Nationwide Hybrid Long-Term Care Insurance

Company Details

Founded: 1926
Headquarters: Columbus, Ohio

Claim Information

Phone Number: 800-621-3724

Products Offered

  • Life Insurance
  • Annuities
  • Hybrid Long-Term Care
  • Retirement/401k Services

Nationwide Hybrid Long-Term Care Insurance Highlights

There are variations between the policy language and benefits between the many companies that offer Long-Term Care Insurance; however, the primary features and benefit choices are comparable from company to company. Premiums and underwriting criteria vary dramatically between insurance companies. 

When comparing long-term care insurance, you should recognize the differences between Nationwide and other companies. 

The Nationwide Care Matters policy is a "hybrid' policy that pays 100% of the long-term care benefit in cash. You enjoy both a tax-free life insurance death benefit along with tax-free long-term care benefits. If you are looking for a hybrid, experts recommend limiting your review to those that meet the federal regulations for Long-Term Care Insurance.

There are two types of these policies. A qualified Long-Term Care Insurance contract is defined under IRS regulations § 7702B(b)(1) as any insurance contract that meets the guidelines set by the Internal Revenue Service. 

Nationwide's Care Matters is considered a 7702B policy. 

The other type of combination life insurance with benefits to pay for some extended care services are regulated under Section 101g. Federal law prohibits insurance companies from marketing these policies as "long term care" policies.

With "hybrid" policies, you have guaranteed benefits for long-term care, death, or both. You have access to your money as well in three ways:

  1. You require long-term care services. You receive tax-free benefits to pay for all levels and types of long-term care either at home or in a facility of your choice. The traditional trigger for benefits is the same as any traditional Long-Term Care Insurance policy. Because this is a true Long-Term Care policy, you do not need to have a "terminal" health condition to trigger the benefit, in addition to your need for extended care.
  2. You die. Like any life insurance policy, when you die, you get a tax-free death benefit.
  3. You change your mind. If, for any reason, you need money, you can receive the cash surrender value. While very few people will ever consider doing that, it gives many people additional peace-of-mind, knowing you have access to the money in the policy.

Nationwide Care Matters combines the benefits of a life insurance policy with a death benefit with the comprehensive long-term care benefits we need as we get older. It offers either a single premium payment or annual premium payments that can NEVER increase. These are long-term care features that most long-term care specialists and consumers look for in a policy. 

Nationwide Care Matters Features and Benefits

  • You are guaranteed to receive 100% of your monthly cash benefit at the time of claim
  • Inflation options - 3% simple or 5% compound available
  • Care Guide Network
  • International benefits
  • There is no need to submit bills and receipts for your care, once you qualify for benefits since you receive the full available amount in cash
  • Since you receive cash, you can use it to pay for any type of care or any person to provide care as you wish. You have complete choice
  • Death benefit
  • 20% minimum death benefit – guaranteed even if you receive a long-term care benefit
  • Like any long-term care policy, long-term care benefits are tax-free. Death benefit also tax-free
  • Single pay premium or pay in 5 or 10 years – premium can never increase

Nationwide Offers Full Cash Benefit

Cash is king, and with this policy, Unlike most Long-Term Care Insurance plans, Nationwide gives you cash. 100% of benefits are paid in cash to you once you qualify for long-term care services. No bills are required. You receive the full cash benefit once you meet the benefit trigger. This gives you control and independence as you stay in complete control of how you receive care and use the money. Yes, you get cash, but the benefits remain tax-free.

Nationwide is a hybrid policy and not a traditional long-term care policy; it will not qualify as a partnership policy under state and federal law.

UL Policy with Qualified LTC Rider and International Benefits

Nationwide also has universal life policies with a qualified 7702B long-term care rider. The policy will pay out the death benefit in the event of long-term care. However, nothing more than the death benefit would be paid out and no inflation options are available. The policy does pay cash benefits and international benefits are available as long as a doctor licensed in the United States qualifies you needing long-term care services.

Find the current and future cost of long-term care services where you live, along with the availability of partnership plans and tax incentives by clicking here.

Keep in mind, numerous state and federal regulations impact Long-Term Care Insurance. Each state's department of insurance regulates premiums. Because of regulation, an insurance agent or financial advisor is not able to give a consumer a special discount which is not available otherwise.

There are more similarities than differences when it comes to features and benefits. However, options and benefits do vary from company to company. Premiums can vary between companies by over 100% when comparing equal benefits.

Every company has its own underwriting rules which determine insurability and rate class. An experienced Long-Term Care Insurance specialist will understand these underwriting rules when helping you select the best company and policy options.

Be sure to seek the assistance of a qualified Long-Term Care Specialist to compare the features, benefits, and costs of each policy. You can find a trusted and qualified specialist who represents the major insurance companies that offer these products by clicking here.

Since your health is a primary consideration in determining your eligibility for coverage, it is always best to start planning before retirement when health is usually better. An experienced Long-Term Care Specialist will ask you several questions about your health to provide you with accurate quotes and professional recommendations.

Please note: Since every company has different underwriting rules, you could be eligible for coverage with one company and not another.

Because Long-Term Care Insurance is custom-designed, you can design the plan to fit your specific needs, concerns, and budget. A specialist will help you develop your plan to address your concerns. Generally, you can design a plan to meet some or all of these common goals:

  • Safeguard income and savings
  • Protect the lifestyle of your spouse/partner
  • Provide options for quality care
  • Reduce the stress and burdens otherwise placed on family members
  • Give your adult children time to be family
  • Provide a legacy for loved ones

State variations may apply.


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