Whether you refer to it as a-sisted living insurance or long-term insurance, the truth is that this policy can be quite expensive but very necessary for your golden years.
Whether you refer to it as a-sisted living insurance or long-term insurance, the truth is that this policy can be quite expensive but very necessary for your golden years. It's, therefore, very important to pay close attention to the details and know how much a-sisted living insurance will cost you.
As an elderly, there comes a time when you'll start struggling with your day-to-day activities such as cleaning, bathing, laundry, and cooking. Although you may not be very ill and not in need of a high level of constant health care, you may want to move to an a-sisted living facility. Unfortunately, the monthly costs of a-sisted living facilities are quite high.
According to Genworth's 2019 Cost of Care Survey, the national monthly average cost of care in an a-sisted living facility is around $4,000. And because Medicare or Medicaid doesn't cover the costs of long-term care and services, your only option is paying for these costs out of your pocket and this is where a-sisted living insurance (popularly known as long-term care insurance) comes in handy.
So how much is a-sisted living insurance? According to AARP, the average long-term insurance premium is about $2,700 a year although these premiums may vary significantly depending on how much coverage you want and where you live. Generally, long-term care insurance is very flexible and will depend on the level of care that you need. Unlike Medicare or any other employer-based health coverage, long-term care insurance can pay for nursing home care, a-sisted living, and adult daycare and can cover 100% of the costs a-sociated with living in these facilities.
As you get older and approach your twilight years, chances are that you'll at one point need long-term care. And whether or not you remain active, you may reach a point where you cannot do day-to-day living activities such as cooking, bathing, dressing, and many more and the best move would be to move into an a-sisted living facility. But because a-sisted living facilities may cost you about $4,000 a month and not covered by Medicare, the wise move would be to have long-term care insurance.
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