Long-Term Care Insurance: Worth the Cost?

female professional caregiver taking care of elderly woman at home at Heidi's Haven

Insurance is designed as a solution to assist with the expenses of life. There are several different products available for various needs, including long-term care insurance. This coverage is designed to provide specific assistance with assisted living and end-of-life care for those who need it.

This insurance isn’t comprehensive and won’t cover every single expense that arises. However, it can provide a lot of assistance for those who need it. Before you can capitalize on this coverage, you need to understand how it works and if it’s worth the money.

First, let’s get that out of the way: yes, insurance is always worth the money when you buy the right policy. Now, let’s talk more about the details of long-term care insurance and whether it can help you or your loved one. We’ll also discuss other programs and whether they assist with senior living expenses, and more.

Is Long-Term Care Insurance a Good Purchase?

So, is long-term care insurance the right solution for you? If your loved one doesn’t have other insurance that will pay for their care, or if you’re buying this coverage for yourself and the same is true, then it is absolutely a good purchase. In fact, it could be an essential one.

Long-term care policies do have higher premiums than standard insurance. After all, insurance is priced based on risk level. Those who need end-of-life care and assisted living care in their later years are going to use the insurance, which makes them a higher risk.

If you can, buy this coverage when you are young. The policies will be much more affordable to start at a younger age because you aren’t going to need them for quite some time. You’re a lower risk when you’re younger, which allows you to get better rates. However, it’s not an exact science. You’ll want to shop around and compare your options.

Long-term care coverage can pay for things like:

  • At-home care
  • Adult daycare services
  • Assisted living
  • Nursing home care
  • Occupational and rehabilitation therapy
  • Professional nursing care
  • Daily living assistance
  • Short-term hospice care (in select cases)
  • Temporary or respite care

These are all things that are not usually covered by Medicare or other insurance products, and can become quite costly. Therefore, even if long-term care coverage seems like it’s expensive, it might be the more affordable option in the end.

Is Assisted Living Covered By Medicare?

Medicare and Medicaid have different provisions for assisted living and elder care than standard insurance companies. Part of the difference is that Medicare will not cover any costs associated with assisted living.

People who choose to can purchase Medicare Advantage plans, an alternative to traditional Medicare, that could offer assisted living or long-term care coverage. These policies aren’t always easy to find, however, and they can get costly. It might be best to just purchase long-term care insurance instead.

How Much Will the VA Pay for Assisted Living?

The VA offers more assistance than Medicaid, at least, but it’s still not comprehensive protection. The rent, or cost of staying in assisted living facilities, is not typically covered by the VA under veterans’ benefits. However, many of the skilled nursing services and care solutions that are needed may have coverage.

Of course, although they won’t outright pay for the care, the VA does offer assistance to people who need help paying for assisted living and elder care services. There are programs and resources available in communities around the country, as well as nationwide programs that can help veterans pay for assisted living care. This can be time-consuming but will help cover the costs.

Still Need Help?

When it comes to the care of your loved ones, the cost should be the last thing on your mind. Unfortunately, that’s not always the case. Now that you know more about your options for paying for this care, it should be easier to get what you need. If long-term care insurance makes sense for you, purchase a policy as soon as possible.

If you need more guidance in understanding the cost of assisted living or how to pay for services, the team at Heidi’s Haven can help. We take pride in offering a small, family-like environment where we will give your loved ones the care that they need, and we can assist you with everything from setting up care to paying for services, and more. Contact us today.





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