Carey surrendered their Munster title to Clare in 1995, however, both sides met in the opening round of the championship the following year. Clare went into the game as reigning All-Ireland champions, however, neither side took a decisive lead. With time running out both side were still deadlocked, however, Carey played a captain's role in securing the win. In injury time Carey caught a puck-out, ran 50 yards with the ball balanced on the bas of his hurley and scored the winning point for Limerick. Limerick later faced Tipperary in the provincial final and looked to be heading out of the championship as Tipp took a ten-point lead. Carey's side battled back to secure a 0–19 to 1–16 draw and a second chance to defeat their near rivals. The replay also saw Tipperary take a decisive lead, however, Limerick's goal-scoring ability was the deciding factor. A 4–7 to 0–16 score line gave Limerick the title and gave Carey a second Munster winners' medal. The subsequent All-Ireland final pitted Limerick against Wexford for the first time in over forty years. The game was far from a classic; however, it did provide excitement. Tom Dempsey was the hero of the day as he scored a goal after nineteen minutes to give Wexford a major advantage. His side led by 1–8 to 0–10 at half-time in spite of having Éamonn Scallan sent off. Wexford took a four-point lead in the second-half; however, this was whittled back to two points as Wexford hung on for the last twenty minutes. The final score of 1–13 to 0–14 showed how vital Dempsey's goal was. It was Limerick's second All-Ireland defeat in two years. Once again Carey's individual skill was recognised when he collected his third All-Star award.