As people get older, an important part of planning for retirement that is both comfortable and fulfilling is finding a living arrangement that can help them thrive. Denver offers stunning mountain ranges, a bustling culture, and premier healthcare services, making it an attractive choice for retirees. This typically begs the question: what is the average cost of senior living in Denver?
The cost of senior living in the city of Denver is dependent on various factors, such as the location, amenities available, and the type of services asked for.
Understanding the Cost of Senior Living in Denver
Different considerations influence the costs of Denver senior living, such as the level of care required, the overall cost of living, and housing type. According to recent statistics, rent prices in Denver vary drastically, but the neighborhood median gross rent is $1,670. For seniors who are considering independent living options, this is a crucial factor to consider.
The median household income in the Denver area is $91,681. This shows that many retirees are likely in need of financial assistance like housing subsidies or Medicaid to cover the expenses associated with senior living.
According to the AARP, the nationwide cost of a private nursing home is over $100,000 a year, which is significantly greater than the average income of most retirement-age adults. In Colorado, the cost of nursing home care is 198% of the state’s median household income. This means that many seniors are forced to rely on alternative income sources like Medicaid or long-term care insurance.
Factors That Influence Senior Living Costs in Denver
The senior living costs in Denver vary dramatically depending on the situation. It’s important to keep the following factors in mind to understand the cost of your potential living arrangements:
The Type of Senior Living Community
The different types of senior housing options in Denver come with different price points, such as independent living, assisted living, memory care, and nursing homes. The cost is dependent on the level of care needed and the services and amenities provided. It’s important to work with a senior living community that is transparent about their pricing and can provide a breakdown of their costs.
Location Within Denver
Like any other consideration with housing, the location is important. Senior living communities that are located in upscale neighborhoods like Cherry Creek or downtown Denver will tend to cost more, while those more out in suburban areas like Aurora or Lakewood could be more affordable.
Amenities and Services Available
Senior communities that are more on the luxury side, offering higher-end options like gourmet dining, concierge services, housekeeping and laundry, social and recreational activities, and fitness centers, are going to have higher costs. Despite increased expenses, however, these services can greatly improve the senior’s quality of life and mental health.
Healthcare Requirements
The level of medical care that is needed can significantly impact costs. Seniors in need of skilled, full-time nursing care or memory care for dementia will have to pay a lot more than those who are in independent living. Furthermore, access to medical specialists and top-rated hospitals in Denver can also be a price point influencer, as senior living communities that are located closer to these areas are more costly.
Financial Assistance and Medicaid
For lower-income seniors, state and federal subsidies like Medicaid can help cover the cost of nursing homes. It’s important to note, however, that Medicaid doesn’t cover some types of assisted living services or independent living, requiring many retirees to rely on their savings, family support, or long-term care insurance. They may also qualify for the senior property tax exemption to get some housing relief.
Many seniors in Denver tend to go with assisted living, as it is a robust living option that finds the middle ground between affordability and resources that improve quality of life.
FAQs
Q: What Factors Affect the Cost of Senior Living in Denver?
A: Factors that affect the cost of senior living in Denver include the type of senior housing – such as nursing homes, memory care, assisted living, or independent living – as well as the location, amenities available, medical services required, and if the resident is eligible for financial assistance programs like the Colorado Senior Property Tax Exemption and Medicaid.
Q: How Much Does Independent Living Cost in Denver?
A: Independent living in Denver varies depending on amenities, housing quality, and location. The median gross rent in Denver as of 2023 was $1,670 per month, which is a useful estimate to understand the potential costs for independent living. More luxury senior living communities may come with higher rates for services like activities, transportation, and dining.
Q: How Expensive Is Assisted Living in Denver?
A: The cost of assisted living in Denver is more than independent living as a result of the provision of additional care services, including medication management, dining services, and daily activities. Depending on the level of care required, pricing can range by several thousands of dollars a month. Therefore, it is crucial to speak directly with the assisted living community that you are interested in.
Q: What Is the Cost of a Nursing Home in Denver?
A: In Denver and across the United States, nursing home care is one of the more pricey senior living options because of the around-the-clock medical care. A private nursing home room in the US costs over $108,000 a year. As the cost of nursing home care in Colorado is 198% of the state’s median household income, nursing home costs are unaffordable for many seniors who do not have federal or state housing for health care subsidies.
Balance Cost and Quality of Life With Rocky Mountain Assisted Living
At Rocky Mountain Assisted Living, our dedicated team understands the anxieties that can come with understanding the costs of your new senior living arrangements. We are here to work closely with you to understand your needs, price range, and other factors specific to your situation. Together, we can find the right senior living circumstances for your loved one to ensure they are engaged, healthy, happy, and thriving. Contact us today to learn more.