Colorado Assisted Living Homes

Assisted Living Payment Options

There are a variety of Assisted Living Payment Options and ways of paying for senior housing and long-term care; some of the most frequently accessed sources are summarized here.

Private Funds

Most people pay for independent living, assisted living and CCRCs out of their own pockets with private funds. There are some states which accept Medicaid for assisted living (Colorado is one of them), but there is currently no program on the federal level, and private funds still account for approximately 90 percent of assisted living payments. Cost range between $3,500.00 on a low end, to upwards of $5,000 to $6,000.00 on the high end. About one-third of long-term care at nursing facilities is paid with private funds.

Long-Term Care Insurance

What is Long-Term Care Insurance?

Long-term care insurance covers the costs of long-term care in certain types of care facilities, including most Assisted Living Facilities (AFC's), depending upon the policy. Policies may cover a stay in licensed nursing facilities and home health care. Often, those persons with a sizable asset base may wish to purchase a policy to protect these assets.

Where Can Long-Term Care Insurance by Purchased?

Long-term care policies are sold by private insurance companies (not all insurance firms offer this type), through agents, mail and various organizations. Another source is employers who offer this coverage as a benefit to employees and their parents. An insurance company must be licensed in your state to sell long-term care insurance.

How Much Do Policies Cost?

Premiums for Long-Term Care Insurance are based on the age of the person at the time of purchase, the benefit amount, the benefit time period, elimination or deducible, and special options (i.e. inflation adjustment, non-forfeiture benefits and spousal discounts).

Medicaid

What is Medicaid? How does Medicaid benefit the Senior Community?

Home and Community Based Services (HCBS) is a Medicaid health care program, or waiver, that allows Coloradoans to have a home or community based alternative to a nursing care. This waiver extends the elderly, blind, and disabled persons and can provide no-cost in home support services, adult day care services, alternative care facilities, community transition services, personal care, and respite care.


If Medicaid is necessary there is a minimum of a twelve (12) month spend down prior to be able to accept the Medicaid rate. Please call us for more details. 

Medicare

What is Medicare?

We do not discuss Medicare here because it does not cover any type of Assisted Living Programs. Click here to learn more about what Medicare does cover.


As defined in Title XVIII of the Social Security Act, Medicare ("Health Insurance for the Aged and Disabled") is a Federal health insurance program for aged (65+) and certain disabilities (e.g. persons with end-stage renal disease (ESRD) who require dialysis or a kidney transplant), regardless of income.

Veteran's Assisted Living Benefits

VA benefit - Improved Pension with Aid & Attendance is a non service connected VA disability pension. It is designed to provide financial assistance to wartime veterans and their surviving spouse who lack the funds necessary to pay for the assistance they require with routine activities of daily living.


This is a tax-free benefit that pays monthly up to: $2,120.00 for Veteran & Spouse, $1,788.00 for a Single Veteran, $1,404.00 for a healthy Veteran and the Spouse requires care and $1,149.00 for a Surviving Spouse.

Eligibility Requirements:

  • Did the veteran or spouse serve active duty during time of war? Was your discharge something other than dishonorable discharge?
  • Do your need help from other people in two or more of the following areas on an ongoing basis: Bathing, Dressing, Being Fed, Getting in & out of a Chair or Bed, using the Toilet?
  • Is financial assistance required to pay for the care you need?
  • Was the surviving spouse married to the veteran at the time of death?
  • If the answers to all the above questions are “Yes”, you may be eligible for this financial assistance program through the Department of Veterans Affairs.

Veteran's Education & Assistance

We welcome the opportunity to help you explore your potential eligibility for this wonderful pension.

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