Long-Term Care Insurance Claims: The Basics – Part 4 – Will It Pay For The Full Cost of Care?

“Long Term Care Insurance Claims

– The Basics”

Long Term Care Claims help

Will the long term care insurance policy

help with the full cost of care?

The answer to this is “maybe.”   There are two things to consider.  One, how much benefit you have and two, how much is the cost of your long term care?.

The average private nursing home room stay in the USA $75,008 annually or $6,251 per month.5 The average base rate for an assisted living facility is $3,125 per month but can increase to over $5,000 per month when assistance is required.5 Agency-provided home health aides average $19 per hour with a 4-hour minimum charge. Skilled caregivers are considerably higher.5

If I have a person whose long term care insurance policy pays $4000/month benefit, chances are it will pay for some home care (if the contract covers home care – they do not always!). The long term care insurance policy will also pay all or nearly all of the assisted living, but typically, it will not pay the full cost of the nursing home.

Nor – we would caution – will the long term care insurance policy always help pay indefinitely for care. Many policies today do not have “unlimited” coverage but rather a finite amount of time or pool of money that it will pay out for long term care.

We always recommend that you call the insurance carrier to confirm what the current benefits are on the long term care policy to receive specific help.

Some Additional Links to help you with your long term care claim journey


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