How to Pay for Assisted Living in Colorado
Everywhere you look, the cost of living in skyrocketing. The same is true for senior living communities.
Are you feeling overwhelmed by the cost of assisted living?
You’re not alone. For many Colorado families, the financial side of senior care feels like a maze. You’re doing your best to support someone you love deeply, but the costs, choices, and confusing systems can make it all feel impossible.
We understand. We’ve been there. And we’re here to help.
In this guide, we’ll walk with you through the real costs of assisted living, ways to pay, and practical steps to avoid financial stress. Because every family deserves peace of mind—and every senior deserves a safe, caring place to call home.
Understanding the Cost of Assisted Living in Colorado
Assisted living in Colorado typically costs between $4,000 and $6,000 per month, depending on location, amenities, and care needs. In cities across the Front Range, rates tend to fall in the mid-to-upper range.
What’s included in this cost?
- Housing and utilities
- Daily meals
- Help with activities of daily living (ADLs)
- Medication management
- Social activities and transportation
But these numbers can vary widely. That’s why building a clear budget is the first step.
Why Planning Ahead Brings Peace of Mind
When families wait until a health crisis hits, they often feel rushed, confused, and financially unprepared. Planning early allows you to:
- Protect your loved one’s assets
- Explore more care options
- Reduce stress on yourself and your family
As one elder care expert shared: “Nobody knows exactly when care will be needed—but almost everyone will need some help by age 85.”
Private Ways to Pay for Assisted Living
Most Colorado families start with private funds. Here are some common sources:
1. Savings, Pensions, and Investments
These are often the first resources families use. Having a clear budget helps stretch these funds further.
2. Social Security Retirement Benefits
Monthly Social Security payments can offset part of the cost, though they rarely cover everything.
3. Veterans Benefits
If your loved one is a wartime veteran or surviving spouse, they may qualify for Aid & Attendance benefits. These can significantly reduce out-of-pocket expenses.
Learn about Aid & Attendance benefits through the VA.
4. Home Equity
If your loved one owns a home, options like selling the home, a reverse mortgage, or a home equity line of credit may be available. Speak to a financial advisor to explore safe strategies.
5. Long-Term Care or Life Insurance Policies
Some policies can be used to cover assisted living. It’s worth reviewing your loved one’s plans carefully.
Public Benefits That May Help
When private funds aren’t enough, families may turn to public programs.
1. Colorado Medicaid (Health First Colorado)
While Medicaid won’t cover the full cost of room and board, it can help with care services through:
- Elderly, Blind, and Disabled Waiver (EBD)
- Home and Community-Based Services (HCBS)
Explore Medicaid eligibility and services in Colorado.
2. Supplemental Security Income (SSI)
Seniors who qualify may receive monthly payments that can be applied toward assisted living costs. Colorado also offers Optional State Supplements (OSS).
Note: Medicaid and SSI eligibility varies. Talk to a local expert to understand what your loved one qualifies for.
5 Practical Tips to Stretch Your Budget
Here are real-world strategies families in Colorado use to make assisted living more affordable:
1. Ask About Discounts and Specials
Many communities offer move-in incentives, waived fees, or seasonal pricing. It never hurts to ask:
- Can you waive the entrance fee?
- Is there a discount for long-term leases?
- Are there specials running this month?
2. Negotiate the Monthly Rate
Especially in family-owned or smaller communities, managers may be open to negotiation—especially if a room is unoccupied.
3. Compare Pricing Models
Some communities offer all-inclusive pricing, while others charge a base rate plus care fees. Choosing the right model can make a big difference over time.
4. Consider a Roommate
Shared suites or companion rooms can save hundreds each month. This option isn’t for everyone, but it’s worth considering.
5. Use the NCOA Benefits Checkup Tool
This free tool helps seniors discover programs that can reduce costs on food, medications, utilities, and more.
Check your loved one’s benefits eligibility here.
Need to talk to someone who can help you explore options?
At Harmony Senior Referrals, we’re more than just a service. We’re real people who care deeply, because we’ve faced these same decisions.
1. Speak with a Local Senior Living Expert
We’ll listen to your needs, concerns, and budget. No judgment. Just support.
2. Get Personalized Recommendations
We’ll help you understand what type of care your loved one needs and match you with communities we’ve personally visited.
3. Find Peace of Mind
We’ll tour with you, answer questions, and stand by you until you find a place that truly feels like home.
Contact us today to speak with a local expert.
FAQs About Paying for Assisted Living in Colorado
How much does assisted living cost in Arvada?
As of 2025, the average monthly cost in Arvada, CO is around $5,100. Prices vary based on services, location, and amenities.
Does Medicare cover assisted living?
No. Medicare does not pay for assisted living or long-term custodial care. It may cover certain medical services, but not room and board.
Can I negotiate assisted living costs?
Yes. Many communities are open to negotiating move-in costs or monthly rates, especially if they have open rooms.
What is the average stay in assisted living?
Most residents stay for 2 to 3 years, but this varies depending on health and care needs.
Who qualifies for Medicaid-assisted living in Colorado?
Eligibility depends on income, assets, and care needs. A local senior care advisor can help determine if your loved one qualifies.
You Don’t Have to Do This Alone
Navigating the costs of senior care doesn’t have to be overwhelming.
With the right guidance, you can make informed choices and find a supportive, safe home for your loved one—without sacrificing your own well-being.
Speak with a Local Senior Living Expert Today and take the first step toward clarity, peace of mind, and confidence in your decision.