Your mother may keep falling in the bathroom. Perhaps your father is forgetting to eat dinner or take his blood pressure medication. Maybe your grandparents are perfectly fine for their age, but dont want to deal with maintaining the lawn, shoveling the driveway after snow falls, negotiating the stairs, or driving to the grocery store. Its time to consider senior living. This comes with a myriad of emotional hurdles as well as practical considerations. Wouldnt it make sense to be able to focus on your loved ones instead of on logistics and to have a financial plan in place before you reach this point? About 70% of seniors over the age of 70 can expect to use some form of senior care, according to the US Department of Health and Human Services. This blog discusses what you need to know about your loved ones finances as you prepare for senior living.Do they have insurance?According to AARP, only 7.2 million Americans have long-term care insurance. Its easy to see why long term care insurance is costly, especially for seniors on a fixed income, and the costs increase each year (for instance, costs increased 40% in 2019, with steeper increases projected). However, according to the American Association for Long-Term Care Insurance (AALTCI), the number of individuals with long term care policies has risen and continues to rise. If your loved one has a policy and has been paying the premiums, this is a terrific first step. It is even possible to convert a life insurance policy into a Long-Term Care Benefit Plan. Find out more about this option in ourFamily Guide to Funding Senior Care and Housing.Do they have a power of attorney (POA) in place?A Power of Attorney is a friend or relative with the right to make financial or medical decisions for your loved one. The documents may show that the power is durable (was in effect from the moment it was signed) or springing (will take effect in case of incapacity). Having a power of attorney document in place is a time saver and can help you avoid red tape and an overwhelming crush of bureaucracy.Do they own their own home?Obviously, the equity in a home is a huge advantage, especially when you have time to make minor improvements and stage it to get the highest market value possible. If your family member is not quite ready for senior living yet, this is the perfect time to spruce up their house so that you can immediately put it on the market when the decision is made. Find the deeds and mortgage papers ahead of time.Where are the financial documents?While you rummage through the basement or through the drawers in the office looking for mortgage documents, look for other relevant documents as well. For instance, you will need to know about your loved ones pensions, rotating bills, bank statements, stocks and bonds, social security statements, taxes, Medicare, and health insurance. Basically, gather everything, and organize ahead of time.Do they have a financial advisor and/or an estate planning attorney?If not, consider consulting one. The financial considerations are not easy to manage, and an experienced expert may save you a considerable amount of money and time. A specialist attorney will know if your loved one is eligible for any special programs. He or she will also be able to help with tax deductions you may not know about. What do they want? Your loved ones may have aged, but they are still in charge of their own lives and must have a say in any future plans. This is another reason to make these plans before memories possibly fade or before they are absolutely necessary. You should also involve other concerned family members in your discussions. Talk about who is willing to help and how responsibilities will be delegated. Discuss various senior living communities and locations. For instance, does it make more sense for your parents or grandparents to stay in their own community or to move to a community close to relatives who can then visit easily? There are pros and cons to both scenarios. Finances are involved in this decision, too. Have the talk! Being able to plan ahead will ease everyones mind.No matter what you find out or decide to do, you and your loved ones are not alone. For more detailed information and advice, download this comprehensive guide from Golden Lodge Assisted Living and Memory Care:A Family Guide to Funding Senior Care and Housing

According to Genworths 2019 Cost of Care Survey, the national median cost of assisted living is over $4,000 per month. While these costs can vary depending on multiple factors like location, services, room type, and amenities, its not uncommon for individuals to pay anywhere between $30,000 and $70,000 in annual senior living costs. At any price and regardless of their socioeconomic status, the cost of senior living is often a shock for most older adults, no matter how well theyve planned and budgeted.Many families strategize to cover the costs of senior living through a combination of private funds that include things like:SavingsSocial security benefitsPension paymentsRetirements accountsThe problem? Sometimes, this planning still falls short. And just as many industrious Americans spend their lives working and saving for retirement, but because of other factors and extenuating circumstances, they cant fully fund assisted living on their own. The search for affordable senior housing and the means to pay for it isnt always clear. The good news is that there are some government programs that