Insurance Options for Paying for Senior Living
Assured Senior Living
Sep 27, 2022
Colorado - Denver Metro
If you’re like many people, your financial basket may hold more possibilities to fund your future than you might realize. One of these funding sources could be insurance for senior living—utilizing a policy to secure the lifestyle that meets your care needs, or those of a loved one—even if you have decided you can’t afford senior living.
Ways to Use Insurance for Senior Living Expenses
- Long-Term Care Insurance for Senior Living
Long-term care (LTC) insurance helps to pay for the cost of home care, adult day care, assisted living, memory care, skilled nursing, respite care and hospice by covering services typically not covered by health insurance, Medicare or Medicaid. Policies often even cover some homemaker services, such as meal preparation or housekeeping as long as it is in conjunction with the personal care services you receive.
Before purchasing long-term care insurance, it’s always a good idea to make sure the policy offers the right coverage for you and your family’s situation.
How it works:
Many LTC policies begin to pay benefits once an assessment has determined you need help with two or more Activities of Daily Living or cognitive impairments; otherwise known as a benefit trigger. The insurance company will approve a Plan of Care. Then you will have an elimination period, typically 30, 60 or 90 days after the benefit trigger occurs before you start receiving payment for service. During this time, you must cover the cost of services you receive.
What to expect:
Once the benefits begin many policies pay your costs up to a pre-set daily limit until your lifetime maximum is reached.
- Conversion of Life Insurance for Senior Living
Many people don’t realize that converting a life insurance policy into a Long-Term Care Benefit Plan is another option. Yet anyone with an in-force life insurance policy can transform it into a pre-funded financial account that disburses a monthly benefit to help pay for long-term care needs such as home care, assisted living, skilled nursing and hospice. Unlike life insurance, this account is a Medicaid qualified asset.
How it works:
The conversion process transfers ownership of a life insurance policy from the original holder to an entity that acts as the benefits administrator. Because the original owner no longer holds the policy, it won’t count against them in the Medicaid spend down process. The benefits administrator assumes all responsibility for paying the monthly premiums on the policy to the insurance company and agrees to pay the previous policy holder a series of monthly payments based on the value of their policy. These payments can then be used to pay for your long-term care.
The pros
- You can convert any type of life insurance for senior living: whole, term or universal.
- There are no monthly premium payments; monthly payout amounts are adjustable based on how many months you want to receive payments.
- Monthly payouts don’t count against qualifying for Medicaid coverage; a long-term care benefit plan is recognized by Medicaid as an acceptable spend-down during the five-year look-back period.
- A long-term care benefit plan is comprised of “private pay” dollars, which means that it can be used to pay for any kind of care—home care, assisted living, skilled nursing and hospice.
- A special fund is set aside for future funeral expenses.
The cons
- You must have an immediate need for some form of acceptable long-term care, because monthly payments are made directly to a long-term care provider, not the previous holder of the life insurance policy.
- Individuals with smaller policies ($10,000 or less) may be better off holding on to their plan or giving it up it in exchange for the cash surrender value. Or those who have a life insurance policy with a large cash value built in (e.g. a $100,000 policy with a $90,000 cash value) may better off taking that cash value.
What to expect:
There are no application fees or obligations to apply, and the typical enrollment time is 30-45 days. Once a policy is converted by the owner, the Long-Term Care Benefit payments begin immediately, and the enrollee is relieved of any responsibility to pay any more premiums.
Insurance for Senior Living: An Option Worth Exploring
At Assured Senior Living, we understand that coming up with a financial plan for paying for senior care can be a complex process. However, we believe that taking a proactive approach is a sound strategy, just as weighing your options for assisted living and memory care early can help reduce stress for you and your family in the years to come. Let us help you find the answers.
At Assured Senior Living, our goal is to make your loved one feel completely at home.
