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Can You ‘Pool’ a Long-Term Care Insurance Policy with Your Spouse?

In the realm of insurance, the term ‘pool’ has been thrown around quite a bit. Being able to pool certain insurance policies together is a way that some people save money. For example, you may have an automobile insurance policy and a homeowner’s insurance policy from two different companies. Instead, by pooling these into the same coverage, with the same company, you may get a discounted rate.

Long-Term Care Insurance Premiums Carmel Valley CA - Can You ‘Pool’ a Long-Term Care Insurance Policy with Your Spouse?

Long-Term Care Insurance Premiums Carmel Valley CA – Can You ‘Pool’ a Long-Term Care Insurance Policy with Your Spouse?

When you consider a long-term care insurance policy, you need to understand who is going to be covered under that policy. You may be looking at taking out a long-term care insurance policy for yourself and your wife, but does that mean you have to get a separate policy for you and her?

Look at the policy carefully.

When you take out a long-term care insurance policy, you will most likely be doing it for a household, usually meaning you and your spouse. If you have other dependents, legal dependents, then they may be included in the policy as well.

If that’s the case, that would mean your legal dependents who are also covered on the policy will be protected in the event long-term care is required for them at some point in the future. However, not all policies related to long-term care insurance are going to offer this option, so you need to be clear on what you’re looking for and what you may be purchasing before you sign on the dotted line.

One of the benefits to pooling a long-term care insurance policy

One of first things to consider is cost savings on a monthly basis. When you purchase a long-term care insurance policy, you will have a monthly premium to pay. If you and your spouse have two different long-term care insurance policies, that means you will have two premiums to cover each and every month. If you pool these together, you can save on those monthly premiums.

However, you do need to keep in mind that in the event you and your spouse at some point in the future require long-term care, the policy is only going to cover a set number of days (or years) and a set amount for each day.

If you and your spouse require long-term care at the same time, it could deplete the insurance policy quicker than you might expect. If you require long-term care first, you might end up using the entire coverage amount of the policy before your spouse may need that type of support.

If you or a loved-one are considering Long-Term Care Insurance Premiums in Carmel Valley CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.

Steve Elliott

Long-Term Care Insurance Specialist at LTC Capstone Insurance
Steve Elliott with Capstone Financial Assurance is a Long Term Care Insurance Specialist

I work with all the major insurance companies and my objective is to help my clients determine if long term care protection makes sense for them and if so, to help them shop the market to find the best company at the best rate

I specialize in Traditional Long Term Care Insurance as well as Hybrid Long Term Care Plans which are either a combination of Life Insurance and Long Term Care or an Annuity Plan with Long Term Care

I’ve been specializing exclusively in Long-Term Care Insurance Planning for over 21 years.

Steve was recognized as a 2003 Long Term Care Expert of the Year at The National Long Term Care Producers Summit

2006 was awarded Senior Market Advisor of the Year Finalist by Senior Market Advisor Magazine

National Speaker for Numerous Industry Meetings

Awarded Nations Top 10 Agent 8 times by the American Association of Long Term Care Insurance

Author of numerous published articles on long term care planning