Long-Term Care Insurance for Couples: How Joint Coverage Works
Couples can buy long-term care coverage individually, or together through joint coverage that shares one pool of benefits. With the joint coverage Staying Power offers, either partner can draw from the shared pool, or both at once, and if neither needs care, a death benefit is paid after the second person passes.
How does a shared benefit pool work?
With the joint coverage we offer, you choose a total number of full monthly benefit payments (48, 72, or 96) that make up one shared pool. Either person can use it, both can use it at the same time, and one person can use the entire pool.
That last point is the key tradeoff: shared flexibility means one partner’s long care need could use benefits the other might need later.
The NAIC calls this “shared care.” The maximum lifetime benefit usually applies to both people, and anything either person collects is subtracted from the shared total. (NAIC Shopper’s Guide)
What else is different about joint coverage?
Premiums are waived while long-term care benefits are being paid
Each person has their own 90-day elimination period
The death benefit is paid after the second person passes
Premiums are guaranteed never to increase
Joint coverage or two individual policies?
Joint coverage offers flexibility: you don’t have to guess which of you will need care, or when. Two individual policies give each person their own dedicated benefit. A licensed agent can compare both for your situation.
What should couples talk about?
Who would care for whom, and what that would ask of the healthier partner. Planning ahead protects the caregiving partner as much as the one who needs care: their health, their time, and their own future.
Staying Power is a licensed insurance agency that helps couples compare joint and individual coverage.
To compare options for the two of you, start with a few questions. See also How Does Long-Term Care Insurance Work?.
Related reading: Aging in Place as a Couple and What Happens If I Never Need Long-Term Care?.
Frequently asked questions
Do we have to be married to get joint coverage?
Joint coverage is designed for two people. Ask a licensed agent about eligibility for your situation.
What if one of us has health issues?
Each person is underwritten individually. A licensed agent can explain how your combination of health histories affects your options.
What happens if neither of us needs care?
A death benefit is paid after the second person passes.
