Back to FAQ

What Happens If I Exhaust My Long-Term Care Insurance Benefits?

Quick Answer

When shopping for Long-Term Care Insurance, some people wonder what happens if you exhaust your benefits. While you hope this never happens, it can depend on the total coverage in your policy.
Recommend This Page

Detailed Answer

With Long-Term Care Insurance, you, along with your Long-Term Care Insurance specialist, decide the total amount of benefits in your policy. If you exhaust all your benefits, you must first consider what that means. You received perhaps hundreds of thousands of dollars in tax-free money to pay for your choice of quality care options. If you exhaust your benefits, you are way ahead of the game.

You might have 'unlimited' long-term care coverage - meaning it is impossible to exhaust your benefits. However, few insurance companies offer unlimited benefits today. Policies with unlimited benefits are expensive. However, you can design a plan that would unlikely ever get exhausted. 

Yet, it is still a good question - what happens next? What happens if you do exhaust your benefits?

Shared Spousal Benefits/Partnership LTC Plans

If you have shared spousal benefits, you would use the benefits from your spouse's policy. Otherwise, you would start paying for your care out of pocket.

Keep in mind; however, if you have a Partnership Long-Term Care Insurance policy, you get additional dollar-for-dollar asset protection - otherwise known as 'asset disregard.' You get to shelter part of your estate based on the total amount of benefits paid by the policy and still access Medicaid's long-term care benefit. In other words, you would never lose all your money no matter what!

Plan Design

You design your Long-Term Care Insurance policy based on several factors, including:

  • your total assets
  • your budget
  • family history

You select your daily or monthly benefit amounts, your account's initial pool of money, spousal benefit options, and inflation benefits.

A qualified Long-Term Care Insurance specialist can guide you so you don't 'over-insure' and match you with the best coverage based on your age, health, family history, and other factors. 

More Detail on Exhausting Benefits

Read even more detail by clicking here.

Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

LTC News Trusted & Verified

Get Accurate Quotes

Work With A Trusted Specialist

  • Has substantial experience in Long-Term Care Insurance
  • Strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies
man and woman sitting at desk
Latest
  • Latest

  • Oldest

Everything
  • Homecare

  • Health

  • Government

  • Care Facilities

  • Pets

  • People

  • Lifestyle

  • Insurance

Step 1 of 4

Find a Specialist

Get Started Today

Trusted & Verified Specialists

Work with a trusted Long-Term Care Insurance Specialist Today

  • Has substantial experience in Long-Term Care Insurance
  • A strong understanding of underwriting, policy design, and claims experience
  • Represents all or most of all the leading insurance companies

LTC News Trusted & Verified

Compare Insurers

+

Claim this listing

Fill out this short form

Step Number:

1
2
3

Request Listing Edit

Tell us a little bit about yourself.

Step Number:

1
2
3

Are you a customer of this business, or are you an employee?