Paying For Assisted Living

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Jan 20, 2015

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Colorado - Denver Metro , Colorado - Denver North Metro , Colorado - Denver South Metro

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Senior living care is an expense that most Americans forget to plan for as they move beyond retirement and reach their later years in life. As we age, we may not consider that additional help or aid will be needed with tasks that were once done with ease. However, if the need for help arises, there are options available that will help you maintain your independence while getting the assistance you or your loved one need.
Costs for assisted living are often anticipated to be covered by pension or government assistance and those funds have been decreasing in recent years due to federal government re-budgeting and changes.
However, assisted living can be paid for without breaking the bank.

IS ASSISTED LIVING RIGHT FOR ME?
One of the first assessments to be performed when considering assisted living care is inventory or examination into how much care will be required by the health practitioner at your living facility. There are ADLs, or Activities of Daily Living and IADLs, Instrumental Activities of Daily Living. These terms come into play when determining an individuals level of independence or need for assistance.
Activities of daily living, or ADL, is defined by the five basic personal care tasks we perform on a daily basis such as, bathing, feeding, toileting, dressing, and transferring (getting out of bed/into bed, moving from a sitting to standing position, etc.). Those tasks that are a bit more complex and not necessarily performed daily include, laundry, shopping, housekeeping, managing finances, food preparation, transportation, self-administering medication, and using the phone and are held as IADLs, or instrumental activities of daily living.
Completion of these tasks demonstrates which level of care is best for your family. If you or your loved one can complete all ADLs or IADLs with minimal assistance, assisted living may be the best option.

CAN I AFFORD CARE?
Costs for assisted living vary from state-to-state. Take time to research the general costs for care in your state before committing to care that may be too expensive for long-term aid. For example, according to the Genworth Cost of Care Survey, the price varies greatly between Georgia and Michigan for 3 years of assisted living in a private room:
Georgia:
2014 cost: $ 32,400
2016 cost (estimated): $ 35,044
Total cost for all 3 years: $ 101,140
Michigan:
2014 cost: $ 39,600
2016 cost (estimated): $ 40,396
Total cost for all 3 years: $ 119,992
Denver: The Assisted Living Facility median annual cost for 2015 was $45,000, with a .78% increase in costs for 2016, according to Gencare Cost of Care Survey.
Below are common options many Americans use to pay for assisted living:

Housing and Veteran Subsidies
The US Department of Housing and Urban Development 202 and Section 8 senior housing is available for seniors with annual incomes under $12,000. These options provide rent subsidies that can help balance the room and board portion required of assisted living environments. The Department of Veteran Affairs also offers care options for veterans in their own residences based upon availability.

Other options for payment:
Medicare
Medicate
Private Loan
Reverse Mortgage

When its time to start finding help, there are various options to consider when considering assisted living in Denver. Having a clear understanding of how much assistance and care will be needed will help the decision making process easier, and hassle-free.

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