Other Articles You May Like
Medicare Help for Seniors in Southwest Florida
Navigating Your Coverage with ConfidenceFor seniors in Southwest Florida, understanding Medicare can feel overwhelmingbut it doesn't have to be. As a vital resource for older adults, Medicare provides access to essential healthcare services. Still, navigating enrollment, coverage options, and plan changes can be complex.This guide offers clear, practical information for those seeking Medicare help for seniors in Southwest Florida. Whether you're new to Medicare or reviewing your current plan, this article will help you feel more confident in your decisions. What Is Medicare?Medicare is a federal health insurance program designed for individuals aged 65 and older, as well as certain younger individuals with disabilities. Its divided into four parts:Part A Hospital insurance (inpatient care, skilled nursing, hospice)Part B Medical insurance (doctor visits, outpatient care, preventive services)Part C (Medicare Advantage) An alternative to Original Medicare offered by private companiesPart D Prescription drug coverageChoosing the right Medicare path depends on your health needs, budget, and preferences. Why Seniors in Southwest Florida Need Medicare HelpWith a large and growing senior population, Southwest Florida is a hub for retirees and aging adults. Access to Medicare information is especially important here due to:Diverse healthcare needs From preventive care to specialized servicesChanging plan options Private insurers offering Advantage Plans vary by regionSeasonal residents Snowbirds may need help coordinating coverage across statesLanguage barriers Many seniors benefit from local support thats easy to understandHaving local Medicare guidance helps seniors navigate choices more confidently and avoid costly mistakes. Where to Get Medicare Help in Southwest FloridaSeniors Blue Book offers a trusted directory of resources that can help seniors and caregivers better understand their Medicare options. While we do not endorse specific for-profit companies, we provide access to local agencies, educational workshops, and nonprofit services where seniors can receive:Personalized Medicare counselingHelp comparing Original Medicare and Medicare Advantage plansInformation about enrollment periods and deadlinesAnswers to billing and claims questionsHelp with low-income subsidy (Extra Help) programsExplore your options here: Senior Resources in Southwest Florida Medicare and Insurance Support Services When Should You Seek Medicare Help?Turning 65 Learn about enrollment timelines and options before your birthdayDuring open enrollment (Oct 15 Dec 7) Review your current plan and compare othersExperiencing life changes Retirement, relocation, or new health conditions may impact your needsReceiving confusing bills or denial letters Get help understanding what is or isn't coveredEven if you're already enrolled, reviewing your Medicare coverage annually ensures youre not overpaying or missing out on important benefits. Common Questions About Medicare for Seniors in Southwest FloridaQ: Is Medicare free? A: Part A is generally premium-free if you or your spouse paid Medicare taxes. Parts B, C, and D usually involve monthly premiums.Q: Can I keep my doctor with Medicare Advantage? A: It depends on the plan. Always check provider networks before switching.Q: What if I need extra help paying for prescriptions? A: You may qualify for the federal Extra Help program or local assistance services. Take the Next StepMedicare doesn't have to be confusing. With the right information and guidance, seniors in Southwest Florida can take charge of their health and make decisions that support their long-term well-being. Visit Seniors Blue Book to explore local support services and find resources that can help you or a loved one make informed Medicare choices.
Medicare Planning in Southern Colorado: What Seniors Need to Know
Navigating Medicare can be confusingespecially for older adults approaching retirement or already managing ongoing healthcare needs. Thats why Medicare planning is essential. If you live in Southern Colorado, understanding your options and planning ahead can make a significant difference in your access to care, financial stability, and peace of mind.In this blog, well cover what Medicare planning involves, how to get started, and where to find helpful, unbiased resources right here in Southern Colorado. Why Medicare Planning MattersMedicare planning isnt just about enrolling in a health insurance programits about making informed choices that affect your long-term health and finances. The decisions you make when enrolling in Medicare can impact:What doctors and specialists you can seeWhat medications are coveredOut-of-pocket healthcare costsCoverage for long-term care or specialty servicesBy taking time to understand the available options, comparing plans, and getting support when needed, seniors can avoid unexpected costs and ensure their needs are fully covered. Medicare Basics: What You Should KnowMedicare is a federal health insurance program primarily for people aged 65 and older. There are four main parts:Part A Hospital insurance (inpatient care, skilled nursing, hospice)Part B Medical insurance (doctor visits, outpatient care)Part C Medicare Advantage Plans (offered by private companies)Part D Prescription drug coverageSome seniors also choose to add Medigap (Medicare Supplement Insurance) to help cover costs not included in Parts A and B.Understanding these components is critical to choosing the right coverage for your specific health and budget needs. Southern Colorado Medicare Planning: Local ConsiderationsSouthern Colorado is home to a large and growing senior population, and with that comes access to a range of local Medicare resources. From Pueblo to Trinidad, seniors can find support from community organizations, nonprofits, and healthcare advisors.Here are key steps to planning your Medicare in this region:1. Know Your Enrollment WindowsMedicare has specific enrollment periods that can affect your eligibility and penalties. These include:Initial Enrollment Period (IEP)Annual Enrollment Period (AEP)Special Enrollment Periods (SEP)Missing a window could lead to delays or extra costs, so its important to plan ahead.2. Compare Plans Available in Southern ColoradoCoverage options can vary depending on your zip code. That means the plans available in Southern Colorado may be different from those in Denver or Northern Colorado. Comparing local plans ensures youre choosing one that includes nearby hospitals, specialists, and pharmacies.3. Use Local ResourcesThere are many neutral, helpful organizations in Southern Colorado that offer Medicare planning assistance. These include:State Health Insurance Assistance Programs (SHIP)Local senior centersMedicare-focused educational eventsYou can also start your search here: Explore Senior Resources in Southern Colorado Find Medicare Planning Support in Southern Colorado Avoid Common Medicare MistakesEven with the best intentions, many seniors fall into common Medicare traps such as:Assuming Original Medicare covers everythingNot reviewing plan changes annuallyOverlooking prescription drug coverageMissing enrollment deadlinesWith the right planning, you can sidestep these mistakes and ensure your healthcare is both accessible and affordable. Final Thoughts: Make Medicare Work for YouMedicare planning in Southern Colorado doesnt have to be stressful. With the right knowledge and local support, you can take control of your healthcare future and make confident, informed decisions. Seniors Blue Book is proud to be a trusted, unbiased source for seniors and families. Whether youre just starting to explore Medicare or reviewing your coverage, were here to help you find the information and resources you need.
