Continuation of Benefit Rider
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Underwriting Opportunities
It’s well known that OneAmerica’s asset-based LTC solutions have the most reasonable underwriting guidelines in the industry today. Here are just a few of the medical conditions that can be considered for Asset Care and Annuity Care (many are automatic declines with other carriers): Bipolar Disorder Kidney transplant or mild kidney failure Mild to moderate… Continue reading
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“Older Client” Annuity Solution
I have said this before and I will say it until I am blue in the face, no other carrier can provide a long term care funding solution for an older client like OneAmerica. Look at the industry. Look at the trends in the industry. Every carrier is pressing to acquire the young and healthy… Continue reading
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Best Way to Leverage
First off – thank you for your ideas, feedback, suggestions and questions. The whole purpose of this weekly distribution is to share ideas with you. One question that I am asked often is “why do you talk about Annuity Care so much when you have the whole Care Solutions portfolio to talk about?” It’s a fair… Continue reading
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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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Premium Deductibility
It’s that time of year where those of us who have less than favorable results from our income tax filing get our backsides in gear and get ready to file. Did you know, that premiums paid to fund the Continuation of Benefit Rider of a Care Solutions product may be deductible? The Health Insurance Portability… 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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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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Public Safety Officers
Clients who are retired public safety officers can purchase long-term care insurance and then use retirement funds to fund Continuation of Benefits coverage income-tax free. Retired public safety officers can request up to $3,000 per year from their eligible government retirement plan to pay for tax-qualified long-term care (LTC) insurance premiums for themselves, their spouse… 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
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1035 Exchange & Deferred Annuities
The Pension Protection Act of 2010 created the opportunity to 1035 exchange life insurance or non-qualified deferred annuity proceeds into “qualified” long term care products like Asset-Care & Annuity Care. A 1035 exchange provides a powerful way to re-purpose an existing policy (with gain) into a long term care solution. Think of it this way… Continue reading
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1035 Exchanges
The current arena of linked benefit/asset based/hybrid LTC has roots going back almost 30 years when the Golden Rule Company (now OneAmerica) introduced Asset Care as a single premium product. Asset-Care offers more funding options than any of our peers including recurring premiums (10 pay, 20 pay, or “whole life”) as well as single premium… Continue reading
Fridays with Fisher 
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