If youre 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 livingutilizing a policy to secure the lifestyle that meets your care needs, or those of a loved oneeven if you have decided you cant afford senior living.Ways to Use Insurance for Senior Living ExpensesLong-Term Care Insurance for Senior LivingLong-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, its always a good idea to make sure the policy offers the right coverage for you and your familys 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 dont 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 wont 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 dont 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 carehome 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 ExploringAt 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.

SHOULD I MOVE CLOSER TO MY AGING PARENTS?As your parents get older, physical, and mental capabilities noticeably decline. Forgetting where the car keys went doesnt necessarily mean someone is in need of greater assistance, because weve all done that. However, when daily tasks become a constant struggle, it may be time to consider moving closer to support your parents or finding support for them. Below are some ways you can help your aging parents by moving closer to them.Combat Elder LonelinessEven if your parents are not currently in need of daily support, loneliness is a serious issue among many elders. An article published by the CDC outlines the health risks of loneliness with some staggering statistics. 25% of people over the age of 65 are socially isolated, and social isolation is associated with approximately a 50% increased risk of dementia. Depending on how isolated your parents are, being geographically close to them will help fend off the loneliness if you are able to frequently spend time together.If you still have younger kids, your parents would love to be able to spend more time with their grandchildren. Plus, living close together makes holiday get togethers much easier and will eliminate any fears you might have of them driving long distances. If for whatever reason you cant physically be there, whether that be because of COVID or otherwise, you can always Facetime or Zoom family during holidays. Its not the same as being in person, but it can at least help with their loneliness.Assist Around the HouseIf your parents have an injury or other physical ailments, there are many ways you can offer to help around the house. You might be able to help them by lifting any heavy objects, moving furniture, or bringing things down staircases. Make sure everyday use items are in easy to reach places to prevent any unnecessary accidents. According to the CDC, one out of every five falls causes injuries such as broken bones or damage to the head. Stairs and slippery surfaces are common causes of these accidents. Make sure railings are secure and that carpeting covers any slippery surfaces to help prevent injury. These types of preventative measures are tasks that you could take care of by visiting your parents a couple of times, however, if they require daily care youll want to look into options for daily at-home care. Most of the time, seniors do not want to leave their homes, so at-home care is a great way to help them retain their independence while getting the assistance they need.Decide if You Can Afford a Move Right NowMoving closer to your parents might be a big decision depending on how far away they are. Current housing market conditions might make moving a much more difficult process, so youll have to ask yourself, what house can I afford? House prices have been pushed upwards significantly, which could work in your favor if youre planning to move in with an aging parent. However, if you have a family and kids, youll want to carefully consider what works best for your family financially. Youll also want to consider your employment options. Luckily, many employers currently have the option for remote work, so you may be able to make a move without interfering with your current position. If your current role does not offer this, you may have to find remote employment or a new job in the area near your parents.At the end of the day, youll have to make some compromises between where you want to live, your job opportunities, and uprooting your current lifestyle. For those reasons, picking up and moving to support your parents isnt possible for everyone. If youre certain your parents need daily help, you might want to have a conversation about assisted living facilities.Find an Assisted Living FacilityAssisted living facilities provide care at all levels. Facilities like Assured Senior Living provide memory care, home care, or complete 24-hour care as a resident at one of the facilities. This is a great option, especially if you are unable to move closer to your parents. Youll be comforted knowing that they have constant support, and if anything happens there will be someone there to help. You can still stay in touch and visit them for special occasions, but you wont have the conflict of moving your family or switching jobs. Having the talk about long-term care might be difficult to have but is necessary if life circumstances prevent you from being able to provide daily care yourself.

