Baby Boomer Couples Cutting Health Care Costs
Below is a MRR and PLR article in category Finance -> subcategory Wealth Building.
Baby Boomer Couples Cutting Health Care Costs
Summary
Baby boomer couples are finding ways to reduce health care costs by pooling resources, especially when addressing long-term care insurance. By purchasing as a couple, it's possible to lower premium costs significantly. Here are three strategies to explore:
1. Shared Care Plans
While both partners still need individual plans, shared care policies include a special rider that allows one spouse to use the other’s benefits. The main advantage is flexibility in accessing more benefits if needed. Ensure your policy provides at least four years of coverage, as nursing-home stays average around 2.5 years. Couples considering shorter-term plans may find shared policies beneficial as they provide access to each other's coverage pool.
2. Long-Term Care Partnership Deals
These programs allow the value of long-term care policies to count against Medicaid requirements, safeguarding personal assets. Different states have varying conditions. In New York, for instance, policies must cover a minimum of three years in a nursing home and six years of home care. States like California and Connecticut use dollar-for-dollar protection, which can save money by shifting costs from Medicaid to insurance companies. Consider buying enough coverage to protect your entire portfolio if you live in a dollar-for-dollar state.
3. Discounts on Bundled Purchases
Some insurance carriers offer discounts for couples purchasing policies together, ranging from 15% to 25%. Additional discounts are possible for especially fit and healthy candidates. This method is straightforward and can result in significant savings.
Important Considerations
1. Examine the insurer's history regarding policy changes and price adjustments. Some companies have not raised premiums.
2. Shared care benefits might be slightly more expensive than traditional policies, but they often reduce the total policy length.
3. If financially possible, individual longer-term plans may offer more coverage.
4. If affordability is crucial, shared care is worth exploring.
5. Be aware of potential loopholes in state partnership programs. State-specific Medicaid rules can affect asset protection.
Conclusion
Couples can achieve significant savings on health care costs through careful research and strategic purchasing. Consider contacting a Long Term Care Professional to explore options from multiple carriers.
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