The Benefits of AgeSmart

Medicare and/or supplemental insurance may cover some of the initial costs when recovering from an injury or illness after a hospital stay. However, when an individual requires custodial long-term care, most of the costs are paid for privately and aren’t covered by Medicare or supplemental insurance. Medicaid would only become available when a person has spent down their financial assets, typically leaving them with $2,000 or less.

Yes. Plan options are available that blend with your existing long-term care insurance policy. If you have long-term care insurance, the fees to join AgeSmart will be discounted based on the level of benefits in your policy. Be sure to inquire about these discounts when learning more about the program.

Yes. As a member of AgeSmart, you’re guaranteed services, including assisted living and nursing care, no matter what inflation may be in years to come. The maximum daily benefit amount is set to be equivalent to the average cost of a private room in Skilled Nursing at LifeSpire’s communities; the benefit will increase as the cost at LifeSpire’s communities increases.

Yes, you do. You begin paying the monthly fees the month you become a member, and you continue to make those monthly payments as long as you remain in our program — whether you’re receiving benefits or not. If you need care, your monthly fees will be much more manageable than if you had to pay for those services at market rates. With AgeSmart, you’ll have more control over your budget, knowing monthly costs upfront rather than having to pay for varying, unpredictable expenses as you require long-term care. (For example, costs of care in the Richmond area in 2024 average $35,000 a year for 20 hours of private duty care a week, up to $96,000 a year for assisted living. And if nursing home care is required, this might run as high as $150,000 a year.)