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How Much Does Long-Term Care Insurance Typically Pay for Assisted Living?
Date Updated: July 26, 2024
Written by:
With over a decade of dedicated experience, Andrea Miller boasts an extensive background in healthcare writing and editing. Her expertise spans various facets of the healthcare industry, with a particular focus on nursing, senior care, Alzheimer’s disease, and public health. Andrea has also contributed her editorial talents to reputable publishers in the Philadelphia region, complementing her extensive freelance work.
Reviewed by:
Gene Altaffer has a Masters in Gerontology from the University of Southern California and has worked in many avenues along the continuum of long-term care, assisting thousands of clients and their families since 1995. He also sold long-term care insurance from numerous carriers while also assisting families with retirement planning. Gene helps seniors navigate their Medicare plans, ensuring they understand their benefits and options.
How does long-term care insurance work for assisted living?
When you buy long-term care insurance, your plan covers the cost of assisted living up to a monthly or daily limit. You pay for any portion of your bill that exceeds this maximum amount. Research the average cost of assisted living care in your area to ensure you purchase a large enough LTC insurance policy.
What does long-term care insurance for assisted living cover?
Long-term care insurance for assisted living usually covers a portion of your rental costs. However, every plan has different benefits and guidelines, so review the policy documents carefully to find out what specific type of LTC your insurance covers.
When should you buy long-term care insurance?
Buy long-term care insurance if you don’t expect to need assisted living for at least 25 years, according to the National Institute on Aging. As you get older, the premium for this type of coverage increases. If you develop health problems, such as a chronic illness, you might not meet the requirements for an LTC policy.