Paying for assisted living

Read the fine print on your insurance carefully. Assisted living is not a benefit paid out by many insurance policies. Because the costs for assisted living usually need to be paid from private funds, it can be hard to secure the correct finances, especially for those who need an advanced level of care.

Medicare can be the first line of defense for people trying to pay health expenses. However, many people incorrectly believe that Medicare will cover long-term expenses. In reality, Medicare only covers hospital stay from acute medical conditions. The program is run by the Health Care Financing Administration, and only covers people who are at least 65, or are permanently disabled. Colorado springs retirement communities are often not covered because they do not provide the level of care required to activate Medicare benefits.

The one case where Medicare will pay is only for entrance into a Skilled Nursing Community as recommended by a doctor. The patient must have been hospitalized for at least 3 days in a row before the entry into the Skilled nursing community. The person then has to enter the Colorado Springs retirement communities within 30 days of the hospital visit, and it has to be to treat the same condition they were entered into the hospital for. Medicare pays fully for the first 20 days in a skilled nursing community and partially up to 100 days.

Medicaid is a government insurance program run by cooperation between federal and state government. It usually has more benefits, but these benefits vary by state. Colorado Springs retirement communities often accept Medicare at first, then Medicaid when the original benefits run out.

Private insurance largely depends on the plan. As of this time, there are very little government regulations on private insurance, so if you want long term assisted living to be covered, make sure you buy a policy that specifically states it will cover such instances. Then check the situations where benefits will occur. Some diseases like Alzheimer's require care without hospitalization, but many insurance policies will only cover care after hospitalization.

Once your loved one enters a nursing home or retirement community, you will probably not be able to buy any kind of nursing care insurance. So insure that the coverage starts as soon as the person has been admitted. As a stop-gap measure, you may qualify for Medigap supplemental insurance, however, like Medicare, Medigap is only designed for short term care.