How to Afford the Costs of Assisted Living
Grace Pointe
For more information about the author, click to view their website: Grace Pointe
Jun 13, 2023
Colorado - Northern Colorado
Email US
Click to Email Us
Navigating the costs of assisted living can be tricky. An assisted living community provides your loved one with a socially engaging and supportive environment in which they can thrive. Preparing for this transition, while exciting, can at times be a bit stressful. Formulating a plan for affording the expenses of assisted living shouldn’t feel like an added weight.
At Grace Pointe we want you and your loved one to have the necessary resources to make the process of moving to an assisted living community a smooth one. Here are some of the most common methods for covering the costs of assisted living, coupled with a few helpful resources.
Affording the Costs of Assisted Living
The average monthly cost for assisted living in the state of Colorado is $4,750 according, to the 2021 Genworth Cost of Care Survey. Though that cost may feel daunting, there are many options that make this valuable care more affordable. What does that look like? Let’s take a look.
Savings and Family Support
In many cases, your loved one will use the monies they’ve set up for retirement to pay for assisted living. This can be from a retirement savings account, a personal savings account, or pension payments. In other cases, family members help cover a portion of the costs to help ensure your loved one’s savings cover the duration of their stay in an assisted living community.
Insurance Plans
Depending on your loved one’s insurance, some assisted living costs may qualify for coverage. As our elderly parents often utilize their insurance programs to cover their various medical needs, it’s helpful to know how those programs can help with supportive care programs like assisted living.
- Medicare cannot be used to pay for assisted living as Medicare can only be attributed to short-term, non-custodial care. However, since Medicare’s coverage gears toward health care, your loved one may be able to claim some of the health care they receive in their assisted living community.
- Private health insurance will sometimes cover some of the costs associated with health care and some skilled nursing but often won’t cover the care of assisted living. Contact your loved one’s insurance company for more detail on coverage.
- Long-term care insurance plans often include support for assisted living costs. Though it may not cover the total cost, it can help cover a portion of the costs making it more affordable for your loved one. Take a look at this article for a better look at the benefits of this type of insurance.
- Medicaid, though not technically an insurance program, can help cover the costs of assisted living. A joint federal and state program, it’s designed to help people of lower economic status pay for a variety of healthcare services, including assisted living. Here is a helpful article to better understand the benefits of Medicaid.
Liquidating Assets
There are a few ways your loved one can use their assets, such as home equity and life insurance policies, to help pay for assisted living costs. Some options include:
- Selling or surrendering a life insurance policy. This can be a portion of the policy sold to a third party, or the whole policy surrendered to the insurance company in exchange for a lump sum.
- A reverse mortgage. This option allows your loved one to receive funds from the mortgage lender while adult children or another family member move into their home and take on the mortgage payment.
- Selling or renting their home. In some cases, it may make the most sense to sell or rent your loved one’s home since they will no longer be living in it. This option is a great route for acquiring the funds necessary for covering assisted living expenses.
These options can be a lot to manage. We recommend consulting an Elder Care Lawyer, a financial advisor, or other experts to help navigate the best and most appropriate options for you or your loved one.
Look for Options to Save
As you put together a strategy for covering the costs of assisted living, keep in mind that there are often options to save some money with specials and discounts. Here are a few you can ask about when choosing an assisted living community:
- Ask about specials. Depending on the time of year, move-in rates may be lower, and there may be vacancies your assisted living community is hoping to fill. They may offer discounts to fill those empty rooms.
- Ask about paying for just what you need. Some assisted living communities offer an a la carte option that allows you to pay for just the services your loved one needs. Alternatively, you can pay for an all-inclusive package that bundles the services together.
- Ask about roommates. This is a fairly standard option in Assisted Living Communities. In some cases, shared living spaces are cheaper than a space for just one person. If this is something that would work for your loved one, ask if this is an option.
Grace Pointe Can Help
At Grace Pointe, we want your loved ones to have the care that is right for them, and we understand how tricky it can be to navigate this transition. We offer 100% customizable care packages that save your loved ones from paying for services they don’t require.
