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10 Ways to Pay for Assisted Living in Littleton CO
Peter Brissette • June 24, 2019
Experiencing Senior Life: 10 Smart Ways to Pay for Assisted Living
There are different ways to cover for assisted living arrangements, and most of them can help save a significant amount on the costs. When it comes to payment options, Colorado Assisted Living Homes strives to provide the most convenient choices for our residents.
We’ve outlined the 10 smart ways to pay for assisted living without putting your pension or retirement plan on the line.
1. Private Funds
According to reports, 75 percent of families use their private funds to support senior members. In turn, assisted living communities set up payment options to lessen the financial burden.
2. Long-term Care Insurance
We recommend this insurance type for seniors staying a licensed nursing facility, home health care, or assisted living community.
3. Medicaid
Medicaid is ideal for seniors requiring medical services and long-term care. This can cover about 10 percent of the assisted living services, provided the facility is a Medicaid licensed community.
4. Life Insurance/ Settlement
In some cases, seniors sell their life insurance policy to a third party company in exchange for a life settlement, which ranges from 50 to 70 percent of the policy’s original value.
5. SSI Benefits
Seniors who have limited income source may use a portion of their SSI monthly benefits to cover for their assisted living care.
6. Bridge Loans
Seniors without enough cash or financial assets on hand may rely on bridge loans to cover assisted living costs. The term of the loan is usually short, with borrowers often having up to five years to repay the loan.
7. Veterans’ Benefits
We recommend this option for veterans and their spouses. This program includes monthly benefits to cover expenses for senior housing and care.
8. Reverse Mortgage
This payment option is ideal for seniors who have a small mortgage on their property. Under this option, they can cash out the value of the home equity either as a full sum or as monthly installment.
9. Prepayment Options
Seniors may confirm with the assisted living facility for any available prepayment option. This often includes the monthly coverage they need to pay within a set period.
10. Senior Living Line of Credit
This type of credit provides families monthly financing to cover the costs of senior housing and care of a loved one.
If you have any question, our staff would be more than glad to discuss the different payment options for our assisted living care in Littleton CO.
Assisted Living costs in Littleton Colorado can vary. Click the following link to learn the Ways To Pay For Assisted Living in Littleton, CO. If you have any questions please contact us and we will be happy to help you navigate your situation.
You can learn more about payment options and resources available in one of our other articles below.
What Medicare will and wont pay for in Assisted Living
How Medicare Works In Assisted Living in Littleton CO
How Medicaid Works in Assisted Living in Littleton CO
Medigap Supplemental Insurance Explained
Who is Eligible for Social Security
Check List When You Turn Sixty Five
10 Ways to Pay for Assisted Living in Littleton CO
Lighthouse Assisted Living Blog
Here is an essential checklist to prepare for when you turn sixty five
Learn exactly how medicaid works in assisted living in colorado
Learn the ins and outs of medigap supplemental insurance and how it will impact you
Learn who and when someone is eligible for social security
What will medicare pay for in assisted living and what will it not pay for?
Learn ways to pay for assisted living in Colorado
