Medicare? Health Insurance? Private insurance? Do they cover the cost for assisted living? The answer is it could.
Those are policies that seniors bought thirty years ago. They’ve been paying three, four, five thousand dollars a year in a premium for the last thirty years; the benefit that they’re supposed to receive for the premium is, for example, $100 per day to stay in assisted living.
There was a cost of living increase; let’s assume that was 3%-4%. Over the course of the last thirty years that $100 a day is now $200, perhaps $250 a day, roughly $6,000 per month. If the average cost for a private room in assisted living is $3,600, and their policy will pay $6,000, they could live in a very nice facility and it will be paid in full. These are the seniors that bought a long term care insurance policy, decades ago.
There are less people buying long term care insurance policies, today.
The insurance companies have been raising the premiums and cutting the benefits.
The old policies used to be paid for a lifetime, so if you’re in an assisted living home for two years, three years, five years, ten years, the insurance company pays for that. It is a great thing for you as an operator who’s cashing in on that today.
If you wanted to get long term care insurance, is probably not even available. If you have more questions about assisted living, residential assisted living and how you can get started, go to ralacademy.com.