What is a Shared benefit long term care insurance policy?
The Shared benefits solution is Shared health benefits, enabling you to take advantage of your spouse or partner's benefits when your own policy benefits are exhausted.
Sharing benefits with survivors or some policies have provisions to protect surviving spouses or spouses.
In the event of the death of one of them, the survivor's benefit is increased by the deceased spouse or the spouse's residual benefit.
For example, if each of you has a $300 a day policy for five years and one of you dies, the rest of you will now have a $300 a day policy for 10 years, doubling the benefit.
What is a Shared benefit policy with supplementary terms?
Some policies protect spouses or partners whose policies have been exhausted by caregivers.
Once your spouse or partner has used up your benefits, you can choose a new policy and not need health insurance.
Imagine that your spouse or partner runs out of their own insurance, and then you run out of your own.
Unfortunately, you are suffering from a range of health problems.
With the supplement, you can purchase a new LTC policy without any health insurance.
Even if your health is deteriorating, insurance companies have a legal obligation to issue a new policy based on your previous health status -- even if your current health status usually results in you being rated as poor health or disqualified from coverage altogether.
When you buy an LTC policy with a survivor's benefit, you can protect yourself and your spouse or partner from the risk of exceeding expectations and seeing unused benefits disappear from a deceased spouse or partner.