Nursing Home Residents Life Insurance Rates (2021)
Nursing home residents' life insurance rates are determined primarily by the policyholders' age, health, location, and preferred coverage options. However, some life insurance companies have maximum ages at which to purchase a policy, so buying affordable nursing home residents' life insurance earlier is the best option. Nursing homes cannot take the death benefit to pay for care, but life insurance can affect eligibility for Medicare or Medicaid.
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UPDATED: Jun 30, 2021
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- Nursing home residents’ life insurance rates vary by provider and are available if you meet certain requirements.
- Depending on your policy and its value, Medicaid/Medicare eligibility may be affected.
- If you want to buy nursing home residents’ life insurance, several options are available.
Many people who have life insurance policies may not have thought about the possibility of nursing home care for their later years.
When thinking about elderly care options, it is important to note a few things, including what your current life insurance policy is, and how other insurance carriers like Medicaid and Medicare may affect those policies.
Thankfully, several life insurance companies offer nursing home residents life insurance, created exclusively for people in these situations.
Compare affordable nursing home residents’ life insurance rates with our free tool below. Simply enter your ZIP code and browse the results.
How much are nursing home residents’ life insurance rates?
Yes, life insurance is available for those in nursing homes, and it’s a good thing too. Nursing homes can be costly. Average costs are increasing each year as well.
According to the Administration of Community Living, the average long-term care costs are as follows:
|Long-Term Care Service||Average Cost|
|Private room in a nursing home||$7,698 per month|
|Semi-private room in a nursing home||$6,844 per month|
|One-bedroom unit in an assisted living facility||$3,628 per month|
|Adult day health care center||$68 per day|
|Health aide||$20.50 per hour|
|Homemaker services||$20 per hour|
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Having a trusted life insurance policy behind you will put your loved ones at ease, and reduce the burden of finances that come with nursing home costs.
Depending on the life insurance company you choose, the rates and benefits will vary. Here are some average life insurance rates for a $500,000 policy:
|Age||Average Monthly Rates With Medical Exam||Average Monthly Rates Without Medical Exam|
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Many life insurance companies have maximum ages at which you can purchase a policy, so you may want to consider getting a life insurance policy sooner rather than later.
When choosing the nursing home residents’ life insurance company that best suits your needs, you will need to consider numerous aspects of both the policy you are considering and any current health or insurance coverage you may already be receiving.
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Do life insurance proceeds affect Medicare?
One main concern for those in nursing homes is the question of losing their current healthcare. Both Medicaid and Medicare have asset limits, and with Medicare, these limits vary by state.
If you have a term life policy, your eligibility with Medicare will not be affected. However, if you have whole life insurance where policyholders can borrow against the cash value, your eligibility may be at risk.
Therefore, if the face value of your whole life insurance policy is too high, it could cause Medicaid or Medicare ineligibility.
Can nursing homes take your life insurance from your beneficiary?
No, a nursing home can not take your life insurance death benefit from a beneficiary.
Government or state assistance may be able to help those struggling to pay for elderly care. However, Medicare doesn’t offer long-term nursing home care and isn’t a viable option for many. As mentioned previously, Medicaid may not accept those with whole life policies already in place.
Can Medicaid take life insurance from a beneficiary? If the beneficiary is a person, no. However, if the beneficiary is an estate, Medicaid may take the proceeds of the death benefit to recover costs it paid for your nursing home care. This is called Medicaid estate recovery.
Should I buy nursing home residents’ life insurance?
Those who need elderly care may be looking to buy nursing home residents’ life insurance. It is recommended to speak with a professional advisor about your personal life insurance goals, as well as any assistance you may already be receiving. Then, you can start comparing quotes.
Always consult more than one company when choosing a life insurance policy for your specific needs. Remember important information like assets, cash value policies, and eligibility requirements.
If you’re ready to compare nursing home residents’ life insurance quotes, enter your ZIP code below and get started today.