Will long-term care insurance pay for assisted living?

Whether long-term care insurance covers the costs of assisted living will vary from one policy and insurance company to another. Most policies sold today are “comprehensive” and provide coverage for assisted living, but those purchased several decades ago when assisted living was still relatively new may not cover such services.

If you are in the market for a long-term care insurance policy and are interested in assisted living, make sure that the policies you are considering are comprehensive or otherwise include assisted living in their coverage. If there are specific assisted living services that you think you will want to make use of, check to see that those are covered as well. In addition to assisted living, comprehensive policies typically include coverage for in-home care, adult day services, hospice care, nursing homes, and specialized facilities for those with Alzheimer’s. It should also be noted that Medicare will not cover assisted living services.

Keep in mind that even if your policy does cover assisted living, there are often requirements that must be met before it will begin to pay out. Most policies require that the enrollee be unable to perform two to three activities of daily life (ADLs) such as bathing and getting dressed without assistance. An evaluation by a doctor and time spent in a hospital and/or nursing home may also be required. Finally, some policies only provide coverage for care in facilities that meet certain specifications. Review your policy carefully to see what sort of requirements will need to be met in order for you to receive coverage for assisted living services.

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