FYI: For stand-alone long-term care insurance policies, be sure to check out our guide to this year’s best long-term care insurance.
Nationwide Long-Term Care Insurance Reviews and Costs
|
January 3, 2023
Founded in 1922, USAA offers life, vehicle, property, health, and supplemental insurance products to seniors, veterans, and members of the military and their families. Those who previously purchased a long-term care insurance policy before 2018 through USAA are encouraged to reach out to issuing companies such as John Hancock, Genworth, MetLife, and Fortis.
USAA offers a long-term care policy rider through John Hancock. Unfortunately, the state of New York is excluded from long-term care policies, and USAA stand-alone long-term care policies are no longer available at this time.
FYI: For stand-alone long-term care insurance policies, be sure to check out our guide to this year’s best long-term care insurance.
If you’re interested in long-term care insurance coverage, you can choose from several Nationwide products, such as life insurance policies with a long-term care rider, linked-benefit policies, and stand-alone policies.
For individuals ages 40 to 65 interested in long-term care insurance coverage, Nationwide offers Nationwide CareMatters. This policy is built on life insurance with a death benefit. It also gives the insured the option of purchasing long-term care protection over a specified period of time.
This policy is recommended for seniors who want to leave a legacy behind and make sure their loved ones are taken care of in the event that they pass on. However, this policy also has a rider for seniors who want to have access to their death benefit for use with long-term care needs.
A linked-benefit policy consists of a long-term care insurance rider that's added to a life insurance policy. This hybrid policy is for seniors who feel they may not need as much life insurance coverage, but are more concerned with having long-term care coverage. In this case, they can choose a linked-benefit policy, which provides an extension of long-term care benefits and a death benefit. For this policy, premiums won’t increase.
These policies are ideal for seniors who want long-term care insurance coverage with lower premiums and don’t need additional life insurance coverage. Keep in mind that premiums may increase in the future under these types of policies.
Currently, there are two types of common benefit plans that you can choose from: cash indemnity and reimbursement. For an indemnity benefit plan, a full monthly payment will be sent directly to the policyowner, whereas a reimbursement benefit plan will reimburse you the lesser of your monthly benefit amount.
Nationwide CareMatters policies tend to cost more than other stand-alone long-term care insurance, with monthly premiums ranging from $300 to upward of $600. Keep in mind, however, that CareMatters also functions as a life insurance policy, meaning you’ll also receive death benefit payouts.
Here’s what you can expect to pay in monthly premiums.
| State | Monthly Benefit | Premium (Man, 55) | Premium (Woman, 55) |
|---|---|---|---|
| Arizona |
|
|
|
| Florida |
|
|
|
| Pennsylvania |
|
|
|
| Texas |
|
|
|
To receive your Nationwide long-term care benefits, a licensed health care practitioner needs to certify that either you have a severe cognitive impairment or you’re unable to perform activities of daily living. For long-term care policies, Nationwide will cover the cost of covered services 90 calendar days after you receive long-term care coverage services and are certified as chronically ill.
You will need to first satisfy the 90-day elimination or waiting period before long-term care benefits can be retroactively paid. Additionally, you also need to submit a plan of care prescribed by your doctor. If you continue to receive benefits, you will need to recertify your care every 12 months.
Nationwide offers a cash indemnity policy benefit, which means you don’t need to submit monthly bills or receipts and wait for funds to be paid and approved, as is often a standard process for other long-term insurance coverage. Additionally, with Nationwide’s long-term care policies, there are no restrictions on how your benefits can be used.
With a long-term care policy, you can also choose reimbursement benefits. If you decide to choose reimbursement benefits, then you’ll be reimbursed a lesser monthly benefit amount or the cost of your long-term care services. Additionally, with the reimbursement method, a long-term care facility can directly bill the insurance company for expenses.
Other benefits of the Nationwide CareMatters policy include:
To purchase an insurance policy through Nationwide, we recommend visiting their website and searching for a local agent to request a quote on long-term care coverage. We also recommend contacting their main service line to purchase life insurance or long-term care coverage at (800) 848-6331. One of their representatives can help walk you through their different options and provide quotes specific to your needs.
The BBB gives Nationwide an A+ rating in terms of customer satisfaction. Despite this rating, Nationwide still seems to have poor rankings and numerous customer complaints and low rankings with customer reviews.
According to their BBB page, Nationwide has had 199 complaints closed in the last three years and 59 complaints closed in the last 12 months. According to Consumer Affairs, the overall satisfaction rating for Nationwide (homeowner’s insurance) was 3.5 out of 5.
Having an insurance provider that’s in strong financial standing is important. AM Best, a global credit rating agency, gave Nationwide an A+ (superior) rating for financial strength. Additionally, S&P Global Ratings affirmed the A+ rating for financial strength, and A1 (good rating) by Moody’s Investors Service, making them financially reliable and among the highest-rated insurance providers in the nation.
With superior financial strength and great long-term care benefits for policyholders and beneficiaries, Nationwide is a great option for seniors. It’s also one of the few providers that offer a guaranteed 20 percent minimum death benefit for beneficiaries.
With rising long-term care coverage costs, Nationwide also provides inflation options to help pay for long-term care costs in the future. Additionally, Nationwide provides flexibility for benefit payments through reimbursement or cash indemnity, where you can choose to use the long-term care benefits as you’d like with no restrictions. You’ll know exactly how much monthly cash benefits you’ll get, with no surprises when you decide on long-term care coverage through Nationwide.
To learn more about our favorite long-term care insurance providers, check out our helpful guides:
Nationwide CareMatters long-term care policies will cost between $300 and $600 per month; however, these prices will vary by location, age, gender, and benefit amounts. A standalone long-term care insurance policy from Nationwide will cost less.
There is a 90-day waiting period before your long-term care benefits can kick in.
Some policies, such as Nationwide CareMatters, come with fixed premiums that are guaranteed to never rise. Other policies, however, are subject to premium hikes.
Yes, a Nationwide long-term care insurance policy can cover services at a nursing home.