Request a free care consultation, and let’s make a plan to get your loved one the care services they need.
- To view the original version of this article visit gracepointegreeley.com/how-to-afford-the-costs-of-assisted-living/
- Seniors Blue Book was not involved in the creation of this content.
Other Articles You May Like
Caregiver Tips for Safe Senior Holiday Decorating
The holiday season is a time filled with joy and nostalgia, especially for seniors who have cherished memories of festive traditions. However, decorating for the holidays can also present challenges for seniors, particularly regarding safety and comfort. Ensuring a safe and joyful holiday environment is essential for seniors, and caregivers play a crucial role in making this happen. You want to explore more information about safe holiday decorating with seniors in mind. What Are Senior Needs?Seniors may experience physical limitations that affect their ability to decorate as they once did. These can include reduced mobility, balance issues, and decreased strength. You need to adapt holiday traditions to suit these changes, ensuring safety is a priority. There are minor changes you can make to accomplish this. Recognizing these needs helps prevent accidents and makes decorating a fun and inclusive activity.Choosing Age-Appropriate DecorWhen selecting decorations, choose items that are lightweight and easy to handle. Opt for non-breakable and flame-resistant materials to reduce the risk of accidents. Consider using battery-operated candles instead of traditional ones to prevent fire hazards. Incorporating sentimental and familiar items can also bring comfort and joy, allowing seniors to relive cherished memories without the need for heavy lifting or complex setups.Arranging Decorations SafelyTo minimize fall risks, secure any cords and avoid creating cluttered spaces. You want to place decorations at accessible heights, eliminating the need for seniors to reach or stretch excessively. Maintain clear pathways and ensure good lighting throughout decorated areas, making it easier for seniors to navigate their homes safely. These strategies help create a festive and hazard-free environment.Assisting With Challenging TasksSome decorating tasks may require caregiver assistance. Identify activities, like hanging decorations or reaching high places that could pose challenges for seniors. Use safe methods, such as step stools with handles, to hang decorations, ensuring stability and support. Encourage seniors to participate in decision-making and creative tasks, allowing them to stay engaged and involved without risking their safety.Engaging Seniors in the Decorating ProcessInvolving seniors in the planning and execution of holiday decor can be a rewarding experience. Engage them in activities like selecting themes, choosing decorations, or creating handmade ornaments. These activities offer emotional benefits, providing a sense of accomplishment and boosting their well-being. Encourage family involvement to create a communal experience, building connections and shared memories that make the holidays special.Decorate Safely for a Joyful Holiday SeasonCreating a joyful and safe holiday environment for seniors involves understanding their needs, choosing the appropriate decor, arranging items safely, and assisting with challenging tasks. Engaging seniors in the decorating process not only ensures safety but also enhances their holiday experience. For more support, consider contacting Senior Helpers Greeley. We provide professional caregiving assistance in Fort Collins, Loveland, Greeley, and Longmont, ensuring a safe and happy holiday season for seniors. Let us help you make this holiday season a safe and memorable one for your loved ones. If you have any questions, call us at 970-373-3858.
