Terry and Jack,
Good news. Your long-term care (LTC) insurance quotes are ready.
🔎 Your quotes
I’ve reviewed the best policies on the market based on your goals and ages and narrowed your options to two OneAmerica policies. I priced both with a one-time $200k premium for an apples-to-apples comparison that covers both of you. See my notes below for my thoughts.
🧐 My notes
Both of these are great options and come with some strengths and trade-offs.
Option A: The OneAmerica Asset Care joint policy provides 3% annual benefit growth and lifetime coverage. Compared to Option B, however, it offers lower annual benefits and a smaller refund if you never need care.
Option B: The OneAmerica Annuity Care joint policy offers higher annual benefits and a larger refund to your heirs. However, benefits do not grow and are limited to 5.5 shared years (for example, 3.5 years for Terry and 2 years for Jack).
My thoughts: If you apply to OneAmerica, they will review you for both policies. Asset Care is more difficult to qualify for, so if you are declined, they may offer Annuity Care instead. They may also apply a “rating,” which means adjusting your benefits based on your health. You could also choose individual policies instead of a joint policy, which would result in some benefit adjustments.
If you qualify for Asset Care, I would recommend that as your primary option, with Annuity Care as a backup. Given your age difference, we may also want to consider two individual policies to better align with your expected care needs.
Assisted living in Myrtle Beach, South Carolina is projected to cost about $8,600 per month for Terry and $5,600 per month for Jack by age 80 (assuming 4% annual growth). These policies provide lower annual benefits than those projections, but you can bridge the gap using personal savings, pensions, and Social Security. For most people, the goal is meaningful coverage, not paying every dollar.
If you'd like to adjust your annual benefits, you can adjust your premium—your benefits will change proportionally (e.g., by 25%).
👉🏻 Next steps
As we discussed, I recommend completing this longer health pre-screen form (15 minutes). I’ll share your answers anonymously with OneAmerica and other insurers to get informal feedback before any formal application. This helps us identify which policy is the best fit and avoids the risk of a formal decline.
Once we have this feedback, we can set up another time for a call to discuss your options.
📺 Still learning?
Watch our "unboring" video on qualifying for LTC insurance or visit our website. That's me in the video.
Thanks,
Jesse
Jesse Vickey at Long Term What?
Schedule a call or 720-263-2188