individuals can use to help pay for medical care and/or assisted living. But what is truly covered in these programs?Medicare and Long-Term CareMedicare is the federal health insurance program thats designed for people age 65 and older, as well as some younger people who have disabilities. In the same way that most other health insurance companies do not cover the cost of long-term care services, Medicare does not pay for the cost of room and board or personal care in any type of assisted living community.In fact, Medicare does not cover any of the costs of assisted livingwith a few notable exceptions. Under a Medicare plan, individuals are covered for medical costs incurred while a senior is in assisted living. The only other exception? Some Medicare Advantage plans may pay for personal care assistance for persons who reside in assisted living because they need memory care, as granted under Medicare Part C. Medicaid and Senior Living FacilitiesMedicaid is often mistaken for Medicare, but there are differences between the two programs. While Medicare is mainly for seniors over the age of 65, Medicaid is a joint program between the federal and state governments thats designed to help those with low income and limited assets to find ways to cover the costs of healthcare services, including long-term care. Medicaid assistance for assisted living and senior care communities varies by state since Medicaid is funded jointly by both the federal government and state governments. While the federal government sets guidelines for how each state needs to spend its Medicaid dollars, each state is given leeway to set its own policies within these guidelines, which is why Medicaid coverage for senior care communities is different from one state to the next. Many states offer long-term care to Medicaid beneficiaries or some level of financial support with the cost of assisted living, either through Medicaid or Medicaid waivers. One important consideration? In assisted living communities, Medicaid doesnt cover the cost of basic room and board the way it does for nursing home residents who need more intensive care.Medicaid Coverage in ColoradoMedicaid for long-term care has different resource rules in place than other programs in Colorado. The states Medicaid program, Health First Colorado has its own set of guidelines for long-term senior care. Under Health First Colorado, all resources are considered assets, including:Real estate propertyPersonal propertyLife insurance with a cash valueVehicles including boats and motorhomesIRAsBank accountsCashFor Medicaid assistance with the cost of senior living, Colorado residents must total up all of their assets to determine how much you have in available resources. Colorado law dictates that a single person can only have up to $2,000 in assets, with a few exclusions like your car and home, up to a value of $589,000. For married individuals, a non-applicant spouse can retain as much as $126,420 in joint assets.  Therefore, Medicaid is for those Seniors who have limited Resources and only certain Assisted Living Communities are built to take Medicaid residents. You must check with the facility to see if they accept Medicaid. Medicaid and the Cost of Senior Living: What is Included?While its true that under Medicaid, no state can pay for room and board costs in assisted living, states have other means by which they can control these costs. These strategies include:Capping the amount assisted living residences can chargeOffering Supplemental Social Security assistant to Medicaid-eligible residents to cover assisted living room and boardPaying for meal preparation and serving without covering actual food costsVA Benefits to Pay for Assisted LivingThe U.S Department of Veterans Affairs (VA) offer pension funds to eligible wartime veterans and their surviving spouses who have limited income levels and assets. This is an increase from the regular monthly pension, but many veterans and their families dont know about this higher pension. For veterans and their surviving spouses who require assistance in the performance of daily activities, funding is available to pay for things like tasks of daily living.Long-Term Care InsuranceSometimes, these programs just arent enough, and in many instances, theres not much that they cover. This is where long-term care insurance comes into play. Many of these insurance policies cover expenses at accredited assisted living communities, and depending on each policy, many assisted living communities may be covered by long-term care insurance.Premiums for long-term insurance varies greatly depending on location and how much coverage individuals choose. This insurance is flexible based on the kind of care seniors need, including assisted living, nursing homes, and adult daycares. Because long-term care insurance is privately funded, whats covered differs from plan to plan and provider to provider. Its important to ensure your community of choice is covered by your long-term care insurance.Golden Lodge is the areas newest senior assisted living community, but were so much more than that. Our responsibility is to our residents and their families, to ensure they are comfortable and safe, and that they feel valued. If you are considering assisted living for yourself or a loved one but are worried about how you might pay for it, lets talk.  To learn more about our senior living community, contact us today to schedule a virtual or in person tour.

