This blog post is designed to provide general information on the subjects covered. It is not, however, intended to provide specific estate planning, insurance, tax or legal advice. Please note that LTC Consumer and its representatives do not give financial planning, tax or legal advice. You are encouraged to consult with your tax advisor or attorney concerning your own situation.

Domestic Partnership and Long Term Care Insurance

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Did you know couples can receive unique discounts for long term care insurance? Discounts for couples can range from 10-40% in savings. This can result in significant savings over the life of a policy!

But what about domestic partners? Can they receive discounts too?

If you’re wondering these same questions, we have good news for you.

YES. Domestic partners are recognized by most insurance carriers and may be eligible for premium discounts under certain conditions.

Continue reading to learn more about the benefits and options available for domestic partners.

Domestic Partner Discount Eligibility

Insurance carriers typically require domestic partners to live together for one to three years. Both heterosexual and same-sex couples are recognized for married or domestic partner discounts.

Discounts may also be extended to siblings or cousins who apply together for coverage.

What Discounts Are Available?

Most insurance carriers offer a “marital” discount for one spouse or domestic partner applying for coverage alone. This discount typically ranges from 10-15% in savings.

“Spousal” discounts apply to married or domestic partners who apply together and are approved for coverage with the same insurance carrier. These discounts can range from 20-40% depending on the carrier.

Are There Other Benefits for Couples?

Yes. Couples who apply together for coverage may take advantage of additional money-saving options.

Shared Care is available for spouses or partners who apply for identical coverage. This benefit allows couples to share benefits if one exhausts their coverage and needs more care.

Shared Care is added for an additional fee, but it can help save couples money by providing access to higher coverage amounts if needed.

Survivorship is an additional feature, or rider, that allows a surviving spouse to have a paid up policy. If one spouse passes away after the policies are inforce for seven or ten years, premiums for the surviving spouse are forgiven.

Survivorship can be expensive and may not be for everyone. This feature is especially beneficial for couples with a larger age gap by providing peace of mind for the surviving spouse.

Are you interested in learning more about money-saving options available for couples? Secure your future now with a long term care plan. Discover for yourself how these discounts and benefits could offer significant savings for you and your spouse or partner.

Request a free quote for long term care insurance today and speak with an LTC Specialist for professional long term care planning.

LTC Consumer is an independent, free online service to help consumers understand what long term care insurance is, how it works, and how to evaluate coverage options. Our mission is to provide an educational, no-pressure resource for learning about long term care planning, with the opportunity to speak with specialists who can help them.

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