How Do I Pay for Senior Care?

Adults often require more medical care as they age and seniors who need assistance on a daily basis with self-care and other tasks may need ongoing care. Senior care can be addressed through a number of options that account for various needs. Assisted living allows for some independence while ensuring the senior has help with tasks such as cleaning and meal prep. Patients in need of physical, occupational and speech skilled therapy services, rehabilitation or skilled nursing can access those options as well. A big question that arises, however, is how to pay for this care?

Six Payment Options for Senior Care

1. Long-term care insurance

Unlike traditional health insurance, long-term care insurance is intended to cover the specific requirements of long-term services, including personal and custodial care in various settings, including in-home or in a facility. This type of insurance covers services that assist with daily activities such as bathing, dressing and eating. Costs are based on age when you purchase the policy, the maximum amount the policy pays per day, the maximum number of days or years that the policy covers and various optional benefits.

2. Private health insurance

Most private health insurance is intended to cover preventive care (physicals), prescriptions and visits to specialists, as well as emergency care and hospitalizations. Often short-term, temporary assistance for after-hospital recovery, skilled nursing care, rehabilitation and in-home services is covered.

3. Personal funds

Also known as private pay or out-of-pocket, financing care using your own resources, such as personal savings, a retirement fund, income from stocks and bonds, or proceeds from selling a home is possible.

4. Medicare

Medicare, health insurance provided by the federal government, may help pay for short-term, doctor visits and medically necessary equipment. It does not cover long-term nursing home stays, assisted living services or in-home personal care.

5. Medicaid

Medicaid is a federal- and state-funded program that helps cover the costs of health and medical expenses for those with very limited income and resources. In addition to doctor visits, health equipment, prescriptions, lab and x-ray services and hospital care, Medicaid covers long-term care in some cases. Coverage and availability vary by state.

6. Veterans Affairs benefits

A veteran who served on active military duty may qualify for healthcare benefits through the U.S. Department of Veterans Affairs. This type of coverage typically includes preventive care, inpatient care, specialty and emergency care.

Colavria Hospitality currently manages four senior living communities in the Denver metro area which offer a unique mix of care options. Our mission is to provide those we serve with an environment that focuses on hospitality, person-centered relationships, and the well-being of each individual. Each community operates under our Core Principles of Collaboration, Innovation, and Harmony to assure a rich and secure lifestyle for patients as well as a pleasant working environment for our care team. We invite you to take a tour of our facilities.

Visit The Rehabilitation Center at Sandalwood, Saint Paul Health Center and WestLake Care Community. Contact us to learn more about paying for senior care.