If you are playing the odds when it comes to long-term care insurance, who do you bet on if you can only afford coverage for one spouse?
ElderLawAnswers.com recently took up this topic and weighed in on this question: “Which Spouse Should Get Long-Term Care Insurance Coverage?” In brief, women tend to live longer and therefore require more care. While it is far from a sure thing, a married couple might be best served by providing long-term care insurance for the wife, who is most likely to be the surviving spouse.
Granted, the facts of relative longevity are quite familiar to insurance companies these days and women often require higher premiums, so a cost-benefit analysis comes into play. Then again, many more companies are working to offer coverage options to work for both spouses.
You can find a great deal of options, if you just look around the market. As with any insurance or estate planning decision, you should compare a number of options and speak with a trusted advisor before making any commitments. Every couple’s situation is unique, with different financial and health factors as part of the mix. So what works for one couple might not be the best option for you.
For more information about how you can evaluate long-term care options as part of your overall estate plan, please contact us at Peak Legal Group to schedule a complimentary estate planning consultation.Reference: ElderLawAnswers.com (modified June 11, 2013) “Which Spouse Should Get Long-Term Care Insurance Coverage?”