Long-Term Care Insurance (LTCi)
Don’t lose out on a couple’s* major LTCi discounts!
Many times with couples one person is just more proactive and that’s OK.
This is one time that I would suggest that couples nudge each other to look at the savings they get if they apply for LTCi together.
Here is a recent example of a couple who purchased LTCi policies together.
Male age 50
Male age 57
They are both in excellent health.
They decided on yearly LTCi premium payments that will provide each of them when they are in their 80’s, with approximately $10,900 a month in reimbursements benefits once they qualify.
Here are the breakdowns of their yearly LTCi premium payments:
If the older male partner was to purchase this insurance on his own his yearly premium payments would cost him approximately $2,400.
If they both purchase the policies at the same time here is the breakdown of their yearly premiums:
Younger Partner: $1,594 Older Partner: $1,796
A LTCi Plan is designed to help you live as independently as possible, for as long as possible. To help you thrive and enjoy life and not just go through the motions of your daily activities. Life is complicated. As the years go by, you may find that your old support networks are no longer available.
Having a LTCi policy that gives you approximately $10,900 a month in reimbursement benefits may sound like a lot. But, when you add up the costs of having a home-care aide for more than 12 hours a day, you may need a policy that provides more than $10,900 in reimbursement benefits a month.
When I turned 50 I purchased two LTCi policies. In my 80’s, they will provide me with $20,000 plus a month of reimbursed benefits for 7 years. Being single, I wanted to insure I put a plan in place. Life for me may change. I might need to take my home-care aide with me to the theater. That’s OK. At least I’d be out and enjoying life.
By purchasing two LTCi policies I feel secure that I have a plan in place. Hopefully, I will never need to use them! But just in case, I am fully prepared to embrace the extra help I may need to enjoy life to its fullest!
Don’t let one of you be more proactive by moving ahead to purchase an individual LTCi policy. Take a look at the benefits of couples owning LTCi policies in planning for your future.
Let’s plan what LTCi policies work best for you.
*Couples/Partners means:
One person who is your spouse to whom you are legally married; your registered domestic or civil union partner; or an adult person with whom you share a serious and committed personal relationship that is intended to be lifelong and with whom you have shared a common permanent residence on a continuous basis for the most recent three years.