When looking at long term care insurance plans, you can choose to add riders to your plan in order to have additional benefits that are not covered under a normal plan. These riders will add to your premium cost, but allow you to tailor your plan to better suit your needs.
Shared Benefits
Some insurance plans will offer shared benefits which allow families or spouses to share an insurance plan. The couple would purchase a plan that pays out for a certain number of years. Once one of the insured uses their care, the second insured would have access to whatever of the plan is remaining. For example, one spouse may use a 6 year plan for a total of 4 years, leaving the remaining spouse 2 years on the plan. This type of insurance plan would typically be recommended to a couple that has been married for many years and are approximately the same age. The shared benefits would start paying once you’ve exhausted your own long term care benefits. This benefit is considered a rider and would increase premiums.
Survivorship
Survivorship allows for a surviving spouses insurance plan to be paid in full, eliminating their premium upon the death of their spouse. Both spouses will need to be insured by the same company and would need to have had no claims filed for 7 to 10 years, depending on the level of plan you choose. The surviving spouse’s plan would continue at the same coverage. This benefit is also considered a rider and would increase premiums.
