Long-Term Care Insurance exist that can help cover the cost of an assisted living facility. The problem with long-term care insurance is that you usually are not qualified to get it in when you need long term care. This type of insurance is something you purchase before long term care services are needed so if the situation arises you can get coverage. You can compare long-term care insurance to flood or fire insurance. If you experience a flood or fire you would only get coverage if you had the insurance before the incident. You cannot acquire it after the fact and get coverage for an event that already happened. Long-term care insurance can be expensive so most people refrain from paying into it on the chance they will one day need long-term care.