Shared Long Term Care Insurance for Couples

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Insurance, in this day and age, has become a necessity for everyone. In a world where anything can happen to anyone, it is never wrong to be prepared. Whether it is for the safety of your health or the protection of properties, you now have a wide variety of policies at the end of your fingertips. At present, you now have the option to insure your house, your own self, and even your pets.

One great investment that you should look into is Long Term Care Insurance. This covers the help that you would need in the event that you are no longer capable of doing everyday things such bathing, dressing, and eating.

“Should I buy long term care insurance?”, “Is it worth it to buy plans for me and my spouse?”, and “The usual long term care quotes I came across are expensive. Is it worth the money?”—these are the usual questions that one asks when considering long term care investments.

Generally, it is a good investment simply because of one reason: we all age. It is inevitable, and we must take the necessary steps to prepare for that.

For couples, the good news here is that long term care insurance carriers offer a policy that will cover you and your spouse. The Shared Care option provides the proper security for you and your partner without breaking the bank.

Let’s look into the advantages that this has.

1.    Sharing is caring and cost-effective

Couples share many facets of their individual lives with each other—from properties and bank accounts to pets and closet spaces. To add to that list, couples also get to share long term care insurance coverage.

Insurances cost a great deal of money. With all the expenses that couples have on a daily basis, buying separate policies could take a toll on their bank accounts. Shared long term care insurance would essentially be hitting two birds with one stone. The cost of long term care insurance shared between couples is usually a great deal less than individual LTC insurance.

According to the American Association for Long Term Care Insurance, LTC quotes for individuals aged 55 range from $1,764 to $3,446 per year. Meanwhile, shared policies cost $2,080 to $4,824 per year combined.

2.    Shared policies have longer lifespan

Couples who purchase shared LTC plans could have access to the benefits longer. Anne-Marie Botek of AgingCare.com cites a great example.

Let’s say a couple each purchases a three-year long term insurance with the shared care option. This would allow a person to potentially access six years of long term care coverage. While a couple who each buys a three-year plan would only be able to receive care for three years separately.

3.    The healthy spouse stays healthy Grow old together, get sick together

 One’s health naturally declines as one gets older, some sooner than others. At times, you and your spouse take turns, but what happens when you both end up requiring care at the same time? Is it right for one person to step up and care for the other despite his own afflictions?

Illnesses cannot be scheduled. No can ever pick the time they will be sick, and this is why it is good to be ready.  Shared insurance plans prevent this from happening. Because of the policy, both spouses received the care that they need.  

4.    Shared Care gives security and peace of mind

Illnesses vary from person to person. There are no set boundaries, so you can never predict when or how much care you are going to need. It is very likely that the insurance you purchase for yourself might not be enough to cover all the expenses that you might need.

One great advantage of shared care insurance is the capability to tap into your spouse's benefits once you have exhausted your own. As intimidating as LTC quotes can be, the assurance of a more extensive coverage provides the sense of security that helps couples sleep better at night.

Additionally, when one the pair passes away, the living spouse would be granted access to the deceased spouse’s remaining funds.

It is also important to note that these shared benefits are not just accessible to those with a marriage contract. Long term care insurance companies also cater to couples who have not tied the knot but have lived together for more than a year.

Like everything else, it still depends on you and your willingness to invest. Weigh your options, and always do your research before you shell out the big bucks. With all the stresses and strains that today’s world brings, it is always good to think ahead not just for yourself, but also for your partner.