BUSINESS

Which program will pay?

Under certain conditions, Medicare or Medicaid may cover some of the costs of living in a nursing home, but it will not cover all of them.

Living in a nursing home can be very expensive. An online tool that provides an estimate of the cost of assisted living has been developed by Genworth.

According to the most recent study conducted by the Association for Long-Term Care Insurance,

The cost of long-term care insurance for a married couple who are both 55 years old ranges from $3,000 to $6,300 per year for nearly identical coverage.

When you talk to a financial advisor about your options for nursing home insurance, they should be able to give you several options.

A policy could pay between $100 and $500 per day on average, depending on your personal situation, which will include an evaluation of your current health, your age at purchase, and the level of coverage you select.

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