Shared Care Rider Sample Clauses
A Shared Care Rider is an optional add-on to a long-term care insurance policy that allows two insured individuals, typically spouses or partners, to pool and share their benefit amounts. With this rider, if one person exhausts their own policy benefits, they can access the remaining benefits from their partner’s policy. This arrangement provides greater flexibility and security, ensuring that both individuals have access to additional coverage if one requires more extensive care, thereby addressing the risk of one partner outliving their individual benefits.
Shared Care Rider. This optional rider can be selected when both spouses have identical long- term care insurance policies in force with New York Life Insurance Company with the same Policy Effective Dates. If both policies are in force when one of the insured spouse’s Policy Lifetime Maximum Benefit is reached, additional benefits will be payable under that insured’s policy up to the Shared Care Maximum Benefit. The Shared Care Maximum Benefit of one spouse will be reduced by any benefits previously paid for the other spouse under the Shared Care Rider attached to that person’s Policy. This optional rider has additional requirements to keep the rider in force that are described in the termination section of the Rider.