If you have a spouse, and you are both planning for long-term care, then the best option may be a shared benefit plan or shared benefit LTC rider. This plan would allow for both you and your spouse to save money and remain covered if long-term medical conditions arise. If you are concerned about the benefits of a shared benefit plan, here are a few key points to consider.
There is a huge financial benefit to a shared benefits long-term care coverage plan. Couples save an average of 35% or more when they purchase a long-term care coverage option with the shared benefit option. This financial benefit helps greatly when one or both members of the family are placed in long-term care facilities. It should be noted that the shared care benefits for long-term care coverage also covers domestic partners in most states.
With a shared benefit plan, you not only share the benefit coverage, but you have access to partner benefits in certain situations. For example, if you use all of your benefits or your partner uses all of theirs, then you can access the others benefits packages. This means, that if you are placed in long-term care and your spouse is not, you can use all of the benefits you have and then access their benefits. Remember, however, if you are accessing benefits of your stuff a long-term care shared benefits plan once does the benefits have been used there will be no more benefit. This only comes in to play as a problem when one member of the couple uses both benefits thinking that is the other member will not need long-term care and the other member ends up needing long-term care benefits coverage.
Premiums and Waivers
Under a shared benefit long-term care insurance coverage package, if one of you is entitled to a waiver of the premium, then neither of you have to pay the premium. This is a huge financial benefit as well of the coverage benefit for many couples. In fact, this is one of the main benefits that leads couples to choose the shared benefit long-term care coverage plan option.
This option allows a partner to buy a two-year long-term-care benefit policy for himself or herself as a stand-alone option only. This is implemented in cases where the spouse may have used 100% of those benefit plans in the shared care benefit rider or standalone plan and the other family member needs coverage. So if your husband or wife uses their entire plan, all of your plan, and leaves you with no long-term care insurance when you needed then ace to your benefit plan may be put into effect.
These are just a few of the benefits regarding a shared benefit plan. If you or your spouse is interested in a shared benefit plan, please contact us today for more information and to set up a plan for you that works with your long-term care as well as other insurance coverage you may have.