Author: Sarah Williams
Reviewed By: Kristi Bickmann

Yes, Genworth long-term care insurance specifically covers assisted living. However, precise plans vary depending on premiums and the state, so it’s crucial that seniors check all terms when taking out insurance. What’s more, insurance rarely covers total care costs, so you’ll need to use additional resources to pay for assisted living.

Genworth assisted living coverage

Genworth’s long-term care insurance typically covers assisted living costs for care, services, room and board for those in licensed communities, subject to maximum payout limits. Insurance doesn’t cover prescription fees or supplemental charges, such as those for entertainment, salon services or TV plans.

Policyholders must cover costs during the elimination period — a set amount of time from needing assisted living care before insurance coverage starts. Policies also have maximum terms, meaning that coverage isn’t indefinite. Payments stop once an individual reaches a set figure or after a specified time period.

Other ways to pay for assisted living

Most recipients of long-term care insurance still pay partial care costs. Seniors with low incomes should look into Medicaid home- and community-based waiver service programs. Eligibility varies among states, but you’ll find information and assistance via your local Area Agency on Aging.

You have the option to use other income, such as pension benefits, VA payments and savings to pay for care. Some sell assets or ask families to help financially. Renting out property and reverse mortgages are alternatives for homeowners.