Nationwide Long-Term Care Insurance: 2024 Review

When it comes to long-term care insurance, Nationwide is a trusted and reliable provider. In this comprehensive review, we will explore the various offerings of Nationwide’s long-term care insurance, including their pros and cons, coverage options, pricing, and customer satisfaction. Whether you’re planning for your own future or looking to provide financial security for your loved ones, Nationwide has options that may suit your needs.
 

Nationwide Long-Term Care Insurance Pros and Cons

Before delving into the specific offerings of Nationwide’s long-term care insurance, let’s start by examining the pros and cons of their policies.
 

Pros:

Comprehensive Coverage Options: Nationwide’s long-term care insurance offers a range of coverage options to suit individual needs. With flexible payment options, inflation protection, and benefits that can be paid to family members and informal caregivers, Nationwide provides comprehensive coverage for long-term care expenses.

Guaranteed Death Benefit: One of the standout features of Nationwide’s long-term care insurance is the guaranteed death benefit. This ensures that your beneficiaries will receive a lump sum payment if you pass away while covered by the policy, helping to ease the financial burden on your loved ones.

Inflation Protection: Nationwide offers three options for inflation protection: fixed, simple, and compound. This allows policyholders to choose the option that best aligns with their financial goals and ensures that their coverage keeps pace with the rising cost of long-term care.
 

Cons:

Medical Exam Requirement: When applying for Nationwide’s long-term care insurance, a medical exam may be required. While this ensures that your coverage is tailored to your specific health needs, it can be an additional step in the application process.

No Benefit Transfers Between Spouses: Nationwide’s long-term care insurance does not allow benefit transfers between spouses. This means that if one spouse becomes incapacitated and requires long-term care, the other spouse cannot transfer the benefits to themselves.

No Stand-Alone Policy: Unlike some other providers, Nationwide does not offer a stand-alone long-term care insurance policy. Instead, you must purchase a life insurance policy and add a long-term care rider to it.

Nationwide Long-Term Care Insurance Offerings

Now that we have explored the pros and cons, let’s dive deeper into Nationwide’s long-term care insurance offerings.

Nationwide’s CareMatters is a comprehensive long-term care insurance product that combines a life insurance policy with long-term benefits. With coverage ranging from $60,000 to $500,000, CareMatters provides a wide range of perks and coverage options.

Benefits of CareMatters

Flexible Coverage: CareMatters offers a benefit period that lasts between two and seven years, allowing you to choose the coverage that best suits your needs.

Inflation Protection: With options for fixed, simple, and compound inflation protection, CareMatters ensures that your coverage keeps pace with the rising cost of long-term care.

Benefits for Family Members and Caregivers: CareMatters allows you to designate family members and informal caregivers as beneficiaries, ensuring that they can receive benefits to help cover the costs of your care.

Guaranteed Death Benefit: Just like Nationwide’s other long-term care insurance policies, CareMatters includes a guaranteed death benefit, providing added peace of mind for you and your loved ones.