Helpful Tips for Navigating Long-Term Senior Care Costs

Feelings of stress regarding the costs of assisted living in Denver are natural and totally understandable. You’ve worked through most of your whole life to provide yourself with a comfortable retirement for yourself; it’s perfectly normal to feel overwhelmed or stuck when you try to break down how you’ll pay for everything. 

As you navigate the ups and downs of the process, you can breathe a little easier knowing it is possible to ease your financial and mental burdens. Assisted living in Denver is a beautiful thing to enjoy, and you can do so without excessive stress and overwhelm by following these financial tips:

Review All of Your Savings and Investments

You can use almost any account you have to pay for assisted living in Denver. Your employer likely had a 401K in place for you that will now contribute to your senior care payment plans. There are also Individual Retirement Accounts (IRAs) that can fund your care. 

Whether you have one or both of these, you should calculate what you have saved up in total. By assessing your various investments and savings funds, you’ll see which accounts are wisest to draw from, helping prevent you from losing out on the financial security you’ve worked so hard to acquire. 

Just in Case: Select a Power of Attorney to Make Financial Decisions for You 

In a case where you lose long-term consciousness or rational thinking skills, you can be declared legally incompetent to make personal decisions. It is for such a reason that you’ll need to grant someone a power of attorney, preferably a member of your family. They will make choices that are in your best interests and follow your lifelong wishes. 

Having a power of attorney in place will also prevent people and institutions from taking advantage of your finances.

See What’s Covered Under Your Health Insurance

If you’re in senior care due to medical necessity, health insurance may cover the costs. There’s often a lot of documentation involved, but some care can, indeed, be fully covered. It’s a good idea to contact your health insurance provider to find out what your plan covers.

Keep in mind that long-term senior care will not always be deemed a necessity by insurance companies. As such, you’ll need to work with your primary care physician to acquire any medical records you need to be approved for coverage. Your insurance company can (and should) help you through the process, answering any questions you may have. 

Look Into Professional Financial Advice

Certain finance professionals focus specifically on senior accounts, making them the best options for seniors who have never worked in finance and want to maximize the use of their money after retirement. Your financial advisor will help you figure out which accounts to use to fund your care, and with that figured out, you can set a plan in motion. 

Making a Solid Plan for Your Finances in Long-Term Senior Care

Senior care isn’t something to dread. When it comes to how you’ll pay for it, you now have plenty of options to navigate the extremely important process of paying for your long-term senior care.