In
our society women tend to live longer than men and to provide more care than
men. The result is that women are much more likely than men to end up in a
nursing home for a long period of time.
If you are playing the odds when
it comes to long-term care insurance, who do you bet on if you can only afford
coverage for one spouse?
ElderLawAnswers.com recently 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.
For more information and articles on
estate planning and elder law topics, please visit our website
and sign up for our free monthly e-newsletter. You can also friend
our law practice's Facebook page (R Christine Brown).
Reference: ElderLawAnswers.com
(modified June 11, 2013) “Which Spouse Should Get Long-Term Care
Insurance Coverage?”