Q: Are there plans in which couples can "share" long-term care insurance? If not, what's the best course of action for couples?
Some long term care insurers offer "shared care" policies where two people share one pool of benefits.
This is a type of long-term care insurance that allows a married couple to take out separate plans that have an option allowing each spouse to become a "rider" on their partner's plan. If a person needs care and their own policy runs out of benefits, as a designated rider, they would be able to dip into the funds of their significant other's policy. For some couples, shared care is a good option – but for others the cons might outweigh the pros.
In cases where couples can share a policy, it is important to compare the individual aspects of the policy in order to determine which kind of policy (shared vs. individual) would be the most beneficial for a couple to purchase. Be sure to talk to a qualified financial professional before making a decision.
The American Association for Long-Term Care Insurance is a helpful resource on this topic.