Is Assisted Living Covered by Medicare?

As you get older, your body changes and you experience reduced energy levels and may find yourself weaker. You may need help with your everyday routine as you find tasks more difficult to manage. That’s where assisted living comes in. Assisted living can be expensive, and even though Medicare covers services like home health care and nursing home care, it may not cover assisted living expenses. Here are some ways you can pay for senior assisted living in Castle Rock, Colorado.

Long-Term Care Insurance
Long-term care insurance policies often finance assisted living and so should policies designated for home care. Pay attention to the fine print on these policies because there are some insurance plans that are facility-only, which means they only cover costs for licensed assisted living facilities or skilled nursing facilities.

Life Insurance
Even though life insurance is meant for money disbursement upon the insured’s death, life policies have provisions that allow them to be cashed out, accelerated or offer living benefits to pay for senior assisted living in Castle Rock, Colorado, while the insured is still living. Some plans have special conditions, such as only allowing cash outs if the insured is terminally ill. Contact your life insurance agent for more details.

If you have a substantial amount of savings, but you’re concerned about outliving your money, an annuity can stretch out your resources and ensure consistent income if you outlive your savings. With an annuity plan, you pay a lump sum upfront and then you receive regularly scheduled payments over a specified period of time, which usually spans the rest of your life.

Learn more about financing senior assisted living in Castle Rock, Colorado, by visiting Country Home Assisted Living or calling 303-840-1986.


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