After the kids are gone and it no longer makes sense to have the big house for just two people, the next stage in life for seniors can be exciting and overwhelming at the same time. Downsizing can be a daunting task when decades have been spent accumulating belongings in the same place. It can also be an emotional one when it comes time to decide what to keep and what to get rid of.In this article, we will give you our best 6 tips to make sure downsizing is as productive and stress-free as possible while still honoring the phases of life that have come before.Tip #1: Start in Neutral ZonesThe hardest part of any overwhelming task is knowing where to start. In this kind of circumstance, its best to start with the items in your home that are the most neutral, the items that have little to no sentimental value. Starting with the kitchen or garage before tackling the bedrooms or studies will help you build momentum to keep going to the next room once you see how much you can streamline without pausing to reflect.Tip #2: Have Your New Home in MindWhether you take pictures of your new living space or you have a floor plan with you, know exactly what rooms youll need to furnish and how much space youll have when deciding what to get rid of and what to keep. This will also help you keep an eye to the future as you think about what things you have that youd like to see fill your new space.Tip #3: Decide What Matters MostBefore you begin to pack the boxes, sit down and make a list of the things you own that matter to you the most. Family photographs, heirlooms, jewelry, and other items should be identified as your non-negotiables from the very beginning. Keeping to that list as you start weeding through the things you didnt even know you had will help you keep perspective on whats important and whats just stuff.Tip #4: Pack the NecessitiesPacking everything you own often means you forget to keep handy the things youll need right away. Make a special box of things youll need that first night in your new space such as your toothbrush, hairbrush, and a clean change of clothes.Tip #5: Avoid Throwing Things AwayA lot of the things you decide to leave behind may still have a lot of life left in them. Instead of tossing these kinds of items to sit in a landfill, try to find a new home for as much as you can. Ask friends and family if they know any young people setting up their first apartment or donate to a local charity store. It will help the sting of getting rid of something if you know its going to a good place.Tip #6: Start Early and Take Your TimeThis process works best when it isnt done at the last minute. Having a plan in place and sticking to it to ensure you arent making quick decisions will help ease the stress that downsizing can cause.If you or a loved one is interested in taking this next exciting step to move into a senior living community, Golden Lodge Assisted Living and Memory Care is the best place to start. Download our free Family Guide to Funding Senior Care & Housing today to discover what steps you need to take before packing the moving boxes.

There comes a point when you realize that you are the voice of reason in your relationship with a loved one. Suddenly, the father who has always been so extremely cautious begins falling for online scams, or the mother who helped you recognize deceptive sales pitches when you were in high school starts sending money to questionable charities. According to the NCOA (National Council on Aging), financial scams targeting seniors are so widespread that they are considered the crime of the 21st century. Read on for advice on how your loved ones can avoid being targeted.Recognize and discuss some of the most common scamsPeople prey on seniors because they are likely to have savings or pensions and also because they may be unsophisticated in their use of technology. They may be lonely, trusting, or simply used to a culture of helping people in need a kindness that is often exploited. Read on for six of the most common scams and how to avoid them:PHONE SCAMSThese are the most common scams used against the elderly, mainly because seniors are comfortable using the phone. In fact, seniors also make twice as many purchases on the phone as the general population. Solicitors may claim to be collecting money after a natural disaster or may claim to be a grandchild in jail or in hospital and in need of money.What to do: Remind your loved one never to give credit card numbers or information over the phone. If they want to make a donation, help them seek out a legitimate charity and contact it themselves. Practice having them say, That sounds interesting, but I will look into it myself. Goodbye. Enroll your relatives number on the Do Not Call Registry. Make sure that your relative has caller ID and voicemail. This way, they can screen their calls, weed out unfamiliar numbers, but not miss any legitimate messages.INTERNET SCAMSThese are easy to fall for, no matter what your age. Scammers may send threatening emails saying that your relatives computer has been hacked or making frightening demands from the IRS. They may offer counterfeit prescription drugs or send begging letters designed to tug at generous older adults heartstrings. They may phish, spoof, or try to extort money, clicks, and information a