This page assists citizens of Colorado in better comprehending adult day care, assisted living, and home care costs throughout the state. This site also explores the programs that offer financial aid, as well as differing payment options, available to individuals and families to care for the elderly.
The outlined programs here encompass all the available assistance from the state of Colorado. However, this is not a comprehensive list of what is available on the national stage. For help in searching for assistance at the national level, and finding the program that best suits the situation and care needs, please use our Resource Locator Tool.
Colorado Elder Care Costs for 2024
Assisted Living / Memory Care
According to Genworth’s 2023 Cost of Care Survey, the average cost of assisted living in Colorado is $5,073 / month. However, based on one’s geographic location within the state, the average range of cost is $4,600 to $5,433 / month. The most expensive areas of the state include Fort Collins and Pueblo. The areas of Boulder and Grand Junction are the least expensive at $4,600 and $4,625 / month, respectively.
Alzheimer’s or Memory Care communities within assisted living facilities typically have fees that are 20% – 30% higher than traditional assisted living. This, on average, equates to an additional $1,150 – $1,358 / month over the regional averages for those residents that require 24/7 supervision.
Home Care
Per the 2023 Genworth Cost of Care Survey, the average hourly rate for home care across Colorado is $35. Some of the least expensive areas of the state for home care are Pueblo and Grand Junction, where the average hourly cost is $32. The most expensive area for home care is found in Denver, with the average cost of $40/ hour.
Home health care, provided by a health professional, has a statewide average cost of $38 / hour. Boulder has the most expensive home health care, at $45 / hour.
Adult Day Care
Adult day care is the most affordable care option for seniors. Genworth’s 2023 Cost of Care Survey indicates that the average daily cost statewide is $90. It is worth noting that adult day care is typically billed in half-day increments, not on an hourly or daily rate.
Colorado Medicaid Financial Assistance Programs
Medicaid Programs & Waivers for the Elderly
In the state of Colorado, the Medicaid state plan is called Health First Colorado. It covers the cost of some personal care assistance, as well as the cost of nursing home care. However, many elderly individuals prefer to remain living in their homes, which is also less costly for the state.
Colorado currently has one state Medicaid Waiver plan, also referred to as a Home and Community Based Services (HCBS) Waiver. Waivers are intended for elderly and/or disabled residents. It provides them with assistance so they can remain living independently. However, unlike the state Medicaid program, HCBS Waivers have caps on the number of individuals who can enroll in the programs. This means that even if one is eligible for a Medicaid Waiver, there may be a wait list for services.
This self-directed waiver program provides care services at home and alternative care facilities, like assisted living, instead of at costlier nursing homes. Other benefits include home modifications, personal emergency response systems, adult day care, respite care, and non-medical transportation.
Under the Waiver for the Elderly, Blind and Disabled, there is an option called Consumer Directed Attendant Support Services (CDASS). This option allows seniors greater flexibility and freedom when choosing care providers. Even family members can be hired to provide care.
Medicaid Eligibility
Colorado long-term care Medicaid and Medicaid Waiver eligibility considers three factors (income, marital status, and assets) when it comes to finances. Generally speaking, in 2024, there is an income cap of $2,829 a month per applicant. This figure is equivalent to 300% of the Federal Benefit Rate (FBR).
For nursing home and HCBS Medicaid Waiver applicants who are married and have a non-applicant spouse (community spouse), the income of the community spouse is not considered. In fact, applicant spouses are able to transfer a portion of their income to the non-applicant spouse to prevent them from becoming impoverished. As of 2024, this amount can be as high as $3,853.50 a month.
There is an asset limit of $2,000 for a single applicant. If the applicant is married and his or her spouse is not applying, the non-applicant spouse is permitted $154,140 in assets. This is in addition to the applicant’s $2,000. When both spouses are applying, the total asset limit is $3,000.
Asset transfers up to five years in the past, referred to as the Medicaid Look-Back Period, are evaluated to prevent transfers in order to meet Medicaid eligibility. Violating the look-back period can result in a period of ineligibility for Medicaid services. More on Medicaid eligibility.
Colorado Non-Medicaid Assistance Programs
Colorado offers two non-Medicaid assistance programs. Both programs have the end goal of keeping state residents in their homes and out of costlier care facilities.
The OAP program provides financial assistance to help elderly residents attain a minimum monthly income. In some circumstances, dental and health benefits may be obtained via this program.
The HCA program is designed to allow participants to remain living independently. It does so by providing financial assistance for home care services. Individuals may self-direct their care, even hiring family members.
PACE Programs in Colorado
The Program of All-Inclusive Care for the Elderly (PACE) is a joint initiative between Medicare and Medicaid to help seniors get the care and services they need in the community rather than transitioning to a nursing home for care. Because Medicaid differs in each state, PACE eligibility varies between states.
PACE in Colorado provides health care services to older adults in the community. Benefits must include all Medicaid-covered and Medicare-covered services and any other services the participant’s interdisciplinary team deems necessary. Services include adult day care, optometry, dental, home care, hospital stays, meals and nutritional counseling, preventative and primary care, occupational and physical therapies, transportation and social services. Participants must meet eligibility requirements to enroll in PACE, including:
- Being aged 55 or older
- Meeting a nursing home level of care
- Living in a PACE organization’s service area
- Being able to live safely in the community at enrollment
How To Get Started With PACE in Colorado
To get started with PACE in Colorado, applicants should visit Health First Colorado, the state’s Medicaid program website, to complete an application to determine financial eligibility. They must contact the PACE organization serving their area to learn whether they meet program eligibility. The current PACE organizations in Colorado are listed below.
Other Financial Options for Care
There are many other options to help pay for senior care other than the choices listed on this webpage. There may also be programs to assist veterans, as well as eldercare loans. In order to find additional programs in Colorado that may help reduce the cost of various types of care, our Resource Locator Tool is invaluable.
Finding Affordable Care in Colorado
After familiarizing oneself with the wide range of senior care costs in Colorado, there is clear reason to reach out to multiple providers in order to find the most affordable services. Though average costs in various parts of the state do not vary too widely, the costs between different types of care do vary widely. It is important for families to consider which type of care is most affordable and beneficial to them.
Our free service assists in matching care services to specific individual needs. Click here for affordable care assistance.
