Figuring out how to pay for assisted living can be terrible, but it’s also unavoidable. A little preparation can go a long way. If you aren’t prepared to pay out of pocket, then you should probably reach out to our team of local experts who can help you explore in more detail the ways you can pay for Assisted Living.
Eight Ways to Pay for Assisted living in Denver
At Stacys Helping Hand, Inc we advise families with the following eight ways to cover the costs of assisted living in Denver:
- Plan Ahead and Budget
While this seems smart, most people do not put the money aside. Life can be hectic and unexpected. For those who are planning on the unexpected well ahead of time might also consider…
- Long Term Care Insurance (LTCI)
Long term care insurance is for the lucky few people who’ve prepared and put the money aside for the specific purpose of needing it for long term care in the future. While this is a great benefit to have built-in to your plans, the benefits vary dramatically from one plan to another. Payouts range from $50 to $300 a day and are contingent on meeting certain diagnoses. LCTI may not be an option due to policy requirements, but many people have another form of insurance that can be useful.
- Your Existing Life Insurance Policy
Many life insurance policies allow you to cash-in for accelerated benefits that you can use while you are still alive. Even for plans that don’t have this option, you can transfer the plan to another policyholder that will offer cash out option. Your life insurance is like a deferred Annuity that you created a long time ago and forgot about, but if you didn’t get life insurance when you were young, you can still get an…
- Immediate Annuity
Annuities can be pretty tricky business. You shouldn’t consider one unless you are using the guidance of a financial advisor who is looking out for your best interests. In the case that an annuity isn’t an option, many people can still…
- Sell, Rent or Reverse Mortgage a Home
Many middle class Americans don’t have much retirement savings to speak of, but they do own homes. Home ownership has been an especially valuable source of retirement savings for seniors in the Denver Metro area. As a result of appreciating home values and rising rent, seniors can sell, rent or reverse mortgage their homes to help pay for assisted living. If the need for money is more immediate and assets haven’t sold yet, people can get a…
- Bridge Loan
For those who need cash now, but need time for their valuable assets to sell, such as their home, a bridge loan can help seniors pay for Assisted Living Facilities to fill the gap between when they need cash and when they have cash from their sale. For those who don’t have as much cash or income, there are still options such as…
Medicare and regular Medicaid doesn’t cover long term care such as Assisted Living, but if you don’t have savings or assets, you can apply for a Home and Community Based Services (HCBS) waiver through Medicaid. In the Denver area, there is an organization that can help people who need Colorado-specific Medicaid through the government-backed non-profit InnovAge. You apply for Medicaid through the InnovAge program, and they handle your case. For more complicated cases or if you want someone to hold your hand through the process, a Medicaid specialist such as a local Colorado company, Helping Hands Consulting is a good idea.
The typical Medicaid payout is $700/month but assistance goes as high as $2,250/month and supplements SSI and SSDI. Medicaid won’t entirely cover the cost of Assisted Living, but it can make a large dent. Only some assisted living communities will accept Medicaid, and Medicaid beds are usually limited, but either way, seeking professional help throughout the Medicaid process can alleviate the stress and ensure that all the information is provided when the application is submitted.
- VA Benefits
Veterans benefits can be used to pay for residential care in a variety of situations. One set of benefits is available to those with service-related injuries or disabilities; another set of benefits, known as Aid and Attendance, is available to any veteran or surviving spouse who’s disabled and whose income is below a certain limit.
Receiving Medicaid and VA Benefits can be a tricky and time-consuming process. If you reach out to us today, we can help you navigate these complex systems and find you the right Assisted Living facility for your needs in the Denver Metro area.
Finding the best Assisted Living community options for seniors is our specialty. If you have a question about Assisted Living in Denver CO metro area, give us a call at the number above.