Open Care Senior Plan Review

End-of-life planning can be a monumental task, even for those who are prepared. With all the healthcare and life insurance options on the market, it can be difficult to weed out the plans that are right for you. To help ease the burden, we’ve taken a look at independent insurance agency Open Care Seniors senior plan offerings below.

Open Care Seniors specializes in the sale of final expense life insurance for adults and seniors. As you read on, we break down what Open Care Seniors offers in the world of life insurance and final expense plans, how these policies can be beneficial to you, and whether they might be a good fit for you and your family.

What is the Open Care senior plan?

Open Care Seniors senior plans are whole or term life insurance policies that are purchased to cover funeral and other final expense costs for seniors. These plans, mainly beneficial for those purchasing life insurance over 60 years old, are low contribution (low monthly rates) and are available based on age, location, and general health status.

Depending on the type of policy you purchase, senior plans can offer up to $500,000 in coverage. Additionally, Open Care Seniors states that monthly rates won’t increase, coverage won’t decrease, and it’s next to impossible to be turned down.

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How do Open Care senior plans work?

As mentioned above, senior plans can be purchased as either whole or term life policies. Depending on which direction you plan to go with your purchase, it will be good to keep in mind the following information for each type of policy available:

Guaranteed Issue (Whole Life Insurance Policy)

• You must be between 25 and 80 years old to qualify
• Coverage range is from $2,000-$25,000
• No physical exam, health questionnaire, or blood tests are required to qualify
• Almost no one is turned down and approval is immediate

Final Expense (Whole Life Insurance Policy)

• You must be between 18 and 85 years old to qualify
• Coverage range is from $2,000-$250,000
• Only a health questionnaire is required to qualify
• Approval within two to four business days

Term Life

• You must be between 18 and 75 years old to qualify
• Coverage range is from $25,000-$500,000
• Medical questionnaire, history, and medication history required to qualify
• Term coverage options are 10 years, 20 years, and 30 years
• Approval within four to eight business days

Cost and death benefits are dependent on each applicant. It’s important to get an estimate based on your age and health before committing to a One Care policy.

How much does an Open Care senior plan cost?

Monthly rates for term life policies with One Care Seniors can start as low as $6.96, $7.49 for final expense, and $9 per month for guaranteed issue. Although rates seem to be a sure thing, these projections are based on the characteristics of a low-risk candidate.

For example, Open Care Seniors advertises that final expense plans can cost as little as $7.49 per month. However, a $7.49 monthly rate buys an $8,000 policy for a 50-year-old non-smoking woman in good health. It’s important to keep in mind that rates for any life insurance policy will be dependent on age, health, location, and more.

Additionally, monthly rates increase the older the policyholder is when they purchase an Open Care Seniors senior plan and the higher the death benefit. To find out exactly how much your Open Care Seniors coverage will cost, the company provides an online tool that allows you to plug in your specific info and receive a quote immediately.

Is Open Care insurance a good fit for me?

If you are a senior citizen and are seeking end-of-life insurance coverage, Open Care Seniors senior plans may be a good fit for you. Purchasing a senior life insurance policy can give you and your family and/or life insurance beneficiary the peace of mind that they will be financially taken care of after your passing.

If you’re seeking supplemental coverage, One Care Seniors senior supplemental policies can help cover a wide range of end-of-life life expenses. These policies can provide cash coverage in the event that long-term care due to cancer, critical illness, or other circumstances becomes necessary.

It’s important to keep in mind that many companies sell senior life insurance plans. For that reason, it is important to shop around to find exactly what you’re looking for in coverage at a monthly rate that works for you and your family.

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Other Open Care Senior Plans Available

Although Open Care Seniors specializes mainly in the sale of final expense life insurance, they offer other policy types. Some other Open Care Seniors coverage plans include: 

Medicare and Medicare Supplement Plans

One Care Seniors offers a Medicare + Rx (prescription) policy that covers in- and out-of-network expenses and fixed out-of-pocket limits (maximum out-of-pocket healthcare expenses for the year). As the name implies, the Medicare + Rx plan covers prescription fees as well.

If you aren’t seeking complete Medicare coverage, Open Care Seniors also offers Medicare supplement options. A Medicare supplement can be added to your existing Medicare coverage and can serve to minimize out-of-pocket expenses during illness or injury.

Long-term Care Plans

Long-term care plans through Open Care Seniors help cover costs when policyholders are bedridden and unable to live independently for an extended period. Those seeking long-term care plans may be confined to hospitals, nursing homes, or any other type of skilled nursing facility.

Additionally, long-term care plans with Open Care Seniors can help cover hospice costs, home healthcare, or any other type of long-term care services required by the policyholder.

Cancer and Critical Illness Plans

Cancer and other types of critical illness such as heart attack and stroke can incur higher-than-average healthcare costs. One Care offers cancer and critical illness plans to help cover these costs. Plans pay in cash so that day-to-day expenses can be covered and additional fees not otherwise covered by Medicare can be offset.

What are the downsides to a Open Care senior plan?

Although Open Care Seniors senior plans do offer a range of coverage options for end-of-life coverage, there are always the negatives to consider before moving forward with a policy:

• A low monthly rate is not guaranteed. While monthly rates provided on Open Care Senior’s website are advertised as low, they are not a sure thing. The rates shown are based on young, non-smoking applicants in good health.
• There can be a waiting period. Most senior plans offered by Open Care Seniors come with a two-year waiting period. If death occurs before the end of the waiting period, your life insurance death benefit may not be paid out.
• Ideal for those in good health. Open Care Seniors senior plans may be most ideal for those who are ages 50-75, and who are in good health (otherwise known as “low risk”). Those who don’t fit this criterion may have difficulty qualifying or may have higher-than-average monthly rates.
• Confusing death benefit maximums. The maximum death benefit for guaranteed issue policies with Open Care Seniors is $25,000. A potential $500,000 payout comes only with a term life insurance policy, which has a two-year waiting period. And, $250,000 is the maximum death benefit for a final expense plan, which may also have a waiting period.

It’s important to read all of the fine print before selecting a One Care Seniors senior plan. Each policy comes with its own set of qualifiers, and it’s important to understand those before making a decision.

Open Care Senior Plan in Summary

Selecting the right Open Care Senior plan is important, not just for you, but for your loved ones too. One Care offers three main options for life insurance coverage, with up to a $500,000 death benefit depending on the policy selected.

No matter how you live your life, a senior plan through Open Care Seniors can be hugely beneficial to your family after your passing. Be sure to take a look at all of Open Care Senior’s senior plan offerings before making a decision, and take time to find the policy that best suits your needs.

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