According to SeniorLiving.Org, the average yearly cost of assisted living in Colorado is $48,750. For a private room in a nursing home in Colorado, that cost skyrockets to $108,000 a year – $94,704 if you are in a shared room.
The average Social Security benefits amount is $16,919 a year. For seniors living on a fixed income, the space between the cost of care and the benefits provided by the government can prove extreme.
Savings, Pensions, and Retirement Accounts
To help offset some of the costs of assisted living or nursing home care, some seniors look to private reserves such as money from retirement accounts, investments, or real estate. Those without such resources may find some assistance with Medicaid and Medicare. However, neither of those options will pay for nonmedical care, such as room and board, at assisted living facilities.
If you are a veteran, you can use your VA benefits to cover the costs of assisted living. As with any pension, there are no restrictions on what VA benefits can be used for. Funds can be used at the discretion of the beneficiary and his or her spouse for any purpose. However, even in cases where a pension is expected, it is a good idea to plan ahead for all of the eventualities of aging.
If you are ready to start planning for your future, LSTT is here to help. Call our Colorado Springs office today to schedule a consultation and learn how we can help you move into the future with confidence and security.
Medicaid and VA Pension Planning
Some people will blow through their private funds until they become eligible for Medicaid. This is not at all necessary. With proper planning, our attorneys can help you protect your assets and qualify for coverage, allowing you to preserve your legacy for future generations while still being afforded the care you deserve. We can assist with determining eligibility, planning where benefits should go, and filing for benefits to help streamline and ease the process.
If you are a veteran, our lawyers can help you determine if you are eligible for pension benefits and, as with Medicaid benefits, can assist with filing for benefits to help prevent unforeseen snags. While benefits are guaranteed to qualified veterans, filing for and receiving them is not always simple. Having an attorney on your side can help make the process easier and more rewarding.
It is never too early to start thinking about retirement and the potential need for assisted living as you age. Now is a great time to set up a consultation where we can review the plans you have in place, discuss your future plans, and help you map out the best way to remain comfortable and cared for at all stages of life.
Please call (719) 689-8767 to schedule a consultation at LSTT today. Located in Colorado Springs, our Medicaid and VA pension planning attorneys serve Castle Rock, Pueblo, and all surrounding areas of Colorado.