Memory Care Communities in Colorado Springs, CO

Memory care in Colorado Springs costs an average of $5,791 per month, making it a more affordable option than other large cities in Colorado such as Denver ($6,875) and Boulder (7,844). The least expensive city is Pueblo at $4,750 per month, followed by Fort Collins at $5,000.

When trying to decide how to pay for memory care, one of the first questions that comes up is "How much does it cost?" With the impact of inflation, it's more important than ever to have up-to-date information when making a financial plan for senior living. To help shed light on real senior living prices, Caring.com has compiled proprietary cost data from its network of more than 75,000 senior living providers to provide insight into the average cost of memory care in Colorado Springs and 22 other cities in Colorado.

Memory care facilities in Colorado Springs often accept public and private payments for services. This may include state and federal health insurance programs, veterans benefits and private income and assets. By understanding eligibility requirements for various programs and leveraging personal resources, seniors can ensure the long-term financial feasibility of memory care.

• Medicaid: Colorado’s Medicaid program pays for memory care services through the Elderly, Blind, and Disabled Waiver. Through this program, seniors get financial assistance with custodial care, transportation services, personal emergency response systems and meal services.
• Medicare: Seniors use their Medicare coverage to pay for medical services and equipment they receive in memory care, including mobility aids, skilled nursing and speech and occupational therapies. While Medicare doesn’t apply to the nonmedical support that makes up the bulk of memory care services, it can help reduce overall care costs.
• VA Benefits: Qualified veterans can pay for memory care services through the VA’s Aid and Attendance program, which increases their monthly pension, or the Geriatrics and Extended Care program. These programs can help beneficiaries cover costs such as personal care services, meals and room and board.
• Private Payments: Seniors use their Social Security income, public and private pensions, retirement savings and long-term care insurance to cover memory care fees. Facilities accept private payments to cover all expenses, including housing, personal care and recreational activities.

There are other senior care options to consider. As memory care typically offers a higher level of care and specialized programming for individuals with dementia, it's about 12% more expensive than assisted living ($5,142). Seniors who need little daily assistance may also consider independent living. At $2,937 per month, it's the most affordable of these care types.

In Colorado Springs and throughout Colorado, memory care is offered at assisted living residences. These communities operate under the supervision of the Health Facilities and Emergency Medical Services Division of the Colorado Department of Public Health & Environment. In addition to providing licenses, this office conducts periodic inspections to ensure the facility is adhering to federal and state standards and regulations.

Benefits

• While all retirement income is taxable in Colorado Springs, the state provides a generous exemption of up to $24,000. This significantly reduces or eliminates state income tax bills for many seniors, giving memory care residents more money to put toward their care costs.
• Colorado Springs has four hospitals, promoting access to comprehensive inpatient and outpatient services for seniors. These hospitals include UCHealth Memorial Hospital Central and St. Francis Hospital, both of which provide specialized dementia services.
• Colorado Springs’ weather appeals to seniors who enjoy experiencing distinct seasons. Temperatures in the city range from lows of 20 degrees Fahrenheit in the winter to average highs of 85 degrees Fahrenheit in the summer, and skies are partly cloudy year-round.

Drawbacks

• Living expenses track about 6% higher in Colorado Springs than in a typical U.S. city, and health care costs exceed the national norm by roughly 18%. While this may impact memory care costs, seniors have several options for paying for care, including public and private payment solutions.
• Compared to the nation as a whole and cities with similar population sizes, Colorado Springs has a relatively high crime rate. The city reports about 41 crimes per 1,000 people annually. Fortunately, memory care facilities promote residents’ safety through escorted transportation and enhanced security features.