OneAmerica – Temporary Asset Care Product Changes for Washington State Effective July 31Benkis Barrueta
Temporary Asset Care product changes for Washington state, effective July 31
The WA Cares Fund in Washington state has opened the door to important conversations about the potential impact of long-term care (LTC) event, resulting in increased demand for our asset-based strategies. OneAmerica is committed to ensuring those seeking alternative or additional coverage to the Washington plan have options.
Therefore, to help meet the LTC protection needs for policyholders, as well as the needs of our distribution partners, we are implementing the following temporary changes effective Saturday, July 31:
· Return of premium: Return of premium (ROP) option will be unavailable.
· Asset Care Recurring Premium payment options: Full annual premium is required for cases with recurring premium; monthly premium payments will not be accepted.
· Continuation of Benefits (COB): Purchase of COB will be required on all policies.
As outlined in the legislation, Washington residents must have purchased private LTC protection by Nov. 1, 2021, if they intend to apply for an exemption from the WA Cares Fund payroll tax.
- Business transition details
· Temporary changes are effective Saturday, July 31 for Washington state new business only.
· To submit an eApp or paper application with ROP, monthly premium payment, and/or without COB, it must be received in the Home Office by close of business on July 30, 2021.
Please note: Increased business volumes could delay processing times, so you are encouraged to have your business submitted prior to Sept. 1, 2021.
Availability of all Asset Care options will resume for applications submitted after Nov. 1, 2021.