Which Insurance Policy Will Help Cover Assisted Living Costs?

Most people hit a certain age and find themselves starting to worry about how they are going to care for themselves at the end of their lives. Whether you have children and don’t want to be a burden or are alone, there are certain steps that should be taken earlier in life to ensure that you can live a comfortable life as you age. Purchasing an insurance policy that includes assisted living coverage is a great place to start.

As with every insurance policy, it’s very important to take the time to understand what is covered, and what isn’t. This is particularly true when it comes to assisted living coverage because not every policy includes it. The best type of policy for this type of coverage is long-term care insurance.

Long-term care insurance policies generally offer coverage related to things like assisted living, nursing homes or “adult day care”. However, policies can vary greatly depending on what you buy and where you live. It’s important to take the time to assess what exactly you hope this insurance policy will cover.

For example, many long-term care policies include coverage that is designated as “facility only”. That means you won’t be able to file a claim to help pay for something like live-in care. If you are ok with living in an assisted-living center, a facility-only policy can be a great way to save some money, but that’s a decision you need to make before you purchase a policy.

Kelly Short, editor at SeniorLiving.org, spoke with U.S. News & World Report about what a good long-term care policy will include and what kind of price you should be looking. “In general, long-term care insurance is flexible along the continuum of care. It can pay for assisted living, a nursing home or adult day care,” says Short.

While prices vary greatly, the average long-term care policy costs about $2700 a year and offers between $2000 and $10000 in monthly benefits. Given that the median cost of long-term care is $4000 a month, a proper policy can easily provide 100% cost coverage.

Of course, it’s imperative that you take the time to find an assisted-care facility that you insurer will accept. “Despite state licenses, an insurance company denies payment because an assisted living agency or facility doesn’t meet its standards,” explains Short. That means that you can actually get denied coverage for going to a facility that insurers deem to be not nice enough.

It can be uncomfortable to plan for end-of-life care, but it’s an incredibly important thing to do. Purchasing the correct long-term care policy will allow you to rest easy knowing that you’ll be able to take care of yourself and your bank account no matter what life throws your way.

To purchase a new policy, or to learn more about your current one, we encourage you to reach to the staff at TGS Insurance at www.tgsinsurance.com.


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