In addition to the growing amount of concern that can affect families when trying to decide if assisted living may be a needed option for them or their loved one, it can also be worrisome to consider how such care will be paid for. Sadly, this single factor can often become the most important one in making the decision on which facility is eventually chosen as the person’s new residence. No one should have to fear over whether or not they will be able to receive the care they need simply because the cost is more than they can afford, which is why several programs like Medicare and Medicaid exist throughout the United States to aid in partially or entirely covering such costs for persons in need.
Although residents of an assisted living community typically only require a small amount of care assistance, these round the clock services still incur a considerable cost to keep facilities running and to keep them fully staffed. Unfortunately, Medicare will not usually cover such expenses, but Medicaid often can.
Assisted Living Medicaid Coverage in the State of Colorado
Individuals living in Colorado who are in need of long-term care may be eligible for Medicaid assistance if they do not possess any substantial assets or have a high enough yearly income. All of these qualifying factors must be met in order for a person to be considered for financial assistance for assisted living on Medicaid, as the government funded program is designed specifically to help those who are unable to pay for needed care.
When it comes to assisted living for Medicaid patients, the same general rule applies. Because assisted living is considered as a type of long-term needed care, residents of these facilities are eligible to have part of their expenses covered. If you or your loved one are not already covered under Medicaid then you can apply directly at Health First Colorado – Medicaid.
Why Is Assisted Living Not Covered Under Medicare?
It is uncommon for individuals to have their assisted living or nursing home care covered under Medicare. This particular program is more often used to pay for home health care, but will not cover “custodial care”.
Other Common Sources of Funding
A majority of assisted living residents will pay for their continued care out-of-pocket. Those who are able to do so will often save for years in order to afford quality care later in life. It is also common for people to use the money they received from selling their home to help pay for their personal care. An often overlooked option is Long Term Care Insurance. Long term care plans very by scope and costs. Depending on when a plan is purchased the premiums may be higher or lower based on age. It is important to consider long term care insurance prior to the age of 50. This appears to be the time window when the premiums are more affordable.
Knowing Your Resources
If such options are not available to you or your loved one, and you need help in securing payment for services provided at one of the many Assured Assisted Living communities around Denver, Colorado, please contact us immediately. We understand that quality long-term care is not accessible to everyone, but we also understand that each individual deserves the care they need as they age. Please call (303) 814-2688 today to speak with one of our dedicated care managers about your options in becoming a resident at Assured Assisted Living. Our goal is to make assisted living as affordable as possible while providing a high level of care. Please contact us to explore all the options of Senior Living.