Nationwide CareMatters II Overview:

Cash Indemnity Benefits set this contract apart from many other policies 

• Type: This is a hybrid product combining long-term care insurance with life insurance benefits, known as a linked-benefit plan.
• Purpose: Designed to provide financial protection for long-term care needs while also offering a life insurance component, ensuring flexibility in how benefits can be used.
• Features:
  • Cash Indemnity Benefits: Policyholders receive a fixed monthly benefit for long-term care without needing to submit ongoing bills or receipts after initial claim approval, simplifying the process.
  • Guaranteed Death Benefit: Even if all long-term care benefits are utilized, there's a guaranteed minimum death benefit for beneficiaries, providing a financial legacy.
  • Flexible Premium Payments: Options include paying premiums over a set period of time, making the policy accessible to more people by spreading out the cost.
  • Return of Premium: Offers options where part or all premiums can be returned if the policy is surrendered, depending on the policy terms.
  • Inflation Protection: Includes options for benefits to increase with inflation, linked to the medical component of the CPI, helping to combat rising care costs.
  • Waiver of Premium: Once long-term care benefits start, remaining premiums are waived, reducing financial strain during care.
  • Retroactive Benefits: After meeting the elimination period, benefits are paid retroactively, covering costs from the start of care.
• Flexibility: Benefits can be used for various care settings, including home modifications, paying caregivers, or traditional care facilities, giving policyholders control over their care environment.
• Tax Advantages: The structure potentially offers tax benefits, as long-term care benefits received are generally tax-free.
• Contact-Free Process: Nationwide has streamlined the application and management process to be largely contact-free, appealing to those preferring digital interactions.
• Competitive Position: While noted for not being the most competitive in terms of benefits versus premiums among top insurers as of 2024, it still offers comprehensive coverage with features like guaranteed death benefits and return of premium options.
• Target Audience: This plan seems tailored for those who want to plan for long-term care without depleting their assets entirely, offering peace of mind through combined life and long-term care insurance benefits.

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