Lifetime vs. Limited: OneAmerica Asset Care and Nationwide CareMatters, Head-to-Head

If you've started shopping for long-term care (LTC) coverage, you've probably run into a frustrating choice: traditional LTC insurance feels like "use it or lose it," but doing nothing leaves your retirement savings exposed to care costs that can run $6,000–$10,000 a month or more.

That's why hybrid (or "asset-based") LTC policies have become the most popular way to plan for care. They combine life insurance with a long-term care benefit: if you need care, the policy pays for it; if you never do, your heirs receive a death benefit. Either way, the money isn't wasted.

Two carriers dominate this market: OneAmerica Asset Care and Nationwide CareMatters. We get asked which is "better" almost every week. So we ran the numbers — real quotes, six real client profiles — to show how they actually compare.

The one difference that matters most: how long benefits last

Before the dollars, understand the single biggest structural difference between these two products:

• OneAmerica Asset Care can pay LTC benefits for life. With its Continuation of Benefits option, your monthly care benefit never runs out — even if you need care for 15 or 20 years.
• Nationwide CareMatters pays for a set number of years. It's an excellent policy, but the benefit period is capped (commonly up to about 6–7 years on the individual policy, and up to 8 on the joint version). When the pool is exhausted, the LTC benefit ends.

Keep that in mind as you read the premiums below.

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A lower price for a 6-year benefit isn't really cheaper than lifetime coverage — it's less coverage.

How we quoted it

To make this apples-to-apples, we requested identical designs from both carriers:

• $5,000/month of long-term care benefit ($60,000/year)
• 10 years of premium payments (then you're paid up — no premiums in retirement)
• 3% compound inflation growth, so the benefit keeps pace with rising care costs
• Standard, non-tobacco health class

All quotes are from mid-2026. Asset Care is shown with lifetime benefits; CareMatters with its standard benefit period.

Individuals: Nationwide is a bit cheaper — but you're trading away lifetime coverage

Each of these individual policies carries a $120,000 death benefit if care is never needed.

For a single applicant, Nationwide came in lower every time — by about 6% at age 49, but nearly 20% by age 64.

Here's the nuance: that price gap is the cost of lifetime protection. And notice it grows with age — because the older you are, the more likely you are to need care for longer than a fixed benefit period would cover. The lifetime guarantee is worth the most precisely for the people most likely to use it.

Couples: Asset Care was both cheaper and lifetime

This is where it gets interesting. OneAmerica built its reputation on joint coverage — one policy covering both spouses — and it shows.

For these couples, Asset Care was roughly 16–18% less expensive — and it still provided lifetime benefits for each spouse.

One fair caveat: Nationwide's joint policy in our quotes included a larger death benefit, which explains part of its higher price. If leaving a bigger inheritance matters more to you than maximizing care coverage, that changes the math. But for couples whose priority is long-term care, Asset Care was the clear value here.

Age 70 is a hard line for Nationwide

Look again at that last couple, ages 73 and 74. Nationwide wouldn't issue a policy at all — CareMatters generally stops accepting new applicants around age 70. OneAmerica Asset Care quoted them without issue. If you're applying in your 70s, your shortlist narrows quickly, and Asset Care is often still on it.

Beyond the premium: three things the price tag doesn't show

Cost isn't the whole story. A few non-price differences can tip the decision:

• How benefits are paid. Nationwide CareMatters pays a cash indemnity benefit — you receive the full monthly amount when you qualify, with no receipts to submit, and you can spend it on anything (including paying a family caregiver). Asset Care is primarily reimbursement-based, covering qualified care expenses. For some families, that flexibility is worth a lot.
• Death benefit vs. care benefit. If your main goal is leaving money to heirs, the policy with the larger death benefit may appeal more. If it's maximizing care, lifetime LTC wins.
• Couples vs. individual design. Asset Care's joint policy is a genuine strength for married couples; Nationwide offers both individual and joint versions.

So which one is right for you?

There's no universal winner — only the right fit for your situation.

OneAmerica Asset Care tends to fit you if: you want the strongest possible protection (benefits that never run out), you're insuring a couple, you're applying later in life, or you simply don't want to gamble on outliving a fixed benefit period.

Nationwide CareMatters tends to fit you if: you're an individual comfortable with a defined benefit period, you want a lower premium, you value cash-indemnity flexibility, or a larger death benefit is a priority.

The bottom line

In our quotes, Nationwide CareMatters was the lower-cost choice for individuals, while OneAmerica Asset Care delivered better value for couples and unmatched flexibility for older applicants and anyone who wants lifetime benefits. Both are top-tier products — the "best" one is genuinely personal.

That's exactly what we do at LTC Tree: we shop the leading carriers for you, side by side, and explain the trade-offs in plain English — at no cost and with no pressure. Your age, health, state, and goals will shift these numbers, so the smartest move is a personalized comparison.