Industry Insights: A Glimpse into Senior Care Trends


Seniors Blue Book

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Posted on

Sep 20, 2023



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Industry Insights: A Glimpse into Senior Care Trends

Did you know? The concept of senior care is evolving rapidly. As our aging population grows, so does the demand for personalized and holistic care solutions.

Trend: "Aging in Place" is gaining momentum. More seniors are choosing to remain in their homes, seeking in-home care and support services to maintain independence.

Analysis: This shift emphasizes the importance of adaptable, in-home care options. It's about making daily life easier and enhancing quality of life, all while preserving cherished memories in familiar surroundings.

At Seniors Blue Book, we stay at the forefront of these industry trends, ensuring you have access to the most up-to-date information and care options. Stay tuned for more insights into the ever-evolving landscape of senior care.

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3 Ways To Pay for Senior Care

Older adults today may find themselves in a bind when they need to move to a senior living community without knowing how to pay for senior care. Though senior living may feel like a large expense, a number of solutions can help older adults fund their move and maintain their residency for as long as they need it. When private funds arent enough, seniors may be able to turn to Veterans benefits, insurance products, and short-term bridge loans. Aid and Attendance, a benefit offered through the U.S. Department of Veterans Affairs (VA), can provide additional income to qualifying Veterans and their surviving spouses. Long-term care insurance can reimburse policyholders up to hundreds of dollars a day for long-term care services. Seniors who need cash flow assistance while they wait for permanent funding sources like those mentioned above or the proceeds of a home sale can use a bridge loan until the funds come through. Here, well go over these three methods that can help pay for senior care so you can know your options for covering the cost of senior living.The Aid and Attendance benefit provides monthly income for VeteransThe U.S. Department of Veterans Affairs (VA) offers a variety of benefits that help Veterans access and cover the cost of care, including the Aid and Attendance benefit. It provides additional monthly income directly to qualifying Veterans and even their surviving spouses, and the recipients can use the funds to pay for long-term care costs, such as rent at a senior living community or the cost of a home care provider.To qualify for Aid and Attendance, a recipient must meet military service criteria, health requirements, and income and asset limits:Military service: The Veteran applying (or to whom the surviving spouse was married if the spouse is applying) must have served in an approved wartime period, including at least one day of active duty during that time. They do not need to have served in an active combat zone. Health needs: The applicant must demonstrate the need for assistance with completing at least two activities of daily living, have a cognitive impairment requiring that they live in a facility to remain safe, or be considered legally blind.Income and asset limits: The applicants income and net worth must not exceed a certain dollar amount, which in 2024 is about $150,000. VA assesses this amount and usually increases it slightly each year.Applying for Aid and Attendance can help a senior Veteran or surviving spouse receive extra monthly income, which can go a long way toward paying for essential care in a senior living community. Some companies offer advice and services to help individuals with the process of filing the long and complex application.File a claim on your long-term care insurance policyLong-term care insurance is a type of insurance policy that helps individuals cover costs of care that typical health insurance, like Medicare, doesnt cover. It may be surprising to some, but traditional Medicare does not cover the cost of assisted living or home care on a long-term basis. The reason is that Medicare is health insurance, which pays for medical care services. The typical services that assisted living communities and home care services provide arent considered medical services. Receiving help bathing and dressing, which are common services assisted living and home care services provide, are considered custodial or personal care services by Medicare. Since they are not medical services, Medicare does not cover those costs.Long-term care insurance helps cover these costs and can be a lifesaver for many individuals who need to pay for senior care. If a policyholder can demonstrate that they have met the health requirements to use their insurance policy, they can file a claim or get help filing a claim and receive reimbursement for the long-term care services they receive at their senior living community. While the policyholder must pay for the costs upfront, they can be reimbursed when they file each claim (usually in 30- to 90-day increments, depending on the insurance provider).Use a bridge loan to cover immediate expensesA bridge loan is a short-term loan that can help the borrower pay for expenses while they wait for their permanent funding to become available. These types of loans can be helpful to seniors because lenders can typically approve a loan quickly  often in as little as one business day. This immediate access to necessary funding can solve cash flow issues for seniors who need to move to a senior living community quickly, such as after a hospitalization.Seniors often obtain these types of loans when they want to sell their house and move into a senior living community. Instead of waiting for the house to sell before moving in, the senior can move in immediately and use the loan funds to pay any move-in fees, moving costs, and first months of rent. When the house sells, the senior pays the loan back using the proceeds from the house sale. They can then use the remaining funds to continue to pay their senior living expenses.Another example of why a senior might use a bridge loan is if they need to move to a senior living community and have applied for financial assistance programs or Veterans benefits, like Aid and Attendance. The Aid and Attendance benefit can provide over $2,000 per month in additional income to qualifying Veterans and their surviving spouses, but the application can take a few months to process. If a senior has applied for this benefit and awaits approval, they may obtain a bridge loan to help cover monthly costs of care and then, when awarded the benefit, pay back the loan. Seniors dont need to pay for senior care out of pocketIf an older adult needs the help of a senior living community, a number of solutions are available to help them pay for senior care. While some older adults can tap into their retirement savings or sell assets they no longer need, many others need extra help paying for the necessary care. In and among solutions like the Aid and Attendance benefit, long-term care insurance, a bridge loan, or a combination of all three, older adults can find ways to pay for their residency at a senior living community.