Medicare Helps for Seniors in Southern Colorado: What You Need to Know
Navigating the healthcare system as a senior can be overwhelming, especially when it comes to understanding Medicare. For seniors living in Southern Colorado, accessing accurate information and local resources is essential to making confident decisions about coverage, benefits, and available support.Whether you're turning 65 soon, helping a loved one transition to Medicare, or exploring additional services that can enhance your healthcare experience, this guide will walk you through how Medicare helps seniors in Southern Colorado, and where you can turn for trusted assistance. What Is Medicare and Who Qualifies?Medicare is a federal health insurance program primarily for:Adults aged 65 and olderIndividuals under 65 with certain disabilitiesPeople of any age with End-Stage Renal Disease (ESRD)Medicare is divided into parts that cover different healthcare needs:Part A (Hospital Insurance): Covers inpatient hospital stays, skilled nursing facilities, hospice care, and some home health care.Part B (Medical Insurance): Covers certain doctors services, outpatient care, medical supplies, and preventive services.Part C (Medicare Advantage Plans): Offered by private companies, these plans often bundle Parts A, B, and sometimes D, and may offer additional benefits.Part D (Prescription Drug Coverage): Helps cover the cost of prescription medications. How Medicare Helps Seniors in Southern ColoradoIn Southern Colorado, Medicare plays a vital role in supporting the health and well-being of older adults. Heres how it benefits seniors in the region:1. Access to Local Healthcare ProvidersSouthern Colorado is home to a wide network of doctors, specialists, hospitals, and clinics that accept Medicare. Whether you're in Pueblo, Trinidad, Canon City, or surrounding communities, youll find providers ready to deliver essential care under Medicare coverage.Browse Senior Resources in Southern Colorado2. Preventive Care and ScreeningsMedicare helps seniors stay proactive about their health by covering preventive services like:Annual wellness visitsCancer screeningsVaccinations (flu, pneumonia, hepatitis B, COVID-19)Cardiovascular screeningsDiabetes screeningsThese preventive measures are especially important for aging adults in Southern Colorado who want to maintain long-term wellness.3. Support for Chronic ConditionsSeniors managing chronic conditions such as heart disease, diabetes, or arthritis can benefit from Medicare-covered services that include physical therapy, home health visits, and disease management programs.4. Skilled Nursing and RehabilitationIf a hospital stays results in the need for short-term rehabilitation or skilled nursing care, Medicare Part A can help cover eligible services in a skilled nursing facility, an important resource for recovery and continuity of care.5. Medication AssistancePrescription medications can be a significant expense. Medicare Part D, along with available Extra Help programs, supports Southern Colorado seniors by reducing out-of-pocket costs for prescription drugs. Local Help with Medicare QuestionsNavigating enrollment, choosing plans, and understanding whats covered can be confusing. Fortunately, Southern Colorado offers several trusted resources to help seniors and caregivers get answers and make informed choices. These include:State Health Insurance Assistance Programs (SHIP)Local senior centers and Area Agencies on AgingMedicare education workshopsOnline directories like Seniors Blue Book, which connect you to local providers and organizationsExplore Medicare Help Resources in Southern Colorado Tips for Choosing a Medicare Plan in Southern ColoradoWhen comparing your Medicare options, consider:Whether your preferred doctors and hospitals are in-networkIf your medications are covered under the plans formularyWhether you need additional services like dental, vision, or hearingTravel coverage, especially if you split time between cities or statesYour total estimated annual healthcare costsStart early, ask questions, and dont hesitate to seek help from local experts. Final Thoughts: Empowering Seniors Through Medicare SupportMedicare is more than just a government programits a lifeline that helps seniors in Southern Colorado maintain health, independence, and peace of mind. By understanding how Medicare works and where to find support, seniors and their families can make the most of their benefits and stay engaged in their care. At Seniors Blue Book, were here to help you connect with the services and professionals you need to thrive.
