How Much Assisted Living Insurance Do You Need?

No matter how much money you’ve saved up for retirement it’s still a good idea for you to start looking at assisted living insurance programs and think about getting assisted living insurance. The reason for this is that the amount of money it takes to live in a nursing home or assisted living facility could wipe out your retirement funds as well as your savings account. So how much assisted living insurance do you need?

The Starting Point

To get an idea of how much you can expect to pay for assisted living insurance programs, look at the average cost of care for the area where you plan on retiring. In particular, you’ll want to consider the cost of nursing homes, adult day health care, assisted living facilities and homemaker services.

Length of your Coverage

You’ll also want to think about how long you’ll want coverage since lifetime coverage can be twice as much as a three-year benefit plan. Those who are married might want to consider a shared-benefit policy so that they can split the length of the policy.

You might also want to think about looking into a special partnership program in case you were to ever suffer from a long-term condition and needed to qualify for Medicaid in order to avoid using all of your insurance benefits.

While you’re planning for retirement, make sure that you also make arrangements for assisted living.