Long-term care case examples
CareMatters®
Meet Jennifer
Jennifer is 47 years old. She vividly remembers her when her parents struggled without long-term care coverage and the incredible emotional and financial toll at the time. As a working professional, she vowed to avoid the same fate.
Jennifer chose a linked-benefit policy because it offers flexibility, allowing her to choose between in-home care, assisted living or a nursing home. The affordable premiums can be adjusted to fit her financial situation and tax advantages, including potential deductions for premiums paid, make it a smart choice for managing future health care costs. So the policy supports her financial planning goals and offers complete comprehensive coverage tailored to her needs.
For Jennifer, this policy is more than just a financial product; it’s a promise to herself and her family that they won’t face the same hardships her parents did. She rests easy knowing she won’t be a burden on her loved ones and will be able to maintain her dignity and independence in later years.
CareMatters Together®
Meet Tom and Gloria
Tom and Gloria — both 55 — were excited about their future, but they also wanted to make sure they had a long-term care plan that wouldn’t deplete their savings. So they chose the Nationwide CareMatters Together® policy and selected a plan with 96 full monthly long-term care benefit payments.
This policy provides a shared pool of benefits that either one of them could use individually, as needed. This flexibility allowed them to use the benefits for a variety of types of care, including home care, assisted living or nursing home care.
The guaranteed premiums and benefits offered predictability, and the control over the monthly benefit payments meant they could use the funds as they saw fit.
When Tom required home care after a surgery, he used 24 of the monthly benefit payments. Later, Gloria needed assisted living and used the remaining 72 payments. If neither of them had needed long-term care, that money would have been given to their beneficiaries in the form of a tax-free death benefit.
The Nationwide CareMatters Together® policy ensured that they were well-prepared for any future long-term care needs while protecting their retirement savings and providing a legacy for their family.
CareMatters® Annuity
Meet Chris
Chris is 65, and after watching his parents struggle to meet their long-term care needs, he wants a plan in place that gives him more options later on in life. After speaking with his financial professional, he discovers that he can exchange an existing nonqualified annuity with $100,000 in contract value into a Nationwide CareMatters Annuity. Chris is in good health and receives a Preferred rating, which provides him with $300,000 in LTC coverage.
Long-Term Care Rider
Meet Lisa
At 62 years old, Lisa recently welcomed her first grandchild to the family. She’s done well for herself, but after her mother needed long-term care, she realized the impact that those costs could have on her assets and her family. Now she wants a solution that will help protect them both.
She and her financial professional decided that a Nationwide life insurance policy with a $1 million death benefit is the best option. She’s able to customize it to her unique needs by adding the Long-Term Care Rider to the policy worth the full $1 million. Now if she needs long-term care services, Lisa can use the rider to cover the costs of home health care, assisted living, a nursing home or other qualifying services.
Once her claim is established, she won’t need to submit receipts to be reimbursed for her care. The Nationwide Long-Term Care Rider provides a benefit each month for as long as she needs it or until she uses the $1 million long-term care benefit amount.
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