Healthy Vision: Tips for Saving Your Eyesight
Our eyes are incredibly precious, yet its easy to take our vision for granted until problems arise. Lets focus on proactive steps to maintain and improve our eye health. Here are some tips to keep your vision in top shape:Schedule Regular Eye Exams:One of the best ways to safeguard your vision is by scheduling regular eye exams. Comprehensive eye exams can detect vision problems early on, allowing for prompt treatment and prevention of further complications. Make it a priority to see your eye doctor at least once a year, even if you dont currently wear glasses or contact lenses.Protect Your Eyes from UV Rays: Just like your skin, your eyes can be damaged by the suns harmful UV rays. Whenever youre outdoors, especially on bright, sunny days, wear sunglasses that offer UV protection. Look for sunglasses that block 100% of UVA and UVB rays to shield your eyes from potential damage. Give Your Eyes a Break from Screens: In todays digital age, many of us spend a significant amount of time staring at screens, whether its for work, leisure, or staying connected. Prolonged screen time can lead to digital eye strain, characterized by symptoms like dry eyes, blurred vision, and headaches. To reduce eye strain, follow the 20-20-20 rule: every 20 minutes, take a 20-second break and look at something 20 feet away.Eat a Balanced Diet:Nutrition plays a crucial role in maintaining eye health. Incorporate foods rich in vitamins and antioxidants, such as leafy greens, colorful fruits and vegetables, fish high in omega-3 fatty acids, and nuts and seeds. These nutrients can help protect against age-related vision problems like macular degeneration and cataracts.Practice Good Eye Hygiene:Proper eye hygiene is essential for preventing eye infections and irritation. Wash your hands frequently, especially before touching your eyes or handling contact lenses. Follow your eye doctors recommendations for contact lens care, including proper cleaning, disinfecting, and storage.Stay Hydrated: Dehydration can contribute to dry eyes, so be sure to drink an adequate amount of water throughout the day. Aim for at least eight glasses of water daily to keep your eyes and body hydrated.Get Plenty of Sleep:Adequate sleep is crucial for overall health, including eye health. During sleep, your eyes receive much-needed rest and replenishment. Aim for 7-9 hours of quality sleep each night to help reduce eye fatigue and maintain optimal visual function.By incorporating these simple yet effective tips into your daily routine, you can help protect and preserve your precious eyesight for years to come.Your eyesight is irreplaceable, so take care of your eyes today for a brighter tomorrow!
Moving Made Easy: Simple Tips for Seniors
Moving to a new home can be scary and stressful, especially for older people. But don't worry! Here are some easy ways to make moving day less scary and more fun.1. Pick the Right HomeFirst, choose a new home that feels good. Think about what you like. Do you want a garden view? Do you need help with cooking? Make sure your new home has what you need to be happy.2. Make ListsWrite down everything you need to do. This helps you remember important things. Start early and take your time. Don't rush!3. Choose Special ThingsWhen you move to a smaller home, you can't take everything. Pick the things that mean the most to you. It's okay to feel sad about leaving some things behind.4. Get Help from MoversHiring people to help you move can make things much easier. They know how to pack and move your stuff safely.5. Use Good BoxesUse boxes that stack well. Plastic boxes with lids are great because they're easy to pack and unpack.6. Say Goodbye to Your Old HomeHave a party to say goodbye to your old home. Take lots of pictures to remember it. This can help you feel better about moving.7. Think Happy ThoughtsMoving can be exciting! Think about all the fun new things you'll do in your new home. You might make new friends or try new activities.8. Pack a Special BagPack a bag with things you'll need right away in your new home. Put in things like:MedicineToothbrush and toothpastePajamasSnacks and waterThis way, you won't have to search through all your boxes on the first night.9. Make a Moving Day PlanPlan out your moving day. Know when you'll leave and when you should arrive at your new home. Don't forget to plan for breaks along the way.Remember, moving can be a big change, but it can also be the start of a great new adventure in your life!
