Nationwide is committed to carefully managing our life product portfolio to remain a strong, stable carrier you can rely on. To keep this commitment – and in response to the extremely low interest rate environment and unprecedented volatility in the markets – Nationwide will implement pricing updates to Nationwide CareMatters® II. This is a change to premiums only. There are no changes to the product structure, contract language, forms, compensation or types of benefits provided. There is no change to in-force policies because of this update.

Premium Changes

We took a surgical approach in determining premium changes to ensure Nationwide remains competitive in our target market. Given the current environment, single-pay policies can present challenges for both your clients and for Nationwide. Multi-pay premiums create an opportunity to obtain long-term care coverage with smaller payments spread over several years. Thus, we chose to remain very competitive on multi-pay premium policies.

For new business, you can expect the following premium increases, on average, within our target market ages 40 to 65:

3% Compound Inflation No Inflation
Single Pay: 10% 14%
Multi Pays 8% 12%

Outside our target market, premium increases could be higher. In particular, you will see higher premium increases for Vested Refund of Premium and Step-up Refund of Premium options.(Couple, Nontobacco, Minimum Refund of Premium with Maximum LTC Benefit option)

While current interest rates and economic conditions necessitate these changes, Nationwide is committed to offering competitive long-term care solutions for you and your clients.

Update in Maximum Issue Age for CareMatters® II

Beginning May 11, 2020, the maximum issue age for Nationwide CareMatters II will increase to 70. This applies to single pays, 5-pays, and 10-pays using the Minimum Refund of Premium with Maximum LTC Benefit option only. The maximum issue age for Vested Refund of Premium and Step-Up Refund of Premium remains 69. Extended pay options have not changed: Pay to Attained Age 65 maximum issue age is 54; Pay to Attained Age 100 maximum issue age is 65.

Key Dates

  • Friday, May 8, 2020: Illustration software updates begin for the new pricing, completed by 5/9/20.
  • Friday, May 22, 2020: Applications must be signed, in good order and received by Nationwide.
  • Friday, July 24, 2020: Policy must in force and funded by this date.

Transition Guidelines

Effective May 11, 2020, Nationwide is repricing the current Nationwide CareMatters II product for all new business.

Application Signed Date
Sunday, May 10, 2020
“In Good Order” applications must be signed by May 10, 2020, to receive the old pricing (pre-May 11, 2020 pricing). Applications signed after this date will receive the new pricing. A Policy Date of May 10, 2020, or prior will be applied to the policy once issued if the additional criteria below are met. These same rules apply to pending cases as well.
Application Received Date
Friday, May 22, 2020
Applications signed by May 10, 2020, must be received at Nationwide no later than May 22, 2020, in order to receive the old pricing.
Funding Deadline
Friday, July 24, 2020
Applications signed by May 10, 2020, and received by May 22, 2020, must be in force and funded by July 24, 2020.

  • Exceptions may be requested in legitimate instances where the funding cannot be freed up for the policy by the July 24, 2020 funding deadline (in a trust, asset liquidity, etc.). The Nationwide underwriter, case manager and management staff will review these on a case-by-case basis for any extensions to the July 24, 2020 funding deadline.


Reminder – backdating prior to the application signed date is not permitted on the Nationwide CareMatters II product for any reason.

Underwriting Deadline

Sunday, May 10, 2020

  • Last day to reopen a current Nationwide CareMatters II application that was closed due to outstanding underwriting requirements or was considered “Not Taken.”
  • If not reopened by this date, it will be considered an application for the newly priced Nationwide CareMatters II product, regardless of the original application date.

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