits are not taxed except those benefits that exceed the greater of Total Qualified… Continue reading
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Summary of Individual Tax Deductions
Individual taxpayer who does not itemize No deduction IRC Sec 63(b) Individual taxpayer who itemizes deductions Treated as medical insurance premiums.6 Limited to the lesser of the actual premium paid or the amount per person from an age-related table that caps maximum deductible premiums. IRC Sec 7702B(a)(1) Premium deduction is effective to the extent that the deductible premium above… Continue reading
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Initiating a Claim
Question: How does a client initiate a claim? Answer: Initiating a claim is pretty simple. Contact OneAmerica Claims at (800) 275-5101, Option 3. This will connect you directly to a OneAmerica Claims Associate who will initiate the claims process. For your reference, this “Steps to Filing a Claim” information sheet details the process and the information… Continue reading
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Claims Concierge
Our promise is to be there when our policyholders (and their loved ones) need us. There is no more important time during our relationship then when an extended healthcare event occurs. How OneAmerica® Care Solutions Claims Concierge works: When a policyholder needs extended care, call us first. The sooner you call, the sooner we can start… Continue reading
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The LTC Claim
We are in a relationship business providing a promise to provide a financial solution to a family when they most need it. Please, take a moment to view this video. We share our Claims Concierge story. (This is consumer approved.) I dare you to be a “tough guy” and not be touched by the story. In… Continue reading
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Q&A – COB tax deductibility
Question: I am correct that the Continuation of Benefit Rider premium may be deductible? Answer: That is correct. Depending upon a who the premium payer is and how they file their taxes – premiums may be deductible. Our Tax Guide can address this from an individual plan to one paid for by a C-corp – it is a very useful tool for… Continue reading
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Q&A – broker of record
Question: What does an agent who is currently appointed with OneAmerica need to become a servicing agent on a policy? Answer: All of the following are required: A completed Service Request form, signed by the policyholder must be submitted Agent must be licensed in residence state and all states that policies are in Agent must be have LTC… Continue reading
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1035 Exchange & the Transfer Annuity
Let’s set the stage. The advisor and client agree that Annuity Care is the best way to address their LTC concern. It seems like a slam dunk, the client has a boatload of nonqualified money parked in an index annuity and they want to carve off a small portion to fund their protection. The problem arises. The ceding carrier… Continue reading
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Revenue Neutral Solution
Often times, I am asked for my advice on what product to use and when. My initial response is always going to be “that all depends”. The OneAmerica Care Solutions portfolio is NOT cookie cutter or one size fits all. It is dynamic and capable of providing a LTC funding solution based upon the unique needs, wants,… Continue reading
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Q&A – incentive trips
Question: Does OneAmerica offer a producer trip? Answer: The 2020 Leaders Conference is slated for the Caribbean island of Nevis. The Leaders Conference is scheduled for June 6 – 10. Qualifying runs from January 1, 2019 – to December 31, 2019. To become eligible, producers must generate 1,250,000 production credits. CLICK HERE TO VIEW QUALIFYING CRITERIA. Continue reading
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Underwriting Tools
It’s easy to be product focused when you have the deepest, broadest, and most diverse product portfolio in the industry. I am guilty. Underwriting is an area that also differentiates OneAmerica from our peers. We are more than a streamlined underwriting, table 4 to standard (preferred) carrier. Our Asset-Care underwriting, if less that perfect can… Continue reading
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Q&A – tax guide
Question: Where can I go to get information tax information about the Care Solutions products? Answer: Our Tax Guide Booklet produced by the OneAmerica Advanced Sales team is a great starting point. If your scenario is more complex, we can always speak with our Advanced Sales team. In my opinion, they are outstanding! Continue reading
Fridays with Fisher 