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Does Genworth Long-Term Care Insurance Specifically Cover Assisted Living?
Date Updated: July 26, 2024
Written by:
Rachel Lustbader is a writer and editor with a background in healthcare and technology. Her work has been published on websites including HealthCare.com, BiteSizeBio.com, BetterHelp.com, Caring.com, and PayingforSeniorCare.com. She studied health science and public health at Boston University.
Both of Rachel’s grandmothers had very positive experiences in senior living communities, and Rachel saw firsthand the impact that kind, committed caregivers and community managers can have on seniors’ and their family members’ lives. With her work at Caring, Rachel hopes to help other families find communities, caregivers, and at-home products that benefit elderly loved ones and make life less stressful for family caregivers
Yes, Genworth long-term care insurance specifically covers assisted living. However, precise plans vary depending on premiums and the state, so it’s crucial that seniors check all terms when taking out insurance. What’s more, insurance rarely covers total care costs, so you’ll need to use additional resources to pay for assisted living.
Genworth assisted living coverage
Genworth’s long-term care insurance typically covers assisted living costs for care, services, room and board for those in licensed communities, subject to maximum payout limits. Insurance doesn’t cover prescription fees or supplemental charges, such as those for entertainment, salon services or TV plans.
Policyholders must cover costs during the elimination period — a set amount of time from needing assisted living care before insurance coverage starts. Policies also have maximum terms, meaning that coverage isn’t indefinite. Payments stop once an individual reaches a set figure or after a specified time period.
Other ways to pay for assisted living
You have the option to use other income, such as pension benefits, VA payments and savings to pay for care. Some sell assets or ask families to help financially. Renting out property and reverse mortgages are alternatives for homeowners.