Baby boomer couples cutting health care costs by pooling resources to reduce the cost of long term care premiums. Instead of buying for one, advisers and analysts say you can sometimes slash premium costs by approaching long term care insurance as a couple.
For those willing to shop around the following three strategies are worth exploring:
1.Shared care plans
In general, sharing long-term policies doesn’t eliminate the need for both partners to buy separate plans. But unlike traditional policies, a special rider is tacked on to each to allow one spouse to dip into another’s benefits.
The main advantage of shared coverage is that if you need more than your current plan allows. But what happens if both eventually go over their allotted amounts?
If you’ve bought a contract with plenty of flexibility and terms that stretch over long periods, experts say that won’t necessarily be a problem. They point out that some providers offer policies that can cover an entire lifetime. A longer time frame usually means greater premiums. A lifetime policy can translate into extra costs when compared with short-term plans covering three-...
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