YourLife CareMatters long-term care benefit pool increasing for most new policies
COLUMBUS, Ohio — Nationwide announced today several enhancements to its YourLife CareMattersSM linked benefit long-term care (LTC) product, featuring an increase in the LTC benefit pool for most new policies.
For the most commonly selected six-year benefit scenario, the LTC benefit will increase up to 21 percent for single-pay cases and up to 15 percent on 10-pay cases. Other benefit periods will also see an increase or stay the same depending on age, gender, payment plan and benefit option.
“Since CareMatters’ launch, we’ve heard from advisors and clients that cash indemnity benefits are a game-changer because they allow for more flexibility and choices in care than other long-term care products,” said Eric Henderson, senior vice president of life insurance and annuities at Nationwide.
“Nationwide is focused on helping its members solve their toughest retirement challenges, and the benefit pool increase is just one example of how we are helping members protect more of their retirement savings and legacy assets.”
Other product enhancements announced today include:
- A monthly premium option for multi-pay cases1;
- A maximum issue age increase to 70 for single-pay policies; and
- The 100 percent return of premium feature changing to a five-year vesting schedule for single-premium policies2.
CareMatters is currently the only linked-benefit LTC product that offers the flexibility that cash indemnity benefits provide. Policy owners can use the benefits for a wider variety of LTC options – including paying a family member to care for them3. Submission of monthly receipts is not required.
Additionally, CareMatters’ cash indemnity benefits guarantee the policy owner can receive a check each month for the maximum amount of monthly LTC benefit purchased, even if LTC expenses are less. Other linked benefit LTC policies have reimbursement-style payments, which require monthly bills and receipts to be submitted each month.
They will only cover LTC specific charges as defined by the policy, and the policy holder (or the facility) will only be reimbursed for the exact amount of qualifying expenses up to the maximum benefit amount. For more information about Nationwide YourLife CareMatters, please visit nationwidefinancial.com/carematters or call 1-800-321-6064.
