Senior gentleman seated at a table with long-term care insurance paperwork in front of him smiling

Long-Term Care Insurance

When seniors and their families begin exploring senior care options, the topic of financing naturally arises. It’s common for families to assume that high-quality senior care comes with a hefty price tag. However, in many cases, people can significantly offset their care costs through long-term care insurance. This is a viable option at The Buckingham.

Because insurance companies and policy terms can vary widely, it’s essential to consult with your insurance provider to understand coverage details and available options. The Buckingham is well-versed in working with several of the most reputable long-term care insurance providers.

Who Qualifies for LTC?

Long-term care insurance, commonly known as LTC insurance or abbreviated LTCI, is tailored for individuals aged 65 and over. It serves as a financial safeguard to alleviate the burden of care costs. Individuals typically invest in this insurance well in advance of the need for its utilization. When the time comes and extra support is required to assist with at least two activities of daily living, often abbreviated ADLs, LTC insurance steps in to offset the final expenses. These ADLs often encompass dressing, eating, bathing and using the restroom.

Once a senior demonstrates the need for help with at least two ADLs, they become eligible to benefit from LTCI programs. Many health insurance agencies and even some life insurance providers offer LTC insurance.

What Does LTC Insurance Pay For?

The coverage provided by long-term care insurance can vary from one plan to another, but most LTC insurance plans assist with covering personal and medical senior care costs. This includes services that aid in performing activities of daily living.

Additionally, many insurance plans cover expenses like rent for seniors residing in assisted living, memory care, skilled nursing, or other long-term care facilities, often abbreviated LTCFs. Although not all insurance plans cover the entire cost of these facilities, many can offset expenses by approximately 30% or more.

What LTC Insurance Does Not Typically Cover

Long-term care insurance frequently aids in covering costs linked to long-term care but generally does not extend to expenses associated with independent living. Individuals who opt for independent living, whether in their own homes or within independent living communities, typically bear the responsibility of covering monthly fees. Nevertheless, there are instances where seniors residing in independent living facilities, requiring assistance with at least two ADLs, may still be eligible to leverage their long-term care insurance to partially offset the costs linked to ADL support.

Many insurance programs may also exclude coverage for medical costs associated with conditions like alcoholism, drug abuse and injuries related to war. Some preexisting conditions, such as heart disease and cancer, may also not be covered. Nevertheless, people with any of these conditions can typically use their LTC insurance to cover costs related to personal care, specifically assistance with activities of daily living.

How Long-Term Care Insurance Can Assist You

In general, any senior requiring assistance with at least two ADLs can qualify to use their long-term care insurance plan. These plans can provide financial assistance for in-home personal care, assisted living, memory care and skilled nursing.

If you or a family member have long-term care insurance and need assistance with two or more daily activities, you can leverage your insurance to help mitigate the cost of care at The Buckingham. Our comprehensive care continuum is tailored to offer personalized personal care plans to match each individual’s needs. Across all our senior living options, residents enjoy access to a wide range of on-site amenities, nutritious meals tailored to various dietary requirements, convenient access to campus-based medical professionals, numerous social engagement opportunities and 24/7 personal care services.

To learn more about health services at The Buckingham, call us at 713-730-2633.