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Ask Kim: Should we buy a shared-benefit for long-term care coverage? : Long Term Care Insurance Network

Ask Kim: Should we buy a shared-benefit for long-term care coverage?

By administrator | Aug 27, 2015

Ask Kim: Should we buy a shared-benefit for long-term care coverage?
News from Chicago Tribune:

Q: How does a shared-benefit rider for long-term-care insurance work? How much does it cost?

A: A shared-benefit rider gives you and your spouse a pool of long-term-care benefits to split between the two of you. Instead of a three-year benefit period for each of you, for example, you’ll have a total of six years of coverage that either one of you can use. If your spouse ends up needing care for two years, you’ll still have four years of coverage to use yourself. (The rules are slightly different with some insurers.)

When buying long-term-care insurance, a big unknown is how long you may need care. The average is about three years, but some people need care for much shorter periods, and others with a condition such as Alzheimer’s disease may need care for much longer. It has become very expensive to buy a policy with coverage for more than five years — and nearly impossible to find ones offering lifetime benefits. Adding a shared-benefit rider to policies you and your spouse own can help you hed…………… continues on Chicago Tribune

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