Nationwide to Cut Long-Term Care Policy Prices
The move will lower CareMatters II costs by an average of 5%.
Nationwide is lowering the cost of a long-term care benefits product, CareMatters II.
The company told distributors and agents earlier this week that, in most of the country, it will cut prices on the LTC product by an average of 5% July 11.
The company is also increasing the maximum policy issue age from 70 to 75.
The price cuts do not apply in New York and California.
The CareMatters II product is a universal life insurance policy that offers LTC benefits.
Nationwide also offers a rider that provides LTC benefits.
The life-LTC hybrid pays cash indemnity benefits to an insured who qualifies for LTC services and gets through a 90-day elimination period.
The Nationwide announcement comes on the heels of an announcement that OneAmerica will be reducing the base premiums for its Care Solutions life-LTC hybrid products.
Correction: An earlier version of this article described the Nationwide LTC product price change incorrectly. The change affects the company’s CareMatters II life-LTC hybrid universal life policy.