According to the Alzheimer’s Association, the number of Americans over the age of 65 is expected to double to 71 million by 2030, and 7.7 million of them will suffer from Alzheimer’s disease, a 50 percent increase from 2011. In Colorado, 60% of people who turn age 65 will need long-term care as they grow older and 20% who reach age 65 will spend more than two years in a nursing home. While many seniors will choose to age in their own homes, significant numbers will relocate to a retirement community. In the Denver metro area, the options available can be overwhelming. People will need to decide if they wish to reside in a community that has varied levels of care (independent, assisted, long-term care or memory care), or whether they will move from one community to the next when and if their needs progress. Often families are surprised to learn that Medicare does not cover these costs outside of the first 100 days following a hospitalization.
In Colorado, the costs associated with simple homemaker services or nursing home care can be staggering for individuals who have not planned. This graph of fees is a good starting point for evaluating whether or not you or your family members have saved enough to cover the costs associated with this type of care. While not part of the graph, families can plan on a ball park fee of $6000 per month for a secure memory facility.