Marriage is a big commitment. It’s natural for couples to be nervous before jumping in. Recent trends suggest more people are foregoing marriage to cohabitate instead.
What’s Trending: Cohabitation
One reason for an increased interest in cohabitation instead of marriage isn’t just the fear of matrimony, it’s more out of concern of the possibility of it ending. With the prospect of divorce looming over people’s heads, many are more apt to move in with each other versus committing to forever.
While marriage rates have significantly dropped in the last 40 years, research continues to show marriage has measurable mental and physical benefits compared to cohabitation. But despite the positives marriage can offer people, roughly half of those age 35 and younger are living with an unmarried partner.
It’s also increasing in Americans age 50 and over, according to a Pew Research Center analysis of the Current Population Survey. In 2016, cohabiters age 50 and over represented nearly a quarter of all cohabitating adults. This number has grown by 75% since 2007 – an increase faster than any other age group.
The rising rates of cohabiters in the age 50 plus group coincide with rising divorce rates. With a large pool of divorcees and those who have never been married, more individuals are partnering or re-partnering.
Cohabitation & Long-Term Care
So, what does this mean for the future and long-term care needs? Married couples often have a built-in caregiver to help through periods of illness, injury, or long-term care needs. Some long-term domestic partners may have similar results outside of a marriage commitment, and others may not.
Many couples choose to insure their risk of long-term care and ease the burden of caregiving on one spouse (often female) by buying Long-Term Care insurance. Marital discounts are available with some insurance carriers and even higher discounts may be able when you apply with your spouse and both are approved for coverage.
“LTC discounts are also available to domestic partner relationships.”
The good news is these discounts are also available to domestic partner relationships. While not all domestic partner couples may choose to buy LTC coverage together, it’s a good idea for those in committed long-term relationships who are willing to consider it.
LTC coverage can help pay for care in the home, adult foster care, assisted living facility, memory care unit, nursing home, and more. These services can cost thousands of dollars each month and can easily dissolve an individual’s savings in a few years or even less.
At LTC Consumer, we help couples at any stage plan for their retirement with professional long-term care planning. Learn more about your options and take advantage of discounts and savings when you apply for coverage with your spouse or partner. Explore your coverage options and rates by speaking with a long-term care specialist today.