thousand different ways.What to do:Obviously, you dont want to create a crippling distrust in your loved ones that makes them avoid the computer completely, but you can try to create enough suspicion in their online behavior that they doubt and verify everything. The magic adage here isif in doubt, dont click! Explain that the IRS never sends emails asking for information, that individuals desperate for money wouldnt logically choose them to specifically send a begging email to, that nobody legitimate is going to ask to take over their computer to fix a nonexistent virus, and that misspelled words, grammatical errors, and close-but-not-quite URLs are all warning signs.FUNERAL/CEMETERY SCAMSOne scam is for a stranger to approach a grieving widow or widower and claim that the recently departed owed money. Another way seniors can lose money is to be upsold expensive and unnecessary caskets or burial plots just as they are reeling from a tragedy and not thinking clearly.What to do: Insist on proof of any claims made. Creditors do NOT attend funerals to demand money. Although planning of this nature can be difficult, it is necessary: plan ahead. With a firm plan in place, logic is more likely to win out over raw emotion.INVESTMENT SCHEMESSeniors often have retirement accounts or savings, which makes them a prime target for disreputable financial advisors, get-rich-quick schemes, or Ponzi schemes. Take the time to explain this to your loved one.What to do:Make sure that your loved one does not respond to unsolicited offers. Help them find a reputable financial advisor; this involves research, checking credentials, and making sure that the advisor is a fiduciary. As far as get-rich-quick schemes go, remind your relatives what they told you all those years ago: if it seems too good to be true, it most definitely is!MEDICARE SCAMSScam artists often pose as Medicare representatives and ask for information that they will then use to file fraudulent claims on behalf of your relative.What to do:If your loved one has a Medicare question or problem, they should contact them directly. Legitimate Medicare representatives will not ask for the information they already have.REAL ESTATE SCAMSIt may be tempting for your loved ones to believe the claims of an entity touting the advantages of a reverse mortgage or the superiority of quickly selling their house for cash. This is especially true of those who are planning to go into senior care housing and are looking for financial solutions.What to do: This comes down to research again, not to mention the old If it sounds too good to be true warning. Golden Lodge is experienced with unsavory scams targeting seniors and has researched funding sources for senior care and housing. You and your loved ones are not alone as you navigate your way through the sea of scams.

VisionHere at the Golden Lodge we strive for an authentic, community driven lifestyle that derives its vitality from the foothill mountain experience, respect for its history and what has come before it, and its employees whose energy and spirit are its foundation.MissionOur focus and responsibility is to our residents, their families and to our family of employees. All that we do is centered toward making them comfortable, safe, and valued. We do this when we make decisions in alignment with our core values. We take special pride in helping our residents create unique memories by virtue of offering them a wide variety of recreation options, the highest level of authentically-great service, and honestly welcoming them to what we feel is the most special corner of the world.Our Core ValuesRoots and Growth  Our greatest strengths are rooted in the people who make up the Golden Lodge team of employees. Our future is guided by each persons dedication to growing and learning. Our commitment to always search for improvement, both personally and professionally, sets the Golden Lodge team apart.Making Connections  We are about nurturing relationships, understanding and appreciating differences and tying individual stories into the one we are building together. Our interests, motivations and collective sense of well-being are inextricably linked to the feeling that we all belong to a greater narrative.Creating Experiences  Golden Lodge is a unique and special place, and we want to share it with everyone who values unique and special places. We go beyond simply offering services; we aim to enhance experiences and create memories with genuine, quality engagement.Safety and Well-Being  It is more than just keeping us safe. The Golden Lodge has an uncompromising dedication to the welfare of our residents and employees. We work hard to challenge industry standards and constantly improve upon our own internal benchmarks. We believe that any definition of our own success must include safe workspaces for employees, the safest possible environment for our residents and a belief that the well-being of both is something that requires constant vigilance.Community Inside and Out  The Golden Lodge attitude is at our core, steeped in deep values (hard work, authenticity, respect, generosity) and extends beyond the Golden Lodge footprint to encompass our community. As our circles of community widen, so do our successes.Questions or to schedule a tour please call 720-605-2111.