There are different ways to cover for assisted living arrangements, and most of them can help save a significant amount on the costs. When it comes to payment options, Colorado Assisted Living Homes strives to provide the most convenient choices for our residents.
We've outlined the 10 smart ways to pay for assisted living without putting your pension or retirement plan on the line.
According to reports, 75 percent of families use their private funds to support senior members. In turn, assisted living communities set up payment options to lessen the financial burden.
Long-term Care Insurance
We recommend this insurance type for seniors staying a licensed nursing facility, home health care, or assisted living community.
Medicaid is ideal for seniors requiring medical services and long-term care. This can cover about 10 percent of the assisted living services, provided the facility is a Medicaid licensed community.
Life Insurance/ Settlement
In some cases, seniors sell their life insurance policy to a third party company in exchange for a life settlement, which ranges from 50 to 70 percent of the policy's original value.
Seniors who have limited income source may use a portion of their SSI monthly benefits to cover for their assisted living care.
Seniors without enough cash or financial assets on hand may rely on bridge loans to cover assisted living costs. The term of the loan is usually short, with borrowers often having up to five years to repay the loan.
We recommend this option for veterans and their spouses. This program includes monthly benefits to cover expenses for senior housing and care.
This payment option is ideal for seniors who have a small mortgage on their property. Under this option, they can cash out the value of the home equity either as a full sum or as monthly installment.
Seniors may confirm with the assisted living facility for any available prepayment option. This often includes the monthly coverage they need to pay within a set period.
Senior Living Line of Credit
This type of credit provides families monthly financing to cover the costs of senior housing and care of a loved one.
If you have any question, our staff would be more than glad to discuss the different payment options for our assisted living care in Littleton CO.
Assisted Living cost's in Littleton Colorado can vary. Click the following link to learn the Ways To Pay For Assisted Living in Littleton, CO. If you have any questions please contact us and we will be happy to help you navigate your situation.
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