Can A Long-Term Care Insurance Policy Cover Both My Spouse And Me?

Shawn Plummer

CEO, The Annuity Expert

Well, hello there! You’ve landed here because you’ve been asking yourself a vital question: “Can a long-term care insurance policy cover both my spouse and me?” And the answer is a resounding “yes!”—with some qualifications. So, let’s dive into this topic together. I assure you that by the end, you’ll have a firm grasp of the concepts and, hopefully, be more confident in making an informed decision about long-term care insurance.

Confused About Long-Term Care Insurance?

Are you new to LTCI and unsure where to begin? Visit our Learning Lab for expert guidance and insights.

Joint Long-Term Care Insurance Policies

The good news is that insurance companies offer couples joint policies that complement social security benefits. This single policy covers both individuals and usually offers benefits from which both insured individuals can draw, including social security.

In some cases, the policy may also include shared benefits, meaning that if one spouse exhausts their social security benefits, they can access the remaining benefits of the other spouse through the joint policy. This provides a layer of financial security and peace of mind for couples, as they can rely on both their social security benefits and the benefits their joint insurance policy provides.

For instance, if Sarah and Mike purchased a joint policy with five years of benefits, and Sarah needed three years of care, Mike would still have two years of benefits left. If their policy included shared benefits, Mike could access the remaining benefits if he required more than his allocated share.

Can A Long-Term Care Insurance Policy Cover Both My Spouse And Me

The Benefits of a Joint Policy

Joint policies have their perks. Besides the possibility of shared benefits, they often come at a discounted premium compared to two individual policies. Plus, there’s the convenience of managing just one policy.

Let’s retake Sarah and Mike. By opting for a joint policy, they could save on premium costs and avoid the hassle of managing two separate insurance policies.

Weighing the Potential Downsides

Like everything else, joint long-term care insurance policies aren’t without drawbacks. For example, the coverage might not be as comprehensive as two separate policies. Plus, if one spouse requires an extended care period, it could significantly eat into the benefits pool, leaving the other spouse with limited coverage.

For example, if Sarah needed long-term care longer than their total shared benefits, it could leave Mike with minimal coverage.

When One Long-Term Care Insurance Policy Covers Two Individuals, Where Do The Benefits Come From

Making the Right Decision

When deciding whether to go for a joint long-term care insurance policy, it’s essential to consider your health status, financial situation, and potential care needs. Consulting with a financial advisor or insurance professional can provide more personalized advice tailored to your situation.

Sarah and Mike, for instance, might seek advice from their financial advisor, who could help them weigh the pros and cons based on their health history and financial circumstances.

Can A Long-Term Care Policy Cover Both My Spouse And Me

Next Steps

In essence, yes, a long-term care insurance policy can cover both you and your spouse. It’s a matter of understanding the benefits and potential pitfalls and assessing your circumstances. While a joint policy may suit some, two separate policies may be the way for others. By knowing your options and seeking expert advice, you’re well on your way to making the right choice for your future. After all, long-term care insurance isn’t just about coverage—it’s about peace of mind. Remember, your future self will thank you for your daily decisions.

Long Term Care Insurance For Couples

Request A Quote

Get help from a licensed financial professional. This service is free of charge.

Contact Us

Frequently Asked Questions

How does spousal coverage work in a long-term care insurance policy?

Spousal coverage in a long-term care insurance policy allows spouses or partners to be covered under the same policy, sharing the benefits and coverage limits.

Are there any limitations or restrictions for spousal coverage in a long-term care insurance policy?

Limitations or restrictions for spousal coverage in long-term care insurance policies can vary and depend on the policy details and the insurance company’s guidelines.

Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

Scroll to Top