How to Apply for Long-Term Care Medicaid in Colorado

How to Apply for Long-Term Care Medicaid in ColoradoApplying for Medicaid can be a daunting task, especially when it comes to long-term care. However, with the right guidance and resources, the process can be much smoother. This guide is designed for seniors, caregivers, and Colorado residents to help them understand how to apply for long-term care Medicaid in Colorado. Understanding Long-Term Care MedicaidLong-term care Medicaid provides financial assistance to those who need help with daily living activities, such as bathing, dressing, and eating. It covers care provided in various settings including nursing homes, assisted living facilities, and even at home. Why You Shouldn't Apply AloneGiven the high volume of applications and the complexity of the process, we do not recommend submitting an application on your own. Mistakes can delay approval or result in denial. Should you choose to apply on your own, we will give you the information and tools you need during our free initial consultation with you. Schedule a free consultation here  - Steps to Apply for Long-Term Care Medicaid in ColoradoStep 1: Find The Applicants DHS OfficeThe first step in applying for Medicaid in Colorado is to find the applicants local Department of Human Services (DHS) office. This is where you will submit your financial application. Find the Applicants DHS office here - Step 2: Submit a Financial ApplicationOnce you have located your local DHS office, you will need to submit a financial application. This form will require detailed information about your income, assets, and expenses. Step 3: Determine Financial EligibilityBefore proceeding with the application, it's crucial to determine if you qualify financially for Medicaid or VA Aid & Attendance benefits. Strategies exist to access benefits while protecting your personal assets, and a Certified Medicaid Planner (CMP) can help you maximize your benefits. Find out if you qualify - Step 4: Schedule a Health AssessmentAfter qualifying financially, you will need to schedule a level of care assessment, also known as a health assessment, with the Applicants Single Entry Point. This evaluation will determine the level of care you require. Schedule a health assessment - Step 5: Skip the Hassle of Applying Alone Schedule an AppointmentIf you find the application process overwhelming, you can skip figuring out how to apply on your own by scheduling an appointment with our experts.  Schedule an appointment with a Certified Medicaid Planner - Our 4-Step Process for Application AssuranceWe have developed a streamlined 4-step process to help you feel relief about your loved ones care and save money. 1. Schedule a Free Initial ConsultationLearn more about what we can do to preserve your assets by scheduling a free initial consultation. 2. Make a PlanThrough an assessment of your financial circumstances, we will create a roadmap of the best options for you. 3. Pick an OptionWe explore legitimate opportunities to preserve your assets. 4. Gain BenefitsSelect the best option, and we will complete a successful application for gained benefits. Applying for long-term care Medicaid in Colorado doesn't have to be stressful. By following these steps and seeking professional guidance, you can ensure a smoother application process and maximize your benefits.For personalized assistance, schedule a free consultation with one of our Certified Medicaid Planners (CMP) today. Learn more and schedule now! -

Having the Tough Conversation with Your Parents about Senior Living

The relationships you develop with your parents are often some of the deepest and most meaningful in your life. Which makes having a conversation about moving into senior living residences tough for all involved. It might be difficult for you to broach the subject with your parents, but keep in mind that its just as hard for them to hear it.No matter how prepared you or they might be, this is never an easy conversation to have. From your parents perspective, moving into a senior living residence might seem like a significant reduction in independence and freedom. After all, having lived alone for forty or fifty years gets a person used to a certain type of lifestyle. Its for that reason that you have to give them the best advice possible. Dont simply make the decision for them, bring them into the discussion and talk frankly about the situation and the options available. Weve learned a thing or two during our time at Legend Senior Living, and know a few tips for making this conversation a bit easier:Speak honestly and compassionatelyHelp your parents by being sensitive to their needs, wants, and fears, and include them in the conversation about their lives. Give your honest assessment, even if you know it may be difficult for them to hear.Make collaborative choicesPeople are more willing to make choices when they take part in the decision. Structure your conversation in a way that shows you arent trying to run their lives; rather that youre focused on their health, safety, and happiness, and welcome and respect their input in this decision.Set up senior living residence toursEncourage them to schedule tours of residences so they can meet people and see the environments firsthand. As they talk to residents, they can weigh their decisions based on whats important to them. Know the signs to help assess the situationIt can be hard to admit when your parents cant handle living on their own. Its important that you know the signs that determine its time to consider senior living. Here is a list of what to look for:Weight loss due to malnutrition or inability to feed oneselfFrailty of strength or statureWeight gain, potentially due to illness or inactivityChanges in behavior, appearance, or bathing habitsLoss of friendships, activities, or interestsUnopened bills, personal mail, or past-due noticesWhen daily living activities and independent living activities waneChronic, persistent health conditions or conditions that require daily monitoringSlower recovery for minor injuries or illnessesRecent accidents or incidentsSenior living means not worrying about when theyll get a nutritious meal, not having to worry about them forgetting to turn off the stove, a slip or a fall, or forgetting to take their medications. Be open and honest regarding your concerns about them living on their own. Theyll appreciate how much you value their safety, happiness, health, and independence. Senior living also ensures that your parents will have the assistance in the case of an emergency or accident. Its not only a residential situation, its peace of mind for both you and your parents that they will always be looked after.Even though the conversation might be difficult to have, its important that you have it. But make sure you approach it with kindness, compassion and understanding.