Its goal is to enable persons to live freely in a secure setting. The majority of seniors want to age in place, but it’s not always the most secure option. It’s time to reconsider aging in place if a person is unable to manage their activities of daily living, such as bathing, cooking, personal grooming, drug administration and others. A senior living alternative for people who require less help with daily tasks and care is an assisted living community. Keep reading to learn more about the cost of assisted living in North Valley, NM.
What Is the Cost of Assisted Living in the North Valley?
At $4,498 per month, assisted living communities in New Mexico are practically equal to the national average. This is roughly midway compared to other states in the area with North Valley being at $4,000 and Texas at $3,998, aging retirees spend around $500 less per month, saving them about 11%. On the other side, Colorado has average assisted living costs that are $250 more expensive at $4,750.
Depending on the community you choose, the amenities, floor plans, and the level of personal care you want, assisted living in North Valley, NM can cost a variety of amounts.
Does Medicaid Cover Assisted Living in New Mexico?
The assisted living services offered in New Mexico’s institutions are well-covered under the Centennial Care Medicaid program. This Medicaid program uses a managed care model, in which commercial insurance firms handle the administration of benefits. When required, Centennial Care assists residents in covering the costs of long-term treatments, supports, and behavioral care.
Personal Care Option services are available to people who need nursing home-level care and who can afford full Medicaid coverage. Applicants must require assistance with at least two activities of daily life due to a disability or functional impairment in order to fulfill the level of care standards. Individuals who need assistance with instrumental ADLs, as established by a personal needs assessment, may also be eligible for benefits.
Does Medicare Cover Assisted Living in New Mexico?
The short answer is no, assisted living costs in New Mexico are not covered by the program. As opposed to “clinical settings,” assisted living facilities are referred to as “residential settings”. Medicare still covers items like authorized drugs, doctor visits, medical equipment, etc., just like it would if you lived at home, despite the fact that it does not pay the cost of care received at an assisted living facility.
Other Financial Assistance Options for Assisted Living in New Mexico
There are still some possibilities available to seniors who are not qualified for other forms of financial aid owing to their location, financial position, or other circumstances. For a summary of some of the most popular strategies to make assisted living cheap, see the table below.
- Aid and Assistance
The Aid and Attendance benefit, a monthly cash payment that veterans get in addition to their regular pension amount, may be available to veterans who receive a VA pension. The benefit may be used to cover the cost of assisted living and is meant for veterans who require long-term care services.
- Reverse Mortgages
You might be able to utilize a reverse mortgage to help pay for assisted living if you own a property. One can borrow money against the value of their property with a reverse mortgage, thereby turning part of the equity into cash. The interest on reverse mortgage loans must be paid back, often within a year of obtaining the loan.
- Long-Term Care (LTC) Insurance
Assisted Living may be covered by long-term care insurance for seniors who already have it. The particular terms of each insurance will determine whether it will pay the entire expense or only a portion of it. It should be noted that older persons who currently require assisted living are often ineligible to get LTC insurance.
