The Cost of Long-Term Care in Colorado

Colorado is a fantastic place to live, with its stunning landscapes and vibrant communities. But as we all know, life has a way of surprising us—especially as we get older. With thousands of Baby Boomers turning 65 every day, the need for long-term care is becoming something we all need to think about a little more seriously. But don’t worry, we’re here to help you navigate the financial side of things without it being too overwhelming.

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Why You Should Care About the Cost of Care

Let’s face it, none of us want to spend our golden years worrying about money. But the reality is that long-term care can get expensive, especially in a place like Colorado where the cost of living is a bit higher than in other parts of the country. Whether you’re thinking about staying at home with some extra help or moving into an assisted living facility, it’s good to have an idea of what these things might cost.

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A Quick Look at Long-Term Care Costs in Colorado

So, what exactly are we talking about when it comes to costs? Here’s a snapshot of the typical monthly expenses for various types of care in Colorado:

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Thinking About the Future

Now, here’s where it gets a bit more interesting (or stressful, depending on how you look at it). The cost of care isn’t just going to stay the same; it’s going to increase as time goes on. But don’t worry, tools like the Genworth Cost of Care Survey can help you project what these costs might look like in the future, so you’re not caught off guard.

For example, while a private room in a Colorado nursing home costs $10,433 today, imagine what it might cost in 10 or 20 years. Yep, it’s likely to be quite a bit more. But by planning for these future costs now, you can help ensure you’re not scrambling later on.

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What You Can Do Now

So, what’s the takeaway? Long-term care is something most of us will need at some point, and in Colorado, it’s not cheap. But with a little planning, you can be prepared. Start by checking out tools like the Genworth Cost of Care Survey, which can help you understand the current costs in your area and estimate what they might be in the future.

It’s never too early to start thinking about these things. Whether you’re looking into in-home care, an assisted living facility, or a nursing home, knowing the costs ahead of time can save you a lot of stress down the road.