Local Services By This Author
Assured Senior Living 13
Memory Care 6751 West 65th Avenue, Arvada, Colorado, 80003Assured Senior Living - 6 Traumatic Brain Injury Homes in ArvadaTired of feeling defined by your traumatic brain injury, or witnessing your loved one be reduced to a collection of outward behaviors and symptoms? Its time to experience the whole-person care difference. At Assured Senior Living, we offer supportive living and care for individuals with brain injury. We understand the complexities traumatic brain injuries can presentand offer personalized, compassionate care to help our valued community members thrive. And, were backed by the Assured Senior Living namean industry leader in top-quality senior living and care. If you or a loved one has experienced a traumatic brain injury and youre looking for the very best option in supported living and careyouve come to the right place. Here, our individualized, positive living model embodies our awareness of person-first care. Because we believe in the sayingIf youve met one person with a brain injury, then youve met one person with a brain injury. No two people are alike, and no one should ever feel defined or stigmatized by an injury or diagnosis. Our Assured Traumatic Brain Injury Supported Living community members enjoy the comforts of a peaceful, home-like setting, with easy access to relaxing indoor and outdoor spaces to gather with friends and family. Our customized programs promote residents health, socialization, and quality of life. We uplift our valued community memberscelebrating their many strengths and offering support when needed. At Assured Senior Living, we believe in ensuring assisted living facility residents our supported with compassion and respect. Our staff of specialists is dedicated to learning and implementing the latest philosophies as they assist residents in transitioning through the various stages of dementia and aging.Living with dementia provides its own unique set of obstacles. Our staff understands the importance of supporting our residents and their families throughout the process. If you love someone whos coping with the effects of a brain injury and are concerned youll be unable to find the quality care they deserveAssured Senior Livings brain injury supportive living will allow you to finally put your mind at ease. Services at Arvada assisted living are all-inclusive. There are no itemized extra costs or rate increases for each calendar year. We have multiple Assured Senior Living facilities in Arvada.
Assured Senior Living 7
Memory Care 10139 Riverstone Drive, Parker, Colorado, 80134MEMORY CARE WITH A MISSION - LOVE IT'S WHAT WE DO! Maybe youve already sampled the typical memory care routeonly to find your concerns were more than founded. Instead of thriving, your loved one declineddeprived of the love, comfort, and consideration they once enjoyed. Isnt there a better way? you wondered, hopeful a new path might emerge?Your decision to transition your loved one into memory care wasnt made lightly. You acted out of selfless love knowing you could no longer provide the level of daily care they needed to remain safe and independent in their own home. Still, the thought of watching your once-vibrant loved one fading, locked away to stare at the walls in the dreary institution, makes your heartache. No one should be forced to choose between a loved ones safety and quality of life. Your decision to transition your loved one into memory care wasnt made.At Assured Senior Living, you can be assured of our quality care in a safe, secure environment, as well as peace of mind knowing your family member will receive the comprehensive services, personal care, and emotional support he or she needs, 24 hours a day. (*Including awake staff). Our innovative program provides the structure and routine needed to ensure feelings of security and certainty in day-to-day life. Please call for a personal tour of how Assured Senior Living can meet your loved one's unique needs.
Assured Senior Living 2
Memory Care 797 Tarpan Place, Castle Rock, Colorado, 80104Assured Senior Living - 5 Castle Rock LocationsMEMORY CARE WITH A MISSION - LOVE - IT'S WHAT WE DO! Maybe youve already sampled the typical memory care routeonly to find your concerns were more than founded. Instead of thriving, your loved one declineddeprived of the love, comfort, and consideration they once enjoyed. Isnt there a better way? you wondered, hopeful a new path might emerge?Your decision to transition your loved one into memory care wasnt made lightly. You acted out of selfless love knowing you could no longer provide the level of daily care they needed to remain safe and independent in their own home.Still, the thought of watching your once-vibrant loved one fading, locked away to stare at the walls in the dreary institution, makes your heartache. No one should be forced to choose between a loved ones safety and quality of life. Your decision to transition your loved one into memory care wasnt made.At Assured Senior Living, you can be assured of our quality care in a safe, secure environment, as well as peace of mind knowing your family member will receive the comprehensive services, personal care, and emotional support he or she needs, 24 hours a day. (*Including awake staff).Our innovative program provides the structure and routine needed to ensure feelings of security and certainty in day-to-day life.Please call for a personal tour of how Assured Senior Living can meet your loved one's unique needs.