How Much Does Assisted Living Cost?
The answer to this question depends on several factors, including level of care, location, and quality of support. Assisted living costs across Colorado generally depend on the style of the assisted living community, as well as the level of care that will be provided.
Assisted living communities are licensed by the state to provide a full spectrum of services including all three daily meals, snacks, regular housekeeping, and professional care to provide assistance as needed.
An assisted living community licensed for a secure environment (as in memory care) will charge higher fees because of the additional care and supervision that is required for those with memory impairment. One might see assisted living cost 40% to 50% more in memory care than a non-secure assisted living.
Investing in Quality of Life
When deciding to move to an assisted living community, it is important to recognize that the cost is an investment in quality of life, and is the assurance of a safer and more supportive lifestyle.
If you are in the early stages of your search, you should be aware of the differences in senior living communities. Independent communities will charge apartment rent rates similar to the real estate market value in the area. One can expect to pay somewhat of an elevated rent for senior housing because of the amenities that are offered. Residents in independent living communities may opt to pay extra for services such as meal tickets, additional housekeeping, and personal care.
Before Searching for a Community
Before searching for a community, it is advisable to calculate your financial means to understand your ability to pay monthly fees. It is important to know how to utilize a combination of monthly income and available assets. Those with Long Term Care Insurance should understand the specific policy benefits. Contact a financial professional in order to better understand your options.
Understanding Your Investment
Most communities require an entry fee or a “community fee.” This is a fee that does not contribute to the monthly rent. When a community advertises that rates are “all-inclusive” you should ask exactly what is included and when will the rates change. Fees can add up if the community charges for specific care on an a-la-carte basis; those care charges will be charged in addition to the monthly rent. Fees are sometimes calculated on a daily rate rather than monthly.
Personal care charges will change as the need for care increase. There is usually a cap to the charges according to the maximum level of care the community will offer.
Most communities will raise rental rates on a yearly basis. One should clarify if the increase occurs on a fiscal calendar basis or on the anniversary of the resident’s move-in date. It is very important to know when one will be notified of any increases and how often they occur.
The Gardens at Columbine is a private community and does not accept Medicaid benefits. We do, however, recognize the importance of honoring veterans and enjoy partnering with the Aid and Attendance benefit offered by the Department of Veterans Affairs.
Learn more about Veterans Assisted Living Benefits.