Nationwide Long-Term Care Insurance Review
If you’re looking for comprehensive and reliable long-term care insurance, Nationwide is a great option. This article will cover the different offerings from Nationwide, including the pros and cons of their long-term care insurance, CareMatters, and their long-term care rider.
Best for Customer Satisfaction
Nationwide is one of the best long-term care insurance companies. In J.D. Power’s 2022 U.S. Individual Life Insurance Study, Nationwide ranked #6 in the country, earning 791 out of a possible 1,000 points for overall customer satisfaction. This makes them one of the top-rated companies in the industry.
In addition, the Better Business Bureau gives Nationwide an A+ rating. This is partly due to the lower-than-average number of complaints received about the company in general.
Nationwide Long-Term Care Insurance pros and Cons
- Inflation protection options
- Benefits can be paid to family members and informal caregivers
- Guaranteed death benefit
- Medical exam may be required
- No benefit transfers between spouses
- No stand-alone policy available
Pros explained
Inflation protection options
When it comes to inflation protection, Nationwide offers three options: fixed, simple and compound inflation protection. Fixed inflation protection allows you to choose a fixed rate that will not increase over time. Simple inflation protection also provides a fixed rate, but that rate increases by a set percentage each year. Finally, compound inflation protection provides an inflation protection rate that increases each year based on the consumer price index.
Benefits can be paid to family members and informal caregivers
Another great thing about Nationwide’s long-term care insurance is that it allows you to designate family members and informal caregivers as beneficiaries. This means that if you become incapacitated and need long-term care, your family members or caregivers can receive benefits to help cover the costs of your care.
Guaranteed death benefit
In addition to providing benefits to family members and informal caregivers, Nationwide’s long-term care insurance includes a guaranteed death benefit. This allows your beneficiaries to receive a lump sum payment if you pass away while covered by the policy. This lump sum payment can help cover funeral expenses and other costs associated with your passing.
Cons explained
Medical exam may be required
When you apply for Nationwide’s long-term care insurance, you may be required to take a medical exam. This is to ensure that your medical profile meets the criteria for insurance coverage. The results of the exam will determine your eligibility for coverage and the amount of insurance coverage you can receive.
No benefit transfers between spouses
One thing to remember is that Nationwide’s long-term care insurance does not allow benefit transfers between spouses. This means that if one spouse becomes incapacitated and needs long-term care, the other spouse cannot transfer the benefits to themselves.
No stand-alone policy available
Another thing to note is that Nationwide does not offer a stand-alone long-term care insurance policy. Instead, you must purchase a life insurance policy and add a long-term care rider to it. This will provide you with the coverage you need and allow you to customize your policy to fit your specific circumstances.
Nationwide Long-Term Care Insurance Offerings
Now that we’ve discussed the basics of Nationwide’s long-term care insurance, let’s look at its offerings. Nationwide offers two main long-term care insurance products: CareMatters and a long-term care rider.
Customers should note that you can choose reimbursement benefits and a long-term care policy. Suppose you decide to receive reimbursement benefits. In that case, Nationwide will reimburse a lesser monthly benefit amount or you'll be reimbursed for your long-term care services. In addition, your long-term care facility may bill Nationwide directly for expenses.
Nationwide CareMatters
CareMatters is Nationwide’s comprehensive long-term care insurance product combining a life insurance policy with long-term benefits. You can apply for at least $60,000 in coverage and up to $500,000.
This policy offers a wide range of perks and coverage options, including protection against inflation, benefits that can be paid to family members and informal caregivers, and a guaranteed death benefit. It has a benefit period that lasts between two and seven years. Once the elimination period is over, CareMatters will retroactively pay the first three months of long-term care benefits in addition to the first benefit payment.
CareMatters is a convenient option for people who don't want to deal with a lot of paperwork. You don't need to submit monthly receipts or bills to receive your benefits. CareMatters also allows you to customize your coverage to meet your specific needs.
Long-term Care Rider
If you're looking for a more flexible option, Nationwide also offers a long-term care rider that can be added to any life insurance policy. This rider provides coverage for long-term care expenses while fitting into your preferred insurance package. It also offers the same benefits as CareMatters, including inflation protection, benefits for family members and informal caregivers, and a guaranteed death benefit.
There are two different options for the long-term care riders attached to CareMatters:
- The long-term care acceleration rider accelerates the policy amount and is paid out monthly when needed for long-term care benefits.
- The long-term care extension of care rider distributes benefits after the total amount of existing benefits has been used. This rider is added to policies with a benefit period of three or more years.
The long-term care rider is unavailable to people in Montana or U.S. territories.