The expression love knows no bounds fits perfectly for couples looking to tie the knot in their golden years. Compared to marrying young, as a senior, youre bound to have much more financial stability and a stronger understanding of who you are as a person. As a result, you can dedicate the majority of your time to living the best life with your significant other. For older couples on the cusp of marriage, this article will explore key considerations to be aware of before starting the next chapter of your life.This resource guide is just one example of the great content you can find on the Assured Senior Living website.Take a Call on FinancesThe big question to answer will be whether to combine your finances or not. Merging finances is not as simple as pooling money into the same savings accounts, youll need to take a call on:Managing day-to-day expenses such as home maintenance, groceries, utilities, etc.Whether to add your spouses name on assets such as a second home, investment property, 401(k) plan, and more.If either of you have debt, decide whether the individual will be solely responsible for repaying it or will it be repaid using pooled resources.Additionally, be open about your future investment plans, such as expanding your portfolio, buying property, etc., and ask your spouse to do the same. Make the necessary tweaks and create a new financial plan which serves as a pathway to reach goals as a couple. Given the complexity of this process, consider working with a financial professional who can help make a solid plan and educate you on how to manage money as a new couple.Review Medicaid BenefitsIf you or your spouse currently receive Medicaid, take into consideration how the marriage will impact the benefits you receive. As reported by Medicaid.gov, this is a public health program catered toward helping low-income individuals, but its eligibility is calculated based on total household income. Hence, if the annual income of your new household exceeds the maximum threshold, you may no longer be eligible for Medicaid.In this scenario, it is important to make a clear plan on how healthcare requirements will be managed in the future. The best options include:Applying for good health insurance, which can be taken separately or as a couple.Use your employer-provided health insurance to cover healthcare needs. As coverage varies among companies, its best to speak with the employer to understand the viability of this option.Create Future PlansWith a partner by your side, the future will look different than before. While you dont need to follow plans to the T, its good to create several mutually shared goals to work towards in the golden years of your life. These can include:Starting a Business: If the entrepreneurial spirit burns bright in both of you, starting a business can be a great option to consider. Given decades of work experience, both of you will bring unique skills and experience to the table that will help make the business successful. In addition to serving as the primary or secondary source of income, managing the business as a couple will result in you spending the majority of time with your better half each day.When it comes to promoting your business, the essentials will include designing a responsive website and leveraging social media advertising. There are various online tools through which you can create a Facebook ad in seconds. Buying a Home: While moving in with your partner is always an option, relocating is an exciting prospect to consider. This can involve moving to a state both of you always wanted to live in, or making the move away from the city to spend your retirement years in peace in the suburbs.The home buying process can be tedious, as it may involve selling your current home, applying for a mortgage, and much more. Hence, its best to start early and create provisions in your financial plan.Consider a Prenuptial AgreementWhile this may be an uncomfortable topic to bring up, discuss the need for a prenuptial agreement (prenup) with your partner. As reported by Nolo, a prenup is a legal document that includes details regarding the financial assets of each individual and conditions attached to them in the event of divorce or bereavement.Here are prominent reasons you can consider creating a prenup:Assets from Previous Marriages: Individuals with children from prior marriages can use prenups to clarify how assets will be distributed in the event of their passing. Without a prenup, property rights typically pass onto the significant other, which creates the possibility of a future legal dispute.Protection from Debts: Prenups can also be used to protect yourself from being held liable for the repayment of your partners debts. While you may be counting down the days to the wedding, before making it official, take the time to make a plan regarding the above-mentioned aspects to ensure you and your partner are secured for the foreseeable future.

