Will Insurance Cover My Loved One’s Assisted Living Facility?

Assisted living facilities charge the average person around $2,000 to $5,000 per month, which is not exactly cheap for most people. Fortunately, there are plenty of ways to help pay for assisted living for yourself or a loved one, including various insurance options. For those who don’t already know, Medicare will NOT pay for these services. Private insurance companies and other insurance benefits might, though. It’s best to talk to an admissions and financial services professional to get an idea of what you can expect, but here is some information to get you started.

Long term care insurance is one way that you can find help paying for assisted living. There are different types of policies, though, so you’ll have to check what coverage you have. If the plan includes home care coverage, it should also extend that to assisted living. Some policies have “facility-only” coverage, which requires care to be provided in a licensed or skilled nursing facility specifically. You’ll often have to go further than a simple approval, though, so be sure to ask the advocates at the facility to help you show the insurance what they need to see. Most insurers will require that a covered person require assistance in at least two daily living activities. These include things like eating, dressing, bathing, walking, using the bathroom, moving from bed to chair, and so forth.

If you are looking for assisted living for a veteran, the VA can be a great resource to learn about those benefits and how they can help cover residential care and treatment. Those with service-related disabilities or injuries can easily get coverage. However, there is another option for those without these issues. The Aid and Attendance part of these benefits will often help cover the costs of assisted living.

Life insurance is another place you can look for assistance paying for residential care for yourself or a loved one. Although most people think of life insurance for after the insured person’s death, there are policies that can offer financial benefits now. Agents typically refer to this as living benefits, accelerated benefits, or cashing out a policy. The company will buy a policy back, generally at about 50-75% of face value, based on certain rules and guidelines. You can also sell to a third-party company that offers “life settlement” cashouts, which is about the same that you would get from the insurance company (if they offer it). It’s important to talk to an agent about using this coverage for assisted living care.

There are a lot of different options for offsetting the costs of assisted living, but ultimately the staff at the facility that you choose should be able to help you go through the financial elements and figure out what will be best in your situation. The professional, experienced staff at Prosperity Pointe offer the best assisted living facilities in the Knoxville areas, and they can help you through all of the financial hurdles in figuring out how you’ll pay for the assisted living care that you or your loved one may need.