Older adults sometimes need help with taking care of themselves, which can lead them to consider moving into a retirement home. While finding retirement homes in Colorado may not be a problem, paying to live in one may be. Here are options for covering the cost of living in a retirement home to give aging adults one less thing to worry about.
Long-Term Care Insurance
With long-term care insurance, policyholders can pay for non-skilled and skilled care. The extent of coverage and type of care covered depend on the policy, making it essential that policyholders understand their coverage and their most immediate long-term care needs. Those with pre-existing conditions who have yet to secure a policy should ask if coverage comes with limitations.
Medicaid and Medicare
State and federal programs like Medicaid and Medicare cover some medical costs for individuals on a limited income. Some people qualify for both Medicare and Medicaid, which may cover a majority of health care costs. Factors that determine one’s eligibility include personal resources and income. A majority of retirement homes accept the programs, but that does not apply to all retirement facilities. One essential fact to remember with using Medicare and Medicaid to pay for retirement home living is that many states have high income limits for Medicaid recipients living in nursing homes. Those who applied for Medicaid in the past and were denied may want to apply again after moving into a retirement home.
Personal Resources
Of course, older adults can use their savings and retirement accounts to pay for retirement home costs. Other than long-term care insurance, some life insurance policies cover long-term care costs.
Aging individuals should not feel that they have to sacrifice on quality retirement home care because they cannot afford it. Knowing which resources are available helps ensure that older adults enjoy every moment of their golden years.