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A significant savings opportunity when couples purchase long-term care insurance protection is about to disappear.
Insurance companies continually change how they price policies. At one time, insurers charged men and women equal amounts for identical long-term care insurance protection. Starting around 2013, this policy changed as insurers found that women were far more likely to need care and utilize the benefits. Today, women pay anywhere from 20% to 40% more than men.
As an inducement for couples to both purchase coverage, insurers have offered spousal or partner discounts. These typically amount to a 30% savings when both partners apply and are insured or 15% when only one spouse is covered.