With the cost of care on the rise, spouses are looking for better ways to protect their assets against the threat of a long term care event.

The cost of care for women is drastically different than men. On average, women live longer and may need care for longer periods of time. Buying coverage together offers premium discounts for spouses including additional features to share coverage.

After all, you share everything with your spouse, so why not share long term care insurance?

Shared Care offers a solution for couples to add an extra layer of protection. This optional rider helps you get more for your money.

Learn more about the benefits of Shared Care and if it’s right for you and your spouse or partner.

What is Shared Care?

Shared Care is an optional feature added to individual long term care insurance policies for spouses or domestic partners. This feature allows you to share your benefits with your significant other if you need it. Essentially, it acts as a bridge between your policies in the event either of you exhausts your policy and needs additional care.

To add Shared Care to your policies, you must buy identical coverage from the same insurance company. For example, if you buy a $6,000 monthly benefit for 3 years, your spouse or partner must buy the exact same benefit.

What are the Benefits?

Shared Care helps couples save money by doubling their plan.

For example, you and your spouse each buy long term care policies with a $300,000 benefit pool. With Shared Care, this rider doubles your benefit to $600,000 if you or your spouse needs additional care services.

Buying coverage together makes you eligible for higher premium discounts while Shared Care helps answer the question of, “But what if I don’t use my policy?”

Even if you only use a portion of your benefit, your spouse has access to their coverage and yours if they need it.

Shared Care is added for an additional fee, but the extra expense can end up saving you money in the future. Though this rider can fluctuate between carriers at a range of 12-18%, many couples find they can buy more affordable plans while maximizing their coverage.

For example, rather than buying a six-year benefit, you can buy three-year benefit durations and have access to six years of coverage if you need it.

Who Should Choose Shared Care?

Shared Care is valuable if you have assets to protect. It guards your savings against being depleted due to a long term care event.

Shared Care also offers a solution if you’re interested in saving money. It allows you to buy smaller, more affordable policies while maximizing your access to coverage.

Interested to discover if Shared Care is right for you and your spouse? Request a free quote and speak with a Long Term Care Specialist today. Learn more about how you can secure your future and save money with Shared Care and spousal discounts.

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.