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.

What is a Spousal Sharing Rider with Long Term Care Insurance?

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[Note: This article assumes general familiarity with long term care insurance.  If you are new to the topic, please feel free to read some of our other articles first.]

There are many different options you can add to a long term care insurance (LTCI) plan to make it fit your needs.  One of the most popular is a spousal sharing rider, also known as Shared Care Rider. Shared Care allows exactly what it sounds like, the ability for sharing of couples’ LTCI policies.

If you buy long term care insurance as a couple, which 75% of our buyers do, you should consider purchasing a shared care rider.  This combines the benefits of a couple (spouse or partner) to give them greater protection come claim time.  With a shared care rider, if one person in the couple uses up all of their benefits, they have the option to dip into their spouse/partner’s benefits.  Additionally, if one spouse passes away before using their benefits, their unused benefits automatically transfer to the surviving partner at no additional cost.

While the additional rider will cost you a little extra money (typically about a 15% increase in cost), couples who purchase LTCI together get a discount for doing so, up to 30%.

Individual 50 year old Male Applying by Himself:

Pool of Money – $100,000

$88/month

Individual 50 year old Female Applying by Herself:

Pool of Money – $100,000

$136/month

Couple Applying Together with Shared Care:

Pool of Money – $200,000

$182/month

Each person still has their set pool of money, but with Shared Care they have the ability to gain access to their spouse’s pool of money should they need it.

“Sharing is caring.”

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.

*Plan designs are for single individuals as well as a married couple applying with Shared Care.  All three are monthly premiums, $3000/month, 3 year, 90 day, 100% HHC using Michigan rates.

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