Making the choice to enter into assisted living care services can be both a difficult and beneficial one for the individual and their loved ones. Assisted living care offers many benefits, including personalized care, hands-on assistance, social activities, and access to healthcare facilities. A common misconception is that, because the services provided fall under care, they are also covered by insurance or Medicare. However, the care provided is not medical in nature and therefore is considered personal.
This leaves many wondering how to pay for the expenses of assisted living care, which can cost upwards of $30,000 a year. For many, however, the benefit of assisted living is preferable to a loved one entering into a long-term care facility. In addition to savings, pensions, retirement, and social security, there are several options that people can utilize to pay for the cost of assisted living.
Long-Term Care Insurance
Long-term care insurance (LTCI) is a privately obtained insurance that is purchased to help cover the cost of elder care. This can sometimes include expenses related to assisted living. However, many of these policies do not cover pre-existing conditions such as Alzheimer’s, MS, strokes, or Parkinson’s, which may become a part of the long-term care they receive. Knowing this, it takes purposeful planning that often includes obtaining these policies when a person is in their 40s or 50s while they are still in good health.
Medicaid
Unlike Medicare, the federal and state program known as Medicaid aims to help those with low incomes or who have limited assets cover health costs. Included in these costs are some services related to long-term care. What is not covered, however, are expenses such as room and board that are normally covered in nursing homes. Each state establishes its own Medicaid eligibility. In states where Medicaid benefits do not cover assisted living, there may be alternative home and community-based services available that Medicaid may cover. This can prevent a move to a long-term care facility.
VA Benefits
Wartime veterans and their surviving spouses may be eligible to receive assistance in paying for assisted living. Through the Aid and Attendance benefit, they may receive an increase in their monthly pension if they require assistance in activities of daily living, including activities such as bathing, dressing, using the bathroom, and feeding. The amount of assistance provided varies depending on who is receiving the support and how eligible they are for it.
Life Insurance Settlement
Converting a life insurance policy into money can be a way to pay for services provided by assisted living. Gaining the funds from your life insurance policy involves selling your policy to a third party, who will likely pay more than the surrender value but less than the benefit amount. Unfortunately, this method means that, in the event of death, the third party receives the benefits as they have assumed the responsibility of paying for the policy and its premiums.
Utilizing a Reverse Mortgage
If you are in a position in which you have owned your home for an extended period, a reverse mortgage can allow you the opportunity to receive funds from the equity that is in your home. A reverse mortgage, however, requires that a person who is named on the loan still reside in the home. Speaking with a mortgage broker can help you understand how this process works.
Private Funding
Paying outright for assisted living may be difficult, but utilizing savings or retirement payments to help cover the cost could be a good investment. With assisted living, many of the day-to-day expenses are tied into the care you or your loved one receives, which is often similar to what they would pay for on their own. By redirecting the funds directly to a care facility, the funds are essentially covering the same costs. An investment in care for a loved one is an investment in the quality of life they deserve.
Finding a Way to Pay for Assisted Living
It can be frustrating to learn the ins and outs of paying for assisted living, particularly when denied by insurance or Medicare. This necessary assistance is meant to bring comfort and security to you or your loved one, and the last thing you want to worry about is the ability to pay for that. However, understanding the options available for providing this care can help to relieve the stress and start the care that you or your loved one deserve. If you have questions about assisted living and the costs associated with it, contact our team at Rocky Mountain Assisted Living and we’ll help you get the services you need.
Schedule a Tour
Deciding about memory care for your elderly loved one is understandably challenging. It’s natural to want to see where your loved one will be living and what they will be doing on a daily basis before committing to a memory care facility’s service. We encourage anyone who is interested in the memory care services offered by Rocky Mountain Assisted Living to schedule a tour of our grounds so they can see our facilities and resources for themselves.
We have memory care facilities located in Centennial, two in Lakewood here and here, Wheatridge, and Thornton.
With our support, your loved one can maintain their desire for an independent home setting, while gaining the support and security of a caring team available to meet their needs 24/7. We have limited availability. So call now to ensure your loved one gets the help they need.
TESTIMONIALS
Rocky Mountain Assisted Living is the best company I have ever worked for. I have been a CNA for 22 years and have worked in several different work environments. I have worked in nursing homes, assisted living homes, done home care, run an adult family home and RMAL has provided the best work environment. The residents are very well taken care of, and employees are taken care of as well.
I was impressed with how genuine and caring the staff are at Rocky Mountain Assisted Living. The owner and all management staff really care about the residents. This was a new transition for my father but they have done wonderful things with him.