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Lincoln MoneyGuard Fixed Advantage

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Lincoln MoneyGuard Review – Is Lincoln MoneyGuard Worth Considering?

If you’re wondering if Lincoln MoneyGuard is worth considering as a long-term care insurance option, you’ve come to the right place!

First things first, I’ll tell you that Lincoln Financial helped pioneer the Hybrid Long-Term Care Insurance Market. The Lincoln MoneyGuard suite of products have been around for over 30 years.

That’s why when we talk about hybrid long-term care insurance, Lincoln’s MoneyGuard often comes to mind.

Now MoneyGuard offers affordable rates and great benefits.

However, while MoneyGuard is a good product, I must say that there are definitely better long-term care products available.

Some products offer better pricing AND benefits.

Therefore, if you don’t look at these other products, you’ll be doing your self a disservice.

One product, other than Lincoln’s MoneyGuard, that is worth considering is Nationwide’s CareMatters. Nationwide CareMatters is currently my recommendation as the best long-term care insurance in 2023!

Nationwide CareMatters is well-known for its super affordable rates, premium schedule , and 100% Cash Benefits!

Also, Nationwide CareMatters offers a joint policy for couples!

To better understand how these products compare, we will first take a look Lincoln’s MoneyGuard (because that’s why you clicked on the article) and then we will see how it matches up to Nationwide CareMatters.

Let’s take a look at Lincoln MoneyGuard’s benefits and features! (Get your pen and paper ready as you might want to take some notes!)

How Does Lincoln MoneyGuard Fixed Advantage Work?

Now Lincoln MoneyGuard is a universal life insurance policy with a qualified long-term care insurance rider. As a Hybrid Long-Term Care Life Insurance policy, it provides the following three benefits to you:

  1. Long-term care coverage in the event you need long-term care services.
  2. A death benefit to your beneficiaries if you never need care &
  3. A return of premium if you ever change your mind

This gives added flexibility when plannin for long-term care.

How Does Lincoln Financial's MoneyGuard Work?

How the policy works is pretty simple. First, the policy accelerates the built-in death benefit as a living benefit to cover your qualified long-term care expenses.

Next, it offers a Long-Term Care Extension of Benefits Rider. This rider can extend your long-term care benefits once you’ve exhausted the death benefit.

With both the Acceleration of Death Benefit and the Extension of Benefits Rider, MoneyGuard Fixed Advantage can provide up to 6 years of long-term care benefits & protection!

What LTC Services Does Lincoln MoneyGuard III Cover?

If you’re wondering how you may use your policy, here is a list of the following services Lincoln MoneyGuard covers. Services include:

  1. Adult Day Care
  2. Assisted Living
  3. Home Healthcare
  4. Hospice Care
  5. Nursing Home Care

MoneyGuard Fixed Advantage, can cover a variety of care options. In addition, the policy also provides bed reservation benefits as well as international benefits.

How Does Lincoln MoneyGuard Fixed Advantage Pay Out Benefits?

Long-term care insurance policies pay benefits in one of two ways. They either pay:

  1. Cash benefits where they send you a check every month and you use it however you’d like OR
  2. They pay in reimbursements

Lincoln MoneyGuard Fixed Advantage is a reimbursement policy. With a reimbursement policy, either you or your long-term care facility are reimbursed for the long-term care expenses you incurred.

Therefore, you must submit bills or receipts of your long-term care expenses to Lincoln Financial in order for your MoneyGuard policy to disburse your benefits.

MoneyGuard Fixed Advantage, however, does offer a little flexibility with its Flex Care Cash feature.

Flex Care Cash Feature

The Flex Care Cash feature provides “receipt-free” cash for your long-term care needs. However, with this feature, you can only access up to 50% of your daily long-term care benefits.

The remaining 50% of your max monthly long-term care benefits stays in your long-term care benefit pool and can only be accessed as a reimbursement benefit.

