Assisted living is considered the absolute best way to live for a number of seniors in Colorado Springs who wish keep their independence and privacy. These types of communities offer care for seniors who don’t require any level of medical help or attention. In most cases, assisted living facilities provide residents with emergency services, help with day to day activities and provide a fun, activity-filled place to live that helps to overcome the feeling of isolation many people experience as they age.
It is important to get to know a bit about these communities prior to diving in. If a senior needs more care or help handling a medical condition, then nursing home care will be the better option. For those who believe a nursing home is what they need, learn more about the cost and what to look for here.
Colorado Springs is made up of more than 44,000 individuals over the age of 65.
The state of Colorado has one of the fastest growing aging populations.
By the time 2021 comes, it is estimated that there will be more than 1,350,000 individuals who are over the age of 60.
When it comes to the cost of an assisted living community, there are a number of factors that can impact the cost. On average, the cost of an assisted living community will be $4,425 per month. However, in this area, the cost will range from $2,205 to $6,385 per month. This is such a significant fluctuation due to the types of amenities that are offered.
On average, the annual cost of assisted living in Colorado Springs will be $53,100. This is significantly higher than the cost in the state annually, which is $45,000 and compared to the national cost which is $43,200.
The selection of an assisted living community is not one that can be taken lightly. It is essential to take some time to find the right community for your wants and needs. When considering the options in the local area, there are a number of factors that need to be considered. Some of these include:
Cost of the location and what is included. Staff training and experience. Additional services provided upon request. Ability to receive additional care in the future, if needed. Location of the community (close to family, town, etc.)
Taking some time to evaluate each community that is being considered will help ensure that the right one for a senior is found.
Saving money is usually a top priority for most people who will be moving into an assisted living facility. Some ways to do this include:
Minimizing the amount of space or the size of the apartment/room selected. Living with a roommate. Asking family and friends for financial assistance.
Take some time to speak with the assisted living financial director, who may be able to offer additional ways to save on overall costs.
Paying for assisted living services is one of the largest concerns that many families have. After all, many facilities can equate to bills up to several hundred dollars each day. While seniors who have a home have the option to sell it in order to accumulate funds to pay for care, there are also other financial resources available.
Seniors who are not interested in selling their home may want to consider getting a reverse mortgage, which is when they are able to borrow against the value that is in their home. More information about reverse mortgages can be found by visiting the U.S. Department of Housing and Urban Development.
Another option is long-term care insurance. This is an umbrella term for any type of insurance that covers nursing home care, assisted living care and home-based care. This type of insurance can help to cover the costs of assisted living services for a senior who has purchased a policy ahead of time.
It is important to understand that Medicaid will pay for respite stays at assisted living facilities for approximately 90 days, but there are a number of factors that can keep the policy from paying for this period of time. Most people have to meet medical and financial requirements in order to qualify for the payments offered by Medicaid or Medicare. This makes it difficult for some to receive help from these federally funded programs.
Find assisted living in Colorado Springs near you.