Local Services By This Author
Grace Pointe Senior Care Community
Independent Living 1919 68th Avenue, Greeley, Colorado, 80634Grace Pointe in Greeley, Colorado, stands as a beacon of premier senior independent living, offering a vibrant community and a continuum of care. Nestled in the heart of Greeley, our Continuing Care Retirement Community (CCRC) provides seniors with a fulfilling lifestyle, robust amenities, and peace of mind for the future.At Grace Pointe, we understand that independent living means different things to different people. That's why we offer a variety of spacious and comfortable living options, including apartments and cottages, to suit individual preferences and lifestyles. Whether you're looking for cozy charm or modern elegance, our residences provide the perfect blend of comfort and convenience.Our community is more than just a place to live; it's a vibrant hub of activity and connection. Residents at Grace Pointe enjoy a rich array of amenities and activities designed to promote engagement, wellness, and socialization. From fitness classes and art workshops to cultural outings and social events, there's always something exciting happening at our community.One of the hallmarks of Grace Pointe is our commitment to providing residents with the freedom and flexibility to live life on their terms. Our maintenance-free lifestyle allows seniors to say goodbye to the burdens of household chores and hello to more time for the things they love. Whether it's pursuing hobbies, spending time with family and friends, or exploring the local area, residents have the freedom to create their own schedule and make the most of each day.As a CCRC, Grace Pointe offers residents the peace of mind of knowing that they have access to a full continuum of care services, should their needs change over time. From independent living to assisted living, memory care, and skilled nursing, our community provides seamless transitions and comprehensive support every step of the way.Health and wellness are top priorities at Grace Pointe. Our residents have access to a range of amenities and services designed to support their physical, emotional, and spiritual well-being. From on-site fitness centers and wellness programs to nutritious dining options and spiritual care services, we provide the resources and support our residents need to live their best lives.Our beautiful campus is a haven of tranquility, with meticulously landscaped grounds, walking paths, and outdoor seating areas where residents can enjoy the beauty of nature and soak in the sunshine. With breathtaking views of the Rocky Mountains as a backdrop, Grace Pointe offers seniors the perfect setting to relax, rejuvenate, and reconnect with the world around them.As part of the Grace Pointe community, residents enjoy the peace of mind of knowing that they are part of a supportive and caring community that values their independence, dignity, and well-being. Our team of dedicated professionals is committed to providing personalized attention and support to each and every resident, ensuring that their individual needs and preferences are always met.
Grace Pointe Senior Care Community
Memory Care 1919 68th Avenue, Greeley, Colorado, 80634Grace Pointe in Greeley, Colorado, is a beacon of hope and support for individuals and families navigating the challenges of memory loss. Our Memory Care Secured Unit, nestled within our esteemed Continuing Care Retirement Community (CCRC), provides a safe, nurturing environment where residents can live with dignity, purpose, and compassion.Memory loss can be a daunting journey, but at Grace Pointe, we believe that every individual deserves to be treated with the utmost respect and dignity. Our Memory Care Secured Unit is specially designed to meet the unique needs of residents with Alzheimer's disease, dementia, and other memory-related conditions. With a team of dedicated caregivers trained in memory care techniques and best practices, we provide personalized support and assistance tailored to each resident's specific needs and preferences.Safety and security are top priorities in our Memory Care Secured Unit. Our state-of-the-art facility features secure access and monitoring systems, ensuring that residents are always safe and protected. From secure entrances and exits to enclosed outdoor spaces, we provide peace of mind for both residents and their families, knowing that their loved ones are in a safe and nurturing environment.Our Memory Care Secured Unit offers residents a comforting and familiar environment designed to promote independence, engagement, and overall well-being. Residents enjoy spacious and thoughtfully designed accommodations, providing a warm and inviting space where they can feel at home. With amenities such as cozy common areas, secure outdoor spaces, and life enrichment activities tailored to their unique interests and abilities, residents have every opportunity to thrive and live their best lives.As part of our CCRC, Grace Pointe offers the assurance of knowing that residents have access to a full continuum of care services, should their needs change over time. From memory care to assisted living and skilled nursing, our community provides seamless transitions and comprehensive support, allowing residents to age in place with dignity and grace.Health and wellness are at the forefront of our Memory Care Secured Unit. Our dedicated team of caregivers works closely with residents and their families to develop personalized care plans that address their unique needs and preferences. From medication management to assistance with activities of daily living and specialized memory care programming, we provide the support and resources our residents need to thrive.At Grace Pointe, we understand that memory loss affects not only individuals but also their families and loved ones. That's why we offer a range of support services and resources to help families navigate the challenges of memory care with confidence and peace of mind. From educational seminars and support groups to counseling services and respite care options, we are here to support families every step of the way.Our beautiful campus provides the perfect setting for residents to enjoy the beauty of Colorado's natural landscape. With meticulously landscaped grounds, walking paths, and secure outdoor spaces, residents can enjoy the sunshine and fresh air in a safe and nurturing environment.As part of the Grace Pointe community, residents of our Memory Care Secured Unit enjoy the peace of mind of knowing that they are part of a supportive and caring community that values their dignity, independence, and well-being. Our team of dedicated professionals is committed to providing personalized attention and support to each and every resident, ensuring that their individual needs and preferences are always met.Discover the compassionate care and support of our Memory Care Secured Unit at Grace Pointe in Greeley, Colorado. Contact us today to schedule a tour and experience the unparalleled lifestyle our community has to offer. Welcome home to Grace Pointe.
