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LTC Insurance Blog
Simplifying the process of understanding Long Term Care, and helping you decide if Long Term Care insurance is right for you.
Pooled Benefits and Joint Policies
You may be able to buy a Long Term Care insurance policy that covers more than just one person, or more than one kind of Long Term Care service. The benefits these policies provide often are called “pooled benefits.”
One type of pooled benefit covers more than one person, such as a husband and wife, or domestic partners, or two or more related adults. This type of benefit sometimes is called a “joint policy” or a “joint benefit.” The total benefit usually applies to all of the individuals the policy covers. If one covered individual collects benefits, that amount is subtracted from the total policy benefit. For example, suppose a husband and wife have a pooled benefits policy that pays $150,000 in total Long Term Care benefits, and the husband uses $25,000 in benefits. Then $125,000 would be left to pay benefits for either the husband or the wife or both.
Another kind of pooled benefit lets you use a total dollar amount for various Long Term Care services. These policies pay a daily, weekly, or monthly dollar limit for one or more covered services. You can combine benefits in ways that best meet your needs. This gives you more control over how you spend your benefits. For example, you could choose to combine the home care and community-based care benefits instead of using the nursing home benefit. Some policies provide both types of pooled benefits. Other policies provide one or the other.
Reprinted from “A Shopper’s Guide to Long Term Care Insurance.” © 2013 National Association of Insurance Commissioners
If you would like more information about joint polices or pooled benefits please call us at 1-800-432-0091 or fill out our online form to receive a free rate comparison.