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 a 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 will be unavailable.
- Recurring Premium payment options – Full annual premium is required for WA cases with recurring premium; monthly premium payments will not be accepted.
- Purchase of Continuation of Benefits (COB) will be required on all policies.
Deadlines:
- Temporary changes are effective Saturday, July 31 for Washington state new business only. All apps must be received in the Home Office by close of business on July 30, 2021.
To ensure apps are processed: - Paper apps must be submitted to NewmanLTC before Friday morning in order to be processed and in to OneAmerica’s home office.
eApps must be submitted and timestamped by end of day, Friday July 30. To ensure they are received by the Home Office by the deadline, use OneAmerica’s direct eApp by clicking here. If not already registered on the site, create an account using your current OneAmerica producer code.
Availability of all Asset Care options for WA will resume for applications submitted after Nov. 1, 2021.
Please note: Increased business volumes could delay processing times, so you are encouraged to have your business submitted prior to Sept. 1, 2021.