Nationwide just launched CareMatters in New York, adding a meaningful new option in a market that has historically been very limited for hybrid long-term care planning.
What to know
- Limited options: NY regulations have led to fewer carriers and more restricted product designs, especially for hybrid coverage
- New entrant: Nationwide CareMatters is now available in NY, adding a second strong hybrid option alongside Brighthouse SmartCare
- More flexibility: Benefit periods range from 2–7 years, with 3% or 5% inflation and multiple payment structures
- Cash benefits: The policy pays cash indemnity, allowing flexible use of funds, including paying family caregivers
Planning implications
LTC competition continues to increase, and this is another example. For NY clients who prefer a hybrid structure, there are now two strong options instead of one. Staying current helps advisors identify better planning options for clients.
When to raise this with clients
- NY-based clients who previously reviewed LTC options and decided to wait
- Clients who prefer hybrid coverage tied to life insurance
Bottom line
New York residents now have a second strong hybrid LTC option where previously there was effectively one.
Client resources: I publish short videos and articles explaining long-term care concepts for your clients.
Work together: I'm a long-term care specialist. In addition to articles like these, I help financial professionals evaluate coverage options for clients. Reply or schedule time to refer a client or discuss a case.
Best,
Jesse Vickey
Long Term What?
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