Improving and optimizing the policy system of combined medical and nursing care (CMNC) is an important driving force in the development of China’s pension industry. Using a latent Dirichlet allocation–policy modeling consistency model, this study analyzes 25 key policies related to CMNC to develop a policy evaluation index system and evaluates the CMNC policies of four provinces in China: Shandong, Sichuan, Jiangsu, and Hubei. It highlights issues facing China’s CMNC policy, including the poor use of policy tools, insufficient publicity, lack of insurance protection for employees, and lack of local policies’ pertinence. Finally, a policy optimization path is proposed.