Nationwide Long-Term Care Insurance Pricing
Nationwide’s long-term care insurance products are competitively priced. Customers can opt for flexible payment options and pay premiums on a monthly, quarterly, semi-annual or annual basis. It's best to apply for health insurance earlier in life because you're less likely to have chronic health conditions.
Nationwide Long-Term Care Insurance Financial Stability
Nationwide was established in 1926 and is one of the largest insurance providers in the U.S. Their insurance offerings extend far beyond long-term care insurance and include auto, life, home, pet and other forms of insurance.
Nationwide is rated A+ by A.M. Best, one of the highest ratings a company can receive regarding financial stability. This rating demonstrates that Nationwide is a reliable and financially sound provider of long-term care insurance and can withstand external market pressures without impact to its service.
Nationwide Long-Term Care Insurance Accessibility
Nationwide is fully licensed and has available life insurance products in every state, though the availability of specific products may vary. On Nationwide's website, customers can receive quotations and apply for long-term care insurance.
To get in touch, you can call the customer service hotline directly or schedule an agent to call you. Call Nationwide at 866-207-9160. Service hours are Monday through Friday from 8:00 a.m. to 8:00 p.m. EST. On Saturdays, they are open from 9:00 a.m. to 6:00 p.m. EST.
You can also use the automated chatbot on their website for general inquiries.
User experience
Users can take advantage of Nationwide's well-designed website and mobile app. They're both easy to use and provide helpful information about coverage options and policies. Nationwide provides plenty of insurance-related educational resources to assist users in their search for the perfect plan.
If you decide to apply for Nationwide's long-term care insurance, the company makes the underwriting process quick and easy. Applicants will simply need to complete a brief application and phone interview to confirm eligibility.
Nationwide customers can also set up online profiles to manage their accounts. In the account portal, users can easily file claims, make payments, adjust beneficiaries, download important documents and manage other aspects of their policy online.
Nationwide Long-Term Care Insurance Customer Satisfaction
When it comes to customer satisfaction, Nationwide’s long-term care insurance is one of the best in the industry. According to J.D. Power’s 2022 U.S. Individual Life Insurance Study, Nationwide received a score of 791 out of a possible 1,000 points for overall customer satisfaction. This put the company at #6 in the country for life insurance providers.
The company also receives far fewer customer complaints than comparable life insurance companies in the market. The National Association of Insurance Commissioners 2021 report stated that Nationwide Life Insurance received only 24 customer complaints. The company's complaint index of 0.05 is well below the industry average of 1.0. This makes Nationwide one of the best companies for customers who prioritize reliability and customer service.
Long-term care insurance helps to cover costs associated with long-term care, such as nursing home care and home health care. This type of insurance can help protect individuals from paying for costly medical expenses out of pocket. The policyholder pays a certain amount each month, and the insurer will cover the costs associated with long-term care up to a predetermined limit.
For people with chronic health conditions or disabilities, long-term care insurance can help mitigate the financial burden of expensive medical costs. It's also beneficial for people concerned about the high costs associated with future medical expenses and who would like to prepare beforehand.Although Nationwide's long-term care insurance offers a wide range of benefits, there are some things that it does not cover. These include elective or cosmetic surgeries, care received outside of the United States, and experimental treatments or procedures.
Like most long-term care insurance policies, it also doesn't cover expenses that result from alcoholism, drug addiction, suicide or committing a felony.When determining how much long-term care coverage you need, the best approach is to evaluate your current health and finances and think about how this may change in the future. Consider your risk of chronic illnesses, family history and financial situation. This will help you determine how much coverage you need and how much you can afford.
Contact one of their customer service representatives to learn how Nationwide's long-term care insurance can help you address your current or future situation.How We Evaluated Nationwide Long-Term Care Insurance
When evaluating Nationwide’s long-term care insurance, we looked at several factors. These included:
- Coverage options
- Available plans
- Payment terms
- Policy exclusions
- Underwriting process
- Cost
- Financial stability
- Customer reviews
- User experience
- Third-party ratings
- Accessibility
We found that Nationwide's offerings were competitive when compared with similar insurance providers and that they provide reliable customer service.
Summary of Money's Nationwide long-term care insurance review
When looking for long-term care insurance, choosing a company with a proven ability to provide reliable service and offer comprehensive coverage is essential. Nationwide meets these criteria and more, which is why the company is widely recognized as one of the best life insurance companies in the country.
With perks like guaranteed death benefits and inflation protection options, Nationwide's long-term care insurance stands out among the long list of available choices. Thanks to the company's strong financial stability and wide range of offerings, it's an excellent choice for seniors in need of long-term insurance.