Lauren Lewthwaite Last Updated On: August 1, 2023

Learn How Senior Living Insurance Can Change Your Life?

We as people are living longer than ever before—and this is definitely a cause for celebration. However, if you haven’t planned to live as long as you do, it can take some of the joy out of your golden years. 

Assisted living insurance (also referred to as long-term care insurance) can help keep you happy and thriving as long as possible by covering the costs of medical and elder care you may require.

Who Needs Assisted Living Insurance?

Many of us think of life insurance as the only insurance we will need, but this is myopic and rules out the fact that 3 out of 4 seniors will need some kind of long-term care. Whether it is home health care, respite services, or live-in care at a senior’s residence, the fact remains that the vast majority of us will require assistance. 

Unfortunately, Medicaid, the health insurance given to lower-income Americans, only provides money for long-term care if you have no money. So, you have to be broke to qualify. 

Medicare, which covers Americans over 65, does not cover long-term care at all, so you can’t depend on that policy. 

Even with some savings, you may need assisted living insurance. The average cost of a nursing home, for instance, is $200-$400 per day ($75,000 to $150,000 per year). 

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The Cost of Insurance For Senior Care

While the exact cost of long-term care insurance varies depending on your health, your medical history, and how much coverage you want, you can expect to pay between $3,000 to $5,000 per year. 

Something else to keep in mind: The premiums for long-term care insurance increase by 3% to 5% for every year you are older, which is why it’s a good idea to get it while you’re under 60 years of age. 55 years of age is the recommended time to get the insurance for senior care, since you may not qualify (based on your age and health) if you wait until you’re older. 

How To Save On Assisted Living Insurance?

In addition to getting your insurance during that ideal age window, you can also reduce your premiums by qualifying for a marriage discount or a health discount. 

You can even pick a longer waiting period to reduce the cost of your premium since most policies require a waiting period. The shorter the waiting period, the higher the premium, so if you can cover some time out-of-pocket before your benefits kick in, you can save money on insurance

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What Assisted Living Insurance Covers?

Each plan is different, but most policies are fairly comprehensive and will cover a variety of expenses, including:

  • Memory care services
  • Adult day services
  • Assisted living within the home
  • Short-term respite care
  • Nursing home care
  • Hospice
  • Nursing care
  • Rehabilitation therapy
  • Speech therapy
  • Physical therapy
  • Occupational therapy
  • Homemaker services (meal preparation, housekeeping)
  • Personal care services (bathing, dressing, eating, toileting)

Again, not every assisted living policy will cover all these expenses, but this list should give you an idea of common coverages.

Of course, there are add-ons too, which can provide you additional protection (at an additional cost). These extras include:

  • Waiver of home health care elimination period
  • Survivorship benefit
  • Inflation protection
  • Nonforfeiture benefit
  • Restoration of benefit
  • Return of premium

What's Assisted Living Insurance Plans Don't Cover?

There are a number of exclusions listed in most long-term care plans. Many policies don’t cover pre-existing conditions or services for addictions, mental health issues, injury from suicide attempts, or war. 

The majority of plans will also not cover care provided by unlicensed or untrained family members, international services, or care in government facilities. 

Another thing: your medical care is not covered by your long-term care insurance quote, since it is covered by Medicare or Medicaid

All this said, there are exceptions to almost every rule, so be sure to peruse your potential policy carefully to make sure it’s the best fit for you. 

We’re here to help. We’ve curated a list of the best-assisted living insurance companies and will match you with the best provider for you, for the best price. 

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Where to Get Assisted Living Insurance?

There are several places you can get assisted living insurance. The most common kind is purchasing an individual plan through a knowledgeable agent. These professionals specialize in this type of insurance and will make sure you get the coverage you need at a price you can afford in the long run.

We can connect you with a long-term care insurance quote from our network of trusted professionals. Request a free quote now.

Other places to get assisted living insurance include:

  • Employer-sponsored plans
  • Joint policies (i.e. through a qualifying couple)
  • Organization plan (i.e. a plan offered through an organization of which you’re a member)
  • State partnership program (which some long-term care insurance quote qualify with, allowing you to maintain a certain amount of assets while remaining qualified or Medicaid)

The Takeaway: Assisted Living Insurance is Worth It?

Unless you have substantial savings and a close immediate family, assisted living insurance is likely a sound investment in making your senior years as enjoyable and comfortable as possible. After all, you’ve worked hard your whole life: now’s the time to relax and rest easy knowing you’re covered. 


Before you need it! The ideal age to get long-term care insurance is around 55 years of age.
Long-term care insurance can cost anywhere from around $3,000 per year to $5,000 per year, though there are discounts (like couples discounts) that may reduce those premiums.

Yes, if you don’t have a lot of savings, then assisted living insurance is worth it—at the very least it’s worth looking into!


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