You might have experienced a little sticker shock after reading our blog post how much does Assisted Living Denver cost? But, beyond the variety of ways to pay for assisted living in Denver, you can also significantly lower the costs. Our team at Stacys Helping Hand, Inc shares eight strategies to save more money and/or pay for assisted living.
Ways to Make Assisted Living Denver Affordable
Below is the list of few ways that can make your assisted living Denver Expenses more Affordable.
1. 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.
2. VA Benefits
Veterans benefits can be used to pay for 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.
3. 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 a cash out option. Your life insurance is like a deferred Annuity that you created a long time ago and forgot about.
4. 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. Checkout The Shopper’s Guide to Long Term Care Insurance for more information. LCTI may not be an option due to policy requirements, but many people have another form of insurance that can be useful.
5. Immediate Annuity
Annuities can be pretty tricky business. You shouldn’t consider one unless you are using the guidance of a financial adviser who is looking out for your best interests.
6. 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…
7. Bridge Loan
Another way to make assisted living Denver affordable is to have the bridge loan, especially 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 their Assisted Living Denver charges and 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…
8. Know a Facility’s Fee Structure
This is where pricing gets a little more confusing. In order to make the right financial decision, you have to compare different pricing structures. Inclusive pricing is a good idea for those who might have higher care needs because with a la carte pricing care costs can add up quickly.
9. Forego a Fancy Community
Places that are built as Assisted Living Facilities with luxury amenities and outings aren’t an option for everyone, and they aren’t always necessary. If your loved ones live in the area, family outings are always a possibility that can offer fun, love and a bit of fresh air.
10. Move to an Affordable Community
Real estate is pretty pricey in Denver and the cost of care roughly coincides with the desirability of the location. The cost of Assisted Living becomes more affordable when people are willing to move to less expensive parts of Metro Denver.
11. Reasonable Independent Living Base rate
If you only need meals, oversight, room cleaning and transportation, some places have base rates under $2k/month. There are a handful of reasonable a la carte facilities in the Denver area that make sense for those who are social and need basic care. As you need additional care services, they can provide them a la carte.
12. Consider a Converted Residential Home
Residential homes that are licensed for assisted living are a popular option in the Denver area. Due to the decreased cost of the facility, the savings is passed on to those who need care. While people often seek out large Assisted Living communities, small communities are often a much better fit than people realize.
13. Share a Room
Another way to bring down the cost of assisted living is to share a room. Facilities that accept Medicaid often take this approach in order to lower their costs. But, there are also advantages to shared living spaces beyond cost savings. For those with dementia, sharing a room may make them feel safe and comforted.
14. Talk to an Expert
Your loved one deserves the best care and our team is here to help you understand all your options. You really don’t have to do this alone. Give us a call at 720-620- 3754 for a free consultation. For a complimentary copy for the 8 Signs Your Loved One Might Need Assisted Living in Denver, CO.