Nationwide introduces cash-indemnity, linked benefit solution designed for two lives

COLUMBUS, Ohio – Nationwide is introducing a new long-term care solution that gives couples the flexibility to use a pool of benefits either entirely by one person or shared between them both.

Designed for couples ages 30 to 70, Nationwide CareMatters Together^(sm) is the industry’s first cash-indemnity solution offering a shared pool of long-term care (LTC) coverage for two lives that's linked to a universal life insurance policy.

“The shared pool of funds eliminates the guesswork of who is more likely to need care and when,” said Holly Snyder, president of Nationwide’s Life Insurance business. “And with cash indemnity benefits, you won’t need to submit monthly bills and receipts in order to receive your benefits.”

A 55-year-old couple has a 50% chance of one of them living to age 93. People are living longer and the longer we live, the more likely it is that we’ll need some form of long-term care. In fact, there’s a 91% chance that one or both members of a 65-year-old (male-female) couple will need LTC. However, many won’t be able to afford the increasing costs of that care. Having a solution like this is a simple way to help ensure that both you and your partner are protected – whether as a caregiver or a care recipient.

CareMatters Together offers a shared pool of benefit dollars with multiple guarantees: a premium that will never increase, LTC benefits that won’t go down, a full waiver of premium when one or both insureds is receiving LTC benefits and a guaranteed minimum death benefit on the second death.

“You’ll always know what your premium and benefits will be because both are guaranteed,” Snyder added. “If neither of you never need long-term care, the guaranteed death benefit will pass to your loved ones income tax free.”

Some LTC policies require monthly bills and receipts to be submitted for specific long-term care services and then reimburse the policyowner for the bills that qualify, but only up to the benefit limit. In contrast, CareMatters Together is a cash indemnity policy, meaning there's no need to go through a monthly process of submitting bills and receipts.

The full monthly LTC benefit is available to the policyowner with no restrictions from Nationwide on how it’s used. It can be used for more traditional care services or for informal care from friends or family members, as well as for other expenses that can help you remain in the home you love longer. And both insureds can use the policy at the same time.