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Are Shared Long-Term Care Insurance Policies Available for Spouses/Partners?

Quick Answer

Many insurance companies offer an optional feature for couple's to 'share' their Long-Term Care Insurance benefits. This rider is available for spouses or domestic partners when they apply for coverage.
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Detailed Answer

Many couples are interested in shared Long-Term Care Insurance benefits. Many companies offer such plans that provide additional flexibility and affordability.

A shared benefit rider is an optional feature added to an individual Long-Term Care Insurance policy. The option allows one person to share their benefits with a significant other if they were to exhaust the benefits from their own policy.

If one partner were to pass away, the unused benefits go to the surviving spouse/partner even though the premium for the partner who has passed away disappears.

This feature gives a couple an affordable way to double their asset protection. Usually, this feature benefits the female since women live longer than men.

Companies require both partners to have the same benefits at the time of application.

Third Pool Shared Plans

There are insurance companies that offer a third benefit account for couples. Each partner has their own benefit account in this policy design, with a third pool of money available to them if they exhaust their benefits.

Seek the advice of an experienced Long-Term Care Insurance specialist to determine if shared benefit options are suitable for you.

Shared benefits will add to the premium, and that amount will vary depending on the insurance company. However, it is much more affordable than having much larger individual policies.

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