What happens if you are in a situation where you or your spouse or partner can’t qualify for long-term care insurance? Often time’s couples will step back from the process and not get any insurance which is a dangerous move.

The approach that should be taken is to make sure the healthy spouse has a very meaningful plan offering more coverage for an extended amount of time.  Consider this.  If you know one of you can’t get coverage, this means you are self insuring for that individual. You will likely spend down a good amount of your assets paying for care for the individual that can’t get coverage leaving the other partner at risk financially. This is why you want to make sure they have meaningful coverage as there may be limited assets left to pay for care for the second person.

Also, if the insured goes on claim first, their benefits can also provide benefits for the uninsured especially in a situation where they move into an assisted living facility. The ideal situation is to have long-term care insurance for both partners but don’t ignore the many advantages of having at least one insured. Let us know if you would like more information on your options.