May 12, 2025
Most high-net-worth families are not adequately prepared for the rising costs and complexity of long-term care. According to the Financial Planning Association, over half of individuals over age 65 will need help with at least two daily activities, such as bathing, dressing, or eating, or require supervision due to cognitive decline. Despite having the means to afford care, many underestimate how long they might need it, what it will cost, and how it fits into their broader financial goals.
Without preparation, families risk rushed decisions, limited options, and unnecessary financial strain during already stressful times. Long-term care planning is essential to preserving independence, protecting wealth, and ensuring future care reflects personal values. Understanding the full range of care options is the first step toward making confident, informed decisions.
Many individuals prefer to remain in their own homes as they grow older, but in-home care can come with significant costs and logistical challenges. In Colorado, hourly rates typically range from $32 to $45 depending on the level of care and provider. Part-time care averages $5,000 per month and often covers only a few hours of assistance each day. Full-time, around-the-clock care can exceed $27,000 per month, which can quickly become unsustainable for most. Caregiver shortages, limited availability for overnight support, and frequent scheduling disruptions make consistent care difficult to maintain. In-home care may also require home modifications and backup planning. While staying at home offers familiarity and independence, it is essential to evaluate whether it can be maintained over the long term.
For those seeking to maintain independence without the burden of managing a household, senior living communities provide a practical and appealing next step. These communities offer a maintenance-free environment with services such as dining, housekeeping, transportation, and social activities. Some communities cater to active retirees, while others provide on-site support that allows residents to remain in the same facility as their care needs increase.
In Colorado, the monthly cost for a one-bedroom unit typically ranges from $3,000 to $5,000. Most communities charge a one-time entrance or community fee between $2,000 and $10,000, with additional monthly HOA-style fees for services like dining plans, wellness programs, or concierge support.
Senior living communities offer an ideal blend of independence and convenience for those who do not yet require medical care but want to simplify daily responsibilities and remain socially engaged. As with all care options, evaluating pricing structures and service offerings in advance is key to avoiding unexpected costs.
As care needs increase, assisted living provides a structured environment with daily support while preserving a level of independence. Services typically include help with bathing, dressing, medication management, meals, and mobility.
In Colorado, the average monthly cost for assisted living is approximately $7,000. High-end communities often exceed $10,000 per month, depending on location, amenities, and level of care. Most facilities also charge a one-time entrance or community fee, usually between $2,000 and $8,000.
Assisted living is a strong option for individuals who no longer feel safe living alone or who need regular assistance but do not require round-the-clock medical care. Some people may also consider facilities that offer multiple levels of care on the same campus. These settings provide greater continuity and allow residents to transition into higher levels of support if needed, without moving to an entirely new facility. It is important to understand what is included in the monthly fee and which services may incur additional costs to avoid financial surprises.
For individuals living with Alzheimer’s disease or other forms of dementia, memory care communities provide a safe, structured environment with specialized programming and trained staff. These facilities are designed to reduce confusion, support cognitive function, and provide consistency through daily routines and tailored care plans.
In Colorado, memory care costs typically range from $6,500 to $13,000 per month. Higher-end facilities with private accommodations and enhanced services may charge significantly more. In addition to monthly fees, most memory care communities require an entrance or community fee.
Unlike traditional assisted living, memory care includes enhanced supervision, secured spaces, and staff trained specifically to address the behaviors and safety risks associated with cognitive decline. When selecting a facility, families should assess staff-to-resident ratios, activity programming, and safety measures such as monitored entry points and enclosed outdoor areas.
For families navigating the challenges of dementia, memory care provides much-needed peace of mind and professional support that may be difficult to maintain at home.
Skilled nursing facilities provide round-the-clock medical care for individuals with chronic conditions, postsurgical recovery needs, or advanced health challenges. Licensed nurses, therapists, and medical professionals staff these facilities, which state and federal agencies closely regulate.
In Colorado, a shared room averages $9,000 per month, while a private room typically costs $15,000 or more. Many facilities also charge intake fees between $1,000 and $5,000.
Some residents use skilled nursing for short-term rehabilitation, while others require long-term placement. Families should review each facility’s licensure, staffing, and rehabilitation capabilities to ensure the right fit for ongoing needs.
For individuals who want a long-term care solution that adapts to changing health needs, Continuing Care Retirement Communities (CCRCs) offer a comprehensive approach. These communities provide a full spectrum of care on a single campus, including independent living, assisted living, and skilled nursing. This structure allows residents to age in place while transitioning seamlessly between levels of care as needed.
CCRCs require a significant financial commitment. They typically involve a buy-in fee starting around $500,000 in Colorado, with some exceeding $1 million in more desirable communities. These fees are often partially refundable, typically up to 80 percent, depending on the contract terms. Monthly fees range from $4,000 to $8,000 and increase as care needs intensify. Some CCRCs also charge additional fees for services such as meal plans, housekeeping, and healthcare.
The primary advantage of a CCRC is the continuity and guarantee of care. As residents’ needs evolve, they can transition through various levels of support such as independent living, assisted living, memory care, and skilled nursing without leaving the community. This reduces disruption and provides long-term security. For couples with different care needs, CCRCs allow them to remain close while each receives the appropriate level of support.
Because of the long-term financial and lifestyle implications, it is essential to carefully review contracts, fee structures, and care policies before committing to a CCRC.
Long-term care planning is not just about managing future expenses. It is about protecting independence, preserving dignity, and making decisions that reflect your values. Without a clear plan, families are often forced to navigate complex choices under pressure, risking both financial disruption and emotional strain.
At GHP Investment Advisors, we tailor every long-term care plan to the unique needs of each family, providing clear guidance and proactive support at every step. We help our clients evaluate care options, understand true costs, and coordinate with healthcare and legal professionals to build a plan that fits their goals and lifestyle. Whether considering in-home care, assisted living, memory care, or a CCRC, our team ensures that every client has a thoughtful, well-structured strategy in place.
By planning early, clients can maintain control over their care, avoid unnecessary burdens on loved ones, and remain confident in their financial future. Our role is not only to provide expert guidance but to act as a trusted partner through every stage of the decision-making process.
For those looking to explore the financial side of long-term care in more detail, Ernesto Montes’ article, Caring for Your Future: Understanding Long-Term Care, offers a comprehensive overview of funding strategies and planning tools. You can find it at ghpia.com/resources.
1 Financial Planning Association: Beyond the Numbers: Assisting Clients with LTC Concerns
2Genworth Cost of Care Survey 2024
3 Administration of Community Living
The GHP Investment Advisors Financial Concierge Newsletter is published as a service to our clients and other interested parties. This material is not intended to be relied upon as a forecast, research, investment, accounting, legal or tax advice and is not a recommendation offer or solicitation to buy or sell any securities or to adopt any investment strategy. The views and strategies described may not be suitable for all investors. References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results.
