LTC Coverage for an Uninsured Partner

If you find yourself in a position where one partner is ineligible for LTC insurance, there are are other options available to help cover you financially.

One carrier offers a rider on traditional long term care that can provide additional financial resources to the family, when the insured spouse is receiving benefits, and the partner is alive, 60% of the inflated monthly benefit can be paid as an additional cash benefit, without reducing the policy limit. When the insured is receiving care, he or she is not able to care for his/her partner. This rider (additional premium is required) is available at the time the policy is issued. It cannot be added to existing policies. An example would look like: male age 65, annual premium $2,322, add rider for partner $1,393 for an additional 60% cash benefit, monthly benefit 4K, $144K benefit pool, 3% comp 20 years, & partner discount.

Another option, is short term health care that can provide up to 1 year of facility care and up to 52 weeks of home care. There are medical questions, but fewer than long term care insurance. There isn't any inflation option on this product. The requirement to expect to need care 90-days or more does not apply. An example would look like: female age 65, monthly premium $188.53, facility benefit amount $300 day ($10-$400 avail), 0-day elimination period (20 and 100 days also available), 360 days benefit period (90, 180, and 270 days also available), daily hospital indemnity $10 (least amount), & home health care $1,200 a week (maximum selected) for 52 weeks.

It's important to know your options to protect you and your family financially when traditional LTC insurance is not a possibility.