Therefore, there are limitations to getting cash benefits with MoneyGuard. Also, in order to access the flex care cash feature, informal care (care by a spouse or family member) must be approved as part of the Plan of Care.

The Flex Cash Feature is not overly significant as other products such as Nationwide CareMatters offer 100% cash benefits without the need to submit any bills or receipts.

Now let’s discuss some other key features of MoneyGuard Fixed Advantage.

Key Features of Lincoln MoneyGuard Fixed Advantage

This is definitely worth discussing as the key features can help us determine if the product is right for you. So let’s jump right in.

No Elimination Period

One of the biggest key features of MoneyGuard Fixed Advantage the “No Elimination Period.”

The elimination period is also referred to as a deductible period or waiting period.

No elimination period allows benefits to be payable on the first day of care for all eligible claims!

This means that a MoneyGuard policyholder does not have to wait your standard 90 day waiting period before they can receive their benefits.

For a MoneyGuard policyholder, no elimination period can lead to huge cost savings.

For example, the median daily cost of a private room in a nursing home is about $275 a day. If you had a 90-day elimination period, you may pay almost $25,000 of out-of-pocket expenses before receiving benefits!

However, with MoneyGuard’s “No Elimination Period,” you would receive benefits from the first day of eligible long-term care claims.

This is definitely a win for MoneyGuard Fixed Advantage!

Lincoln’s MoneyGuard also offers a Benefits Transfer Rider. I will explain how that works below.

Benefits Transfer Rider

The Benefits Transfer Rider comes at no additional cost to you in your MoneyGuard policy.

The Benefits Transfer Rider provides your beneficiaries who also have their own MoneyGuard Fixed Advantage policy, the ability to increase their long-term care benefits using your death benefit in the event you die.

Let’s say for example both spouses buy a MoneyGuard Fixed Advantage policy and list one another as their beneficiaries for the death benefit. If one spouse dies, the surviving spouse can use the death benefit to purchase more benefits in their own MoneyGuard Fixed Advantage policy.

In addition, this benefit can be utilized without needing to go through Underwriting. This is a unique feature among hybrid long-term care policies. Therefore, Lincoln MoneyGuard does stand out in this regard.

Lincoln MoneyGuard – Ages To Apply

Now MoneyGuard Fixed Advantage is available to individuals between the ages of 40-80.

The application process for MoneyGuard has streamlined underwriting with no medical exams or lab tests required. There is an application to be completed along with a telephone interview.

The policy offers two rate classes: Standard & Couples Discount. The couples discount will apply based on your marital status at the time of issue only.

For MoneyGuard Fixed Advantage, you can pay for your policy using a single or recurring premium option.

The single premium option allows you to pay your premium in one single lump-sum. No further premium would be required after this lump-sum payment. This option offers the most cost savings and is the preferred option by many folks.

During that time, you can pay on a monthly, quarterly, semi-annual, or annual basis. Once the payment period is over and all premium payments have been met, no further premium would be required.

Lincoln MoneyGuard Vs. Nationwide CareMatters

Now that we have gotten through all the features of Lincoln’s MoneyGuard let’s discuss how it compares to products such as Nationwide’s CareMatters.

Nationwide CareMatters is one of the most unique hybrid long-term care policies on the market as it offers 100% Cash benefits AND joint policies to couples.

That’s right, as a cash benefit policy, there is no need to submit bills and receipts of your long-term care expenses in order to receive your benefits. You long-term care benefits are paid directly to you! You can use your benefits however you would like!

Also, married couples can combine their coverage into one policy! This shared coverage gives couples the option to pool their money together to obtain long-term care insurance. That’s a game winner!

Now Nationwide does not offer a No Elimination Period like Lincoln’s MoneyGuard. HOWEVER, upon completion of Nationwide’s elimination period, benefits for the first 90 days will be paid retroactively along with benefits for month 4!

Since we see that Nationwide CareMatters packs a punch in regards to benefits and features when being compared to Lincoln, let’s talk about pricing.