Grace Pointe Senior Care Community
Skilled Nursing 1919 68th Avenue, Greeley, Colorado, 80634Grace Pointe in Greeley, Colorado, sets the standard for excellence in skilled nursing and rehabilitation services within our esteemed Continuing Care Retirement Community (CCRC). With a commitment to compassionate care, personalized attention, and state-of-the-art facilities, we provide residents with the support they need to recover, rehabilitate, and thrive.Our Skilled Nursing and Rehabilitation Center at Grace Pointe is staffed by a team of dedicated healthcare professionals who are passionate about providing the highest quality care to our residents. From registered nurses and licensed therapists to certified nursing assistants and social workers, our interdisciplinary team works collaboratively to develop personalized care plans tailored to each resident's unique needs and goals.At Grace Pointe, we understand that rehabilitation is a journey, and we're here to support residents every step of the way. Whether recovering from surgery, injury, or illness, our comprehensive rehabilitation services are designed to help residents regain strength, mobility, and independence. With a focus on evidence-based therapies and cutting-edge techniques, we provide residents with the tools they need to achieve their highest level of functioning and quality of life.Our Skilled Nursing and Rehabilitation Center features state-of-the-art amenities and facilities to support residents on their journey to recovery. From spacious therapy gyms and rehabilitation rooms to private accommodations and comfortable common areas, we provide a warm and inviting environment where residents can focus on their rehabilitation in comfort and privacy.As part of our CCRC, Grace Pointe offers the assurance of knowing that residents have access to a full continuum of care services, should their needs change over time. From skilled nursing to assisted living, memory care, and independent living, our community provides seamless transitions and comprehensive support, allowing residents to age in place with confidence and peace of mind.Health and wellness are top priorities at Grace Pointe. Our skilled nursing and rehabilitation services are complemented by a range of amenities and programs designed to support residents' overall well-being. From nutritious dining options prepared by our talented culinary team to wellness programs, social activities, and spiritual care services, we provide the resources and support our residents need to thrive.Our compassionate caregivers are at the heart of everything we do at Grace Pointe. With a commitment to person-centered care and dignity, our team goes above and beyond to ensure that each resident receives the individualized attention and support they deserve. Whether assisting with activities of daily living, providing medication management, or offering emotional support and companionship, our caregivers are dedicated to making a positive difference in the lives of our residents.At Grace Pointe, we believe that recovery is not just about physical healing; it's also about emotional and spiritual well-being. That's why we offer a range of support services and programs to help residents and their families navigate the challenges of rehabilitation with confidence and peace of mind. From support groups and counseling services to educational seminars and caregiver respite options, we are here to support families every step of the way.Our beautiful campus provides the perfect setting for residents to focus on their rehabilitation in a serene and tranquil environment. With meticulously landscaped grounds, walking paths, and outdoor seating areas, residents can enjoy the beauty of nature and find moments of peace and reflection during their recovery journey.As part of the Grace Pointe community, residents of our Skilled Nursing and Rehabilitation Center enjoy the peace of mind of knowing that they are part of a supportive and caring community that values their well-being and dignity. Our team of dedicated professionals is committed to providing personalized attention and support to each and every resident, ensuring that their individual needs and preferences are always met.Discover the compassionate care and support of our Skilled Nursing and Rehabilitation Center at Grace Pointe in Greeley, Colorado. Contact us today to schedule a tour and experience the unparalleled lifestyle our community has to offer. Welcome home to Grace Pointe.