For many families worried about whether they can afford the cost of senior living, the Veterans Aid & Attendance benefit can offer great peace of mind. Though its been around since the 1950s, many Americans are not familiar with this important VA benefit for senior living. In fact, more than one-third of Americans over 65 are either wartime Veterans or are married to one, which means they may qualify for benefits that can help offset the cost of senior care. Yet less than 10 percent of those who qualify have even applied for Veterans Aid & Attendance, which provides a non-service-connected pension to assist in paying for long-term care for wartime Veterans or a surviving spouse with limited income. Eligibility for This Important VA Benefit for Senior Living You may be eligible for this benefit if you get a VA pension, and you meet at least one of these requirements: You need another person to help you perform daily activities, like bathing, feeding, and dressing,or You have to stay in bedor spend a large portion of the day in bedbecause of illness,or You are a patient in a nursing home due to the loss of mental or physical abilities related to a disability,or Your eyesight is limited (even with glasses or contact lenses you have only 5/200 or less in both eyes; or concentric contraction of the visual field to 5 degrees or less) Housebound benefits eligibility: You may be eligible for this VA benefit for senior living if you get a VA pension and you spend most of your time in your home because of a permanent disability (a disability that doesnt go away). How Aid & Attendance Benefits Your Senior Living Budget Quite simply, with Aid & Attendance you have increased buying power which: Opens up more options when it comes to choosing the senior living community that fits your needs best. Gives you peace of mind in being able to stay in the community longer than your budget otherwise may have allowed.  Whats more, this VA benefit for senior living is tax-free and paid directly to you by the Treasury Department. Watch out for mythslearn the truth about this VA benefit for senior living. There are many misconceptions that can cause Veterans or their surviving spouses to miss out on the full benefits they are entitled to, or to not even attempt the application process at all. At Assured Senior Living, we want you to have the facts. Here are a few common myths you should know about. Myth: To qualify for this VA benefit for senior living, you must have served in a combat zone. Truth: To qualify, the Veteran must have served during an eligible wartime period. Except for the Vietnam wartime period of February 28, 1961 to August 4, 1964, there is no requirement that the Veteran must have served in a combat zone. The service criteria are 90 days of active duty, with at least 1 day during an eligible wartime period and the Veteran was other than dishonorably discharged. Or, your spouse at the time of their death met these criteria. Myth: You cant receive a partial benefit for Aid & Attendance. Truth: Aid & Attendance is not all or nothing, you can get a partial benefit. For example, if your income minus home care and facility costs leaves you with a positive number or Income for VA Purposes, but one less than the Maximum Pension Benefit, you can receive the approximate difference between the Maximum Pension and the calculated Income for VA Purposes. Myth: A spouse can only receive Aid & Attendance if the Veteran has passed away. Truth: If a Veteran is still married and his or her spouse needs care, they are considered a dependent spouse. A married Veteran can be awarded a Basic Pension if he or she has a dependent spouse as long as eligibility requirements are met. To Apply for the Aid & Attendance Benefit: Send a completed VA form (https://www.vba.va.gov/pubs/forms/VBA-21-2680-ARE.pdf) to the Pension Management Center (PMC) that serves your state. Find your PMC at https://www.va.gov/pension/pension-management-centers/. File a claim online (https://www.va.gov/pension/application/527EZ/introduction) Apply in person at a VA office (https://www.va.gov/find-locations/?facilityType=benefits) near you. Why You Might Want the Assistance of VA Accredited Agent Keep in mind that its not just the length of the application for this VA benefit for senior living that makes the process complex, its also all understanding all the nuances. An expert who knows all the rules and regulations, as well as how the VA works can not only help make the process much easier, but also make sure you get the benefits you deserve to pay towards senior living costs. And while the VA may tell you to expect it to take 12 to 18 months for your application to be approved, a VA accredited agent can typically help reduce that time significantly. At Assured Senior Living, we want everyone who needs care to have the opportunity to thrive physically, intellectually and socially. 

While most of us hope our loved ones will be around to support us when we reach our senior years, this is not the case for many people. Seniors often live far away from their relatives. Even if long-distance loved ones are providing support from afar, these seniors can feel lonely and isolated without people around to provide assistance or offer valuable opportunities for socialization. If you want to give back to your community, reaching out to local seniors is a great way to make a difference in peoples lives. Here are some suggestions from Assured Senior Living.Offer Tech SupportTechnology offers numerous ways for seniors to connect with people and engage in their favorite activities from home. Here are some ways to offer tech support to local seniors.Research and recommend devices that will allow them to navigate the internet easily, like an iPad. Just remember to protect it with a good case!Show them how to order groceries and other essentials online.Teach them how to use video chat services and social media to communicate with long-distance loved ones.Teach them how to use a website to find and connect with former Denver-area high school students they went to school with.Help Out Around the HouseSeniors can have a hard time keeping up with housework. Whether youre good in the kitchen or you have a knack for landscaping, offer to lend a hand!You could even help them hire people to keep their homes neat and tidy. Cook up a batch of freezer-friendly meals that they can pop in the oven for dinner.Offer to help with general home maintenance to repair or spruce up parts of the house.Help them develop healthy morning habits such as light stretching, hydrating, and meditating.Make Aging-in-Place UpgradesAging-in-place can be much easierand saferwith a few basic home upgrades. Offer to help a local senior make home improvements to better meet their needs.Install grab bars in the bathroom and bedroom.Replace doorknobs with lever-style handles.Increase the lighting throughout the home, especially in stairways and dark hallways.Apply non-slip rugs and runners to reduce their fall risk.Reaching out to seniors in your neighborhood is a great way to lend a hand to those who need it. For people aging-in-place without relatives nearby, neighbors and other community members can provide a significant source of assistance and support. Get in touch with a local senior and find ways to help them navigate the challenges of daily life.At Assured Senior Living, our goal is to provide an environment with cutting-edge senior care. For more information, please visit our website or contact us today!

