In a sense, buying insurance is always about playing the odds. Traditionally, when the husband was the primary breadwinner, life insurance was taken out on his life. The tables are reversed, however, when it comes to long-term care insurance. What if a married couple can only afford coverage for one spouse?
ElderLawAnswers.com 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 also 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 the cost-benefit analysis begins. 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. On the other hand, statistics do peak volumes.
You can learn more about this topic as well as other strategies on our website under the tab entitled: elder law planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning
Reference: ElderLawAnswers.com (modified June 11, 2013) “Which Spouse Should Get Long-Term Care Insurance Coverage?”