Financial Information

How to Pay for Senior Care

Whether you’re ready to downsize your current home and move into an independent living apartment, or you’re researching assisted living and memory care communities for an loved one whose health has recently changed, one of the first things that comes to mind is usually how to pay for these senior living costs. While it might feel overwhelming, it’s normal to have questions about what options are available to you.

Senior living costs vary from state to state, and the type of community you choose as well as the level of care needed can also affect the cost. However, there are several options available to help pay for senior care.

Paying for Assisted Living and Senior Living Costs

Based on your own financial status or your current needs, there are a several different methods to pay for senior care, in particular assisted living and memory care. Here are just a few of the financial options currently available at Mountain Vista:

• Private Pay: Seniors who have enough of their own income and savings can consider paying privately for the senior living costs associated with independent living, assisted living or skilled nursing care needed. Paying privately can also include using the equity in your home through a Reverse Mortgage, which is a special kind of home equity loan that allows you to receive cash against the value of your home without selling it. You can enter into an annuity contract with an insurance company to assist with the costs. There are also certain trusts, such as a Charitable Reminder Trusts or Medicaid Disability Trusts you can utilize.

• Long Term Care Insurance (LTCI): Long Term Care Insurance (LTCI) covers long term care services that may not be covered by private health insurance. In  most cases, LTCI will cover skilled nursing care and assisted living costs, as well as respite care, hospice care, and memory care. LTCI is separate from your current health insurance policy. However, it’s important to note long term care insurance is generally easier to purchase before any health conditions arise, due to the fact that preexisting conditions may not be covered by many insurance companies.

• Private Health Insurance: Private health insurance typically covers short term skilled care when it is medically necessary.  This means you will be covered for hospitalization after an injury or illness, much like the coverage provided by Medicare. In other words, your current health insurance plan probably covers only very limited and specific types of long term care.

• Life Insurance Policy Conversions: You can choose to convert a current life insurance policy into what is called a Long Term Care Benefit Plan instead of allowing it to lapse or be surrendered. All health conditions are accepted and there are no waiting periods, making it an ideal choice. You can start covering senior living costs immediately by converting your life insurance policy if you have a Term, Universal, Whole or Group Policy with a death benefit of $50,000 up to $1 million.

The sooner you start planning for your future, the more prepared you will be. By thoroughly researching the different payment options, you will know what option works the best for you or your loved one, now and in the days to come.

Mountain Vista Health Center accepts:

• Medicare
• Medicaid
• Long Term Care Insurance
• Private Pay
• We accept a number of different insurance plans, if you have questions please call our business office at 303-421-4160.

Mountain Vista Assisted Living accepts:

• Long Term Care Insurance
• Private Pay

Mountain Vista Affordable Cottages accepts:

• Private Pay

For more detailed financial information contact Kathy Wilson at 303-421-4161, extension 162, or by email at kwilson@abhomes.org.

For more information about senior housing options near Denver at Mountain Vista, please click here or call 303-421-4161 to schedule a tour.