Understanding the cost of senior care can go a long way towards helping you making the right decisions for yourself or for a loved one. Most people underestimate these numbers, simply because they arent taking into account all the aspects of what senior care involves. Once you take a closer look at the information, you can feel more confident with a plan that best suits your familys needs.The Cost of Senior Care: Whats InvolvedRight off the bat, many people assume that caring for an older adult at home would be less expensive than moving them to assisted living or memory care. And for those individuals who only need a small amount of assistance, that might be true, at least until their needs change. But for those who require 24-hour assistance with bathing, dressing, using the toilet, transferring from a chair to a bed, incontinence, and eating and drinking, home care can prove to be more expensive than a senior living community.Take a look at these costs, according to a 2021 Genworth survey. TYPE OF AT-HOME CAREHOURLY RATEMONTHLY ESTIMATEHomemaker services$21$15,120Home health aide services$22$15,840CNA (medical) services$17$12,240LPN (medical) services$27$19,400There Are More Expenses to Consider at Home If youre contemplating a budget if your loved one stayed at home, dont forget all the other expenses a well. Such as housekeeping, home repairs and maintenance, food and supplies, medications, modifying the home for safety, transportation to physicians and therapists, and more. The cost of senior care isnt just medical or health-related, its committing to 24-hour attention and assistancewhether thats you, a family member, or caregivers you bring in to help. The physical and emotional stress can be overwhelming. And like so many things, the costs of senior care are rising, due to factors such as lack of labor, sicker patients, and wage pressures. It is estimated that 80% of home care comes from unpaid caregivers.The Cost of Senior Care: Assisted Living and Memory CareSenior living communities offer more care and housing options today than ever before. It truly can be a new beginning for a senior, offering not only the right amount of support and assistance, but a greater sense of independence, opportunities for safe socializing, freedom from home upkeep or other everyday worries, and so much more.In other words, when you do your comparisons, you might decide that the right senior living is worth every penny. Assisted living provides housing, onsite care and support with activities of daily living while helping residents maintain their independence and enjoy a purposeful life. Personalized care includes assistance with bathing, dressing, eating and medication as well as onsite medical care. Features include 24-hour supervision, transportation, access to exceptional amenities, housekeeping and other services, and more. (Some assisted living settings also include designated neighborhoods offering memory care.)Average monthly costprivate, one-bedroom: $4,500  Skilled nursing offers 24-hour supervised care, a licensed physician or nurse on site, as well as physical, speech and occupational therapists. Features include health monitoring and medication management, exercise programs, social opportunities and activities, housekeeping, laundry service, three daily meals, and more. This level of care is best suited for those with chronic health conditions or incontinence, who require dispensing and monitoring intravenous medications and/or who are recovering after a surgery or hospitalization.Average monthly costsemi-private room: $7,908; private room: $9,034 Memory care is specifically designed to nurture those with Alzheimers disease and dementia with 24-hour supervised care. Senior living communities that offer memory care do so with specially trained staff that provides individualized support in a safe environment with opportunities for an older adult to find purpose and joy. Average monthly cost$3,233 to $10,447 What Determines the Costs in A Senior Living Community?Some senior living communities are located in parts of the country where costs are higher. Some are large, big box senior communities with large campuses and resort-style amenities. While its difficult to give an average cost of senior care, it is important to remember that you do have choices.For example, Assured Senior Living stands apart by offering an intimate, residential-style setting for assisted living and memory care that genuinely feels like homefolding into a friendly neighborhood that residents can feel part ofand at a fraction of the cost of standard home care. With an outstanding staffing ratio of 1 to 4, residents are able to engage and thrive in the least restrictive environment. We would love to tell you more. Our personalized care, home environment, and Montessori Activities program help our residents to keep their golden years golden.