Are you tired of researching assisted living facility insurance? Whether it’s for you, a loved one, or a facility you manage, the search becomes daunting.
More than 800,000 people live in some assisted living facility in the United States, and these numbers won’t slow down anytime soon.
But don’t worry, help is on the horizon and you’re not alone. When you’re on the hunt for assisted living facility insurance you need to know what questions to ask.
You have to know who the right professionals are. After all, your business or personal bank account depends on it.
So if your mind and your eyes are tired of researching online, then keep reading this guide to find out everything you need to know about assisted living and assisted living insurance.
You might know the general concept of what assisted living means, but how many details do you know?
Assisted living is a home-like facility. Older adults who reside in assisted living facilities get access to medical and personal needs assistance but can still maintain their independence.
So when you need help to live your daily life, assisted living can be a huge blessing.
You also need to know there are specific differences between assisted living facilities. The main difference is the level of care available. While nursing homes offer 24 hours of medical assistance such as skilled nursing care, assisted living facilities don’t provide this.
Most people in nursing homes have chronic illnesses like dementia which makes it impossible to function independently.
Assisted living is best for older people that don’t have a severe illness which impacts their life. Assisted living provides some care but also focuses a lot on independence. The main goal of assisted living is to maintain a safe environment to live independently in.
Assisted Living Facility
While nursing homes have a more clinical feel, assisted living homes are more like a large condominium complex. In assisted living facilities, you’ll have your own living space, own furniture, and possessions right there with you.
But even though they have a home-like feel, assisted living facilities provide you help with:
- Your meals and making sure you’re well-fed three times a day
- Managing your medications and helping you stay on track
- Improve your quality of life with hobbies and social and spiritual events
- They help keep you safe from falls and other hazards
- They help you with hygiene, medications, or walking
Mostly, they want to make sure you’re safe, comfortable, and can maintain a good quality of life.
What to Look For in Assisted Living
When you’re looking at assisted living facilities for either yourself or an elderly family member, there are things you need to know to focus on.
First, you’ll need to assess if the assisted living facility can fit your needs. Find out if they have strict visiting policies and if they take the insurance you currently have.
Next, come how much it costs. Whether or not you can get assistance is one thing, but you need a clear idea of how you plan to pay for those costs.
You’ll also want to find out how they respond to medical emergencies. There isn’t 24-hour monitoring, but you need to know they have an effective plan in place for when trouble strikes.
Finally, take a look at the community as a whole. How well does the community function? Are they clean and safe? Do they offer plenty of daily activities?
Insurance For Assisted Living
Assisted living facilities need to have insurance, from general to professional liability; you need coverage. Insurance for assisted living facilities is the most effective defense against lawsuits and liability claims.
This type of insurance provides third-party compensation to the residents of your facility. Some types of insurance for assisted living facilities include:
General and professional liability coverage are necessary for any assisted living facility. This insurance is designed to cover any medication errors, omissions, and mistakes by the professional staff.
Commercial property insurance will protect your facility against disasters like fires, storms, and exploding water pipes. This insurance protects your building, equipment, inventory on hand, furniture, and signage. You can even opt to cover the personal property of residents.
Business automobile insurance is essential, so don’t forget about this one. Coverage for your vehicles and the staff who transports your residents is crucial.
You can also find customized solutions to meet the specific needs of your facility, like sexual abuse and assault and battery liability coverage.
This type of insurance doesn’t cover workplace injuries and intentional acts that cause property damage.
Protect your business and find an experienced insurance agent who understands your business works and the type of coverage you need.
Renters Insurance For Assisted Living
Moving to assisted living means you’ll never have to worry about termites, mowing the grass, or your roof leaking ever again.
Assisted living communities to take care of your needs, but what happens if a natural disaster strikes? What about all the belongings that you have with you?
Not all assisted living facilities will provide insurance coverage for the personal property of their residents.
Renters insurance for assisted living is a wise decision even if you don’t own much stuff. So think about the things you make use of daily. Your favorite books, plants, jewelry, clothes, and even shoes are things that keep you functioning well each day.
Now think about how much it will cost to replace those things. It’s precisely the reason why renters insurance is a brilliant financial plan for anyone living in an assisted living home.
The great thing about renters insurance is that it’s cheap, running you as low as $14 a month. But certain factors can affect the costs like:
- How much you have and the amount of coverage you need
- Where you live
- The safety and security of your assisted living home
- Your credit score can play a part in your rates
You can even choose a renters insurance policy that will value your items as what they would cost today. For example, if your TV is ten years old, you would get the amount it will cost you to go out and buy a new TV today.
Don’t forget there are ways you can reduce your rental insurance rates. If you have other insurance products from the same company, you can bundle them together for a lower rate.
Also, if you choose a higher deductible, you’ll be able to reduce how much you pay each month. Be mindful of this, though, as the deductible is what you must pay out of pocket before insurance will start paying.
Long Term Care Insurance
People worry a lot about health insurance and Medicare coverage, but the worst financial woes come when you don’t have long-term care insurance.
Long-term care costs will lead you to bankruptcy faster than anything else. Medical issues and healthcare costs have lead two-thirds of Americans to file for bankruptcy.
You might think that long-term care insurance is only for nursing homes, but this is not true. It can also help with home care, daily living activities, and adult daycare. You also might hear long-term care insurance called nursing home insurance or senior insurance.
All policies vary, but you’ll find coverage usually includes:
- Extended stays in a nursing home
- Assisted living facilities
- Adult daycare
- Home health care
- Home care
- Hospice care
Talk to professionals who can tell you exactly what a long-term insurance policy covers. You will be eligible to receive long-term care benefits if you’re no longer able to perform two or more activities of your daily life. These activities include anything from dressing, bathing, eating, or going to the bathroom.
The costs vary depending on if you’re married or single, but this isn’t the only thing that will affect your rates.
Other considerations include:
- Your age and overall health. If your health is terrible, you’ll pay more
- Your gender. Women live longer, so premiums are pricier
- How much you want your yearly benefit amount to be
- How long you have to pay for care before the insurance kicks in
When deciding on long-term care insurance, you also have to weigh your risks of needing long-term care in the first place and what the average cost would be.
Assisted Living Facility Insurance
So now you know all about assisted living facility insurance, it’s time to take the next steps. The professionals at EGP Insurance can help you with both business and personal long-care insurance. Don’t leave yourself or your business out in the cold. Protect what you love with the help of EGP Insurance.
So make sure you contact us today to protect yourself tomorrow.