Does Lincoln MoneyGuard Price Better Than Nationwide CareMatters? – Very Important

Now Lincoln MoneyGuard offers the following premium schedules:

  • Single Premium – This is a lump-sum payment that is typically tens of thousands of dollars (ex. $50,000)
  • Flexible Payments Up to 10 Years – This allows you to pay your premium up to 10 years. (ex. $5,000 per year for 10 years)

Now to be honest with you, I have spoken to tons of people looking to buy long-term care insurance and only a few can afford those premium schedules.

it’s completely understandable as many of us have other expenses – mortgages, cost of living, college tuition, etc. Also, maybe you just don’t want to dump all that money into a product at one time!

This is another reason why I promote Nationwide CareMatters as the best long-term care insurance in 2023 over Lincoln MoneyGuard.

Like Lincoln, Nationwide CareMatters offers you the option to pay a single premium or pay over a fixed number of years.

HOWEVER, Nationwide CareMatters allows you to pay your premium all the way to age 100.

This is exactly how traditional long-term care insurance premiums were paid before these hybrid long-term care products were introduced. Now unlike the traditional products of yesteryear, Nationwide allows you to pay to age 100 AND the premiums are guaranteed!

That’s right, Nationwide CareMatters may have single-handedly fixed the broken long-term care insurance market that offered affordable but non-guaranteed premiums that could increase at anytime!

Nationwide CareMatters allows you to pay over an extended period of time hence making your premium payments more manageable and affordable!

This again is why I call Nationwide CareMatters the best long-term care insurance in 2023.

Lincoln is a good product but if you are not looking at Nationwide you sure are missing out! This is coming from a guy who has sold Lincoln MoneyGuard and still offers it today.

To make my point even clearer, let’s look at an example.

Below is an example of premiums for a 50 year old married male and a 50 year old married female getting starting with a $2,500 monthly LTC benefit:

Nationwide Pay to Age 100 Premium
Male$119/month
Female$123/month
Click on the premium to see the illustration

Look at those rates!

That’s how Nationwide CareMatters becomes super affordable if you use their pay to age 100 premium schedule.

The pay to 100 premium schedule is a great option for anyone looking for long-term care insurance with manageable rates. Plus, the rates are guaranteed so you never have to worry about them increasing!

This option is not available with Lincoln’s MoneyGuard. This is why I recommend Nationwide CareMatters when considering any long-term care insurance product.

Now let’s say, for example, you can afford to pay off your policy in a shorter period of time or you just want to be done with paying your policy after a number of years.

Here is an example of premium costs for the same 50 year old married male and 50 year old married female with a $2,500 monthly LTC benefit:

Male Rates

Single PremiumFlex Pay Premium (10 Years)
Lincoln MoneyGuard$35,369$372/month
Nationwide Care Matters$22,987$229/month
Click on the premium to see the illustration

Female Rates

Single PremiumFlex Pay Premium (10 Years)
Lincoln MoneyGuard$35,464$373/month
Nationwide Care Matters$24,209$239/month
Click on the premium to see the illustration

As you can see, all things being equal, Nationwide CareMatters is less expensive than Lincoln MoneyGuard for the same level coverage.

There is no argument there when you look at the rates for both single premium and 10 pay premium schedules.

This is also true for both males and females.

Next you will also see that these policies may still be affordable depending on your financial situation.

Nevertheless Nationwide CareMatters trumps Lincoln MoneyGuard in the cost category.

There Are Better Options Than Lincoln Financial’s MoneyGuard

While Lincoln Financial MoneyGuard is a good product for long-term care insurance, there are better options available.

It’s as simple as that!

If you are interested in getting any of the policies mentioned in this article and need help determining which one is right for you, give me a call at (800) 498-3955.

I am pleased assist you with your long-term care insurance needs. You may also get a free quote by filling out the form below!

I look forward to speaking with you!

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