You might be thinking of entering a nursing home in the next few months or years and a lot of questions start to pop up. What goes on there? Can they take care of all of my needs? More importantly, how much is this going to cost? The U.S. has 1.4 million people in nursing homes and are spending billions of dollars on long-term care. Denver has a lower amount of people in nursing homes and some rates are on the higher side. However, you can find a home that fits your budget.
16,347 Colorado residents were in nursing homes in the year 2014. That’s just around 1% of the population.
About 24% of Colorado residents say that a family member has used a nursing home facility in the past five years and 10% say it’s extremely likely a family member will need a nursing home in the next five years.
The number of Colorado residents 85+ is expected to double by the year 2030.
49% of people want to be able to receive care in their home for as long as possible.
In 2015, a semi-private room in a nursing home cost an average of $80,300 in the U.S. and in Denver, that cost was $88,695. For a private room, the cost went up to $91,250 nationally and $103,295 in Denver. Those numbers are high, but they aren’t the whole story.
There are a few factors that will go into your total cost like area, type of nursing home, and services you need. Within the Denver area alone there are at least 25 facilities and each offers a different price point. You can find a nursing home that not only fits your budget but will take care of your needs.
Many people enter a nursing home because they are no longer about to take care of their medical needs on their own. Nursing homes have a medical team on staff that could consist of doctors, therapists, nurses, and trained specialists. From wound care to administering medication, this team will make sure all of your medical conditions are monitored closely.
If you have a specific condition or disease, you can look for a home that specializes in that type of care. Nursing home staff are also equipped to handle patients that are nearing the end of their life and will provide hospice care not only to the patient but the family as well. Other services include prepared healthy meals that can cater to a special diet if needed, regular exercise or therapy, and possible mental health screenings, if a psychological condition is suspected.
While your medical needs will be taken care of, your social needs will as well. Most facilities have an activities director who schedules events for the residents so they can have entertainment and enjoy their stay at the home. There might be movie screenings, religious services, live performances, or visits from local scout troops or therapy dogs. If you’re able, they might also have field trips around the Denver area.
Don’t feel overwhelmed when looking for the right nursing home, as long as you create a list of things you need as well as all questions you might have, you can find the perfect place. Visit every facility you’re interested in and ask to see the state inspection report so you can get a good idea of operations. Talk with the director about finances so there are no surprises there.
Get a tour of the building and see the living spaces as well as any communal areas. This will also give you a chance to see the staff and interact with current residents. It’s also a good idea to eat a meal in the cafeteria to make sure it meets your needs. All these steps can help you make the right choice for you.
The next important thing after finding the right home is finding a way to pay for it. If you don’t plan on returning to your home, you could sell it and use that money to pay for your costs. If you do think you will be back, consider renting it out and using that income to pay for your nursing home. You could also look into a reverse mortgage, but make sure you talk with a trusted financial advisor before going that route.
Insurance is another option when it comes to coverage. Long-term care insurance policies are great if you already have them as they could cover most of your expenses. If you don’t have one of these policies and you’re a low-income family, look into Medicaid. If you meet the requirements, you could get a large portion of your care covered. If neither of these work, you could think about cashing in a life insurance policy but this could have long-term ramifications, so talk with an advisor first.
Veteran’s also have the option of looking into their VA benefits to see if they have long-term care coverage as well as checking with their local office to see if there is a dedicated home in their area. If you feel like you have no more options, contact the Life Care Funding Group and schedule an appointment.
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