Intro
CareMatters Together brings groundbreaking elements to the universe of long-term care insurance:
- a joint policy
- cash indemnity
- greater chance of full benefits
- more tax savings
- generous elimination period
This policy is like Kirk and Spock—two innovative leaders in their space. This dynamic duo were the first Federation officers to time travel, including an accidental landing in the 20th century, where they intercepted a nuclear missile during a Cold War misunderstanding and enlisted the help of two humpback whales to save the future. 🤯 Here's a 1-minute clip.
While this policy may not save the world, it just might save you from financial destruction in the face of a long-term care event.
As you consider your options, let "LTC" guide you: Learn about options, Talk with family, and Create a plan that supports your shared future. Because in the end, isn’t it all about a well-executed mission?
Post jargon
benefit: the amount LTCi pays for covered care expenses
benefit period: the maximum time LTCi pays for care after criteria are met
benefit pool: total amount available in LTCi for care expenses
cash indemnity: pays the full benefit, regardless of the actual care costs
death benefit: a payout to a beneficiary from a hybrid policy after the insured passes away
elimination period: the waiting period after criteria are met before benefits start
exclusion: an insurance rule that denies benefits for specific risks
inflation protection: LTCi benefit that adjusts for rising costs
nonforfeiture option: LTCi feature allowing reduced benefits or partial premium return if policy lapses or cancels
premium: the payment to maintain insurance
rider: an insurance add-on
surrender options: LTCi cancellation options with partial premium refund or reduced benefits
underwriting: insurer’s review process to decide coverage and cost
➡️ Explore all the LTC jargon
What's special about it?
Many policies include special features in an effort to stand out in a competitive market. CareMatters Together is the first and only joint policy offering cash indemnity benefits, and extra great perks.
Joint policy
Two people share a single policy and pool their benefits, even if they aren't married, at a lower cost than two individual policies.
For example, for a policy with 8 years of benefits (96 months), both people can share the total in any combination they choose.
But a joint policy has a few drawbacks compared to two individual policies:
- If one person uses the full policy benefit, there’s nothing left for the other person.
- The death benefit only occurs after both partners pass away. With individual policies, the surviving partner receives the payout when the first partner passes.
Cash indemnity
The cash indemnity benefit (a major perk) gives you the most flexibility and payouts with the least hassles and exclusions so you can receive care in your home or a senior community.
Check out this 2-minute feel-good video from Nationwide on how cash indemnity offers you the freedom to receive care at home or in a senior community.
Greater chance of full benefits
CareMatters Together offers a greater chance of using your full LTC benefits compared to two individual policies.
Get. Those. Benefits.
Here’s why: With two separate 4-year policies, each person needs 4+ years of care to utilize their full benefits. But with an 8-year joint policy, benefits can be shared in any combination—like 2 years for one person and 6 for the other—creating many more ways to use your coverage to the fullest.
More tax savings
In many cases, you can deduct the LTCi portion of your premium, but not the life insurance portion. Nationwide policies separate these premiums, allowing you to take this deduction.
CareMatters Together also dedicates more of the premium to LTCi than CareMatters II (the individual policy), giving you greater potential savings through tax deductions.
Generous elimination period
An elimination period, or waiting period, is the time after qualifying for benefits when you cover costs out of pocket before the policy kicks in.
Here’s why this policy stands out: each partner has their own 90-day waiting period, but the generous feature is this—after 90 days, you're retroactively reimbursed for those expenses.
Example:
Let’s say you begin long-term care in assisted living 20 years from now, with annual costs of $120,000. For those first 90 days, that’s $30,000 ($120,000 ÷ 4). With this policy, you’d get that $30,000 reimbursed—money that wouldn’t come back to you with other policies.
1035 exchanges
CareMatters Together allows for 1035 exchanges. If you own a non-qualified, tax-deferred annuity or life insurance policy, you can transfer those funds directly—tax-free—to purchase this LTCi policy. This can convert an otherwise taxable investment into a policy that provides tax-free LTCi benefits when you need them.
The details
If this policy sounds intriguing, let’s dive deeper.
We’ll rate the benefits, premium, underwriting, and company from one to three stars (three being the best) compared to other LTCi policies.
Benefits
Benefits are what the policy pays for covered care expenses. CareMatters Together gives you flexible ways to get the most out of your long-term care benefits.
Premium
Premiums are the payments made to maintain insurance. This policy offers a cost-effective way to cover two people, with a few premium options to choose from.
Underwriting
Underwriting is the insurer’s process to decide coverage and cost. Nationwide CareMatters Together sorts applicants into two health categories, which affects the rates you’ll get.
Company
Nationwide is a stable company with a long history and extensive experience in the insurance industry.
Comparisons
How does CareMatters Together compare with other LTCi policies? Sort and search for things most important to you.
Next steps
If this policy sounds like a good fit, request quotes and mention "CareMatters Together" in your notes.
Wrap up
In a world of individual policies, CareMatters Together is the 'Kirk and Spock' of LTC insurance—stronger as a team, bringing innovation to joint coverage.
This policy is ideal if you want:
- cash indemnity benefits similar to CareMatters II
- coverage for two people at a lower cost
- tax advantages as a small business owner
- the highest chance of using your benefits
However, qualifying for the preferred class isn’t easy. Both partners must be in good health with minimal medical issues or prescriptions. If not, two individual CareMatters II policies might offer better value.
Request a quote, and we’ll compare both plans to help you choose the best option.
