The 10 Best Home Care Agencies for Seniors in Monument, CO for 2024

Caring.com offers a free service to help families find senior care and authentic reviews to help you in your decision. On average in Monument, CO, residents and their loved ones rate In Home Care agencies across the 21 options below.

The Genworth 2021 Cost of Care Survey reports that seniors in Monument pay $5,768 per month for in-home care. This is about $800 higher than the national norm but competitive compared to Colorado’s average of $6,387. In the nearby cities of Pueblo and Grand Junction, care costs are lower than in Monument at $5,268 and $5,434, respectively. However, home care clients in Monument pay lower rates than seniors in Fort Collins and Denver, where agencies charge rates of $6,101 and $6,769 per month.

In Monument, home care agencies charge $5,768 for nonmedical services. This offers a significant potential monthly savings over the cost of nursing home care, which comes in at $8,669 per month, and it’s equal to the cost of specialized home health care. Seniors who live in assisted living facilities pay considerably lower rates of $4,663 for the same scope of services in a residential setting, and those who attend adult day health care pay just $1,733 for services.

Given the high cost of in-home care, many people use one or more forms of financial assistance to cover the expenses. Below, we explain some of the most common sources of financial help to pay for in-home care. If none of these options are available to you, you can reach out to your Area Agency on Aging or Aging and Disability Resource Center to learn about local resources.

• Long-Term Care Insurance: Long-Term Care Insurance covers expenses related to senior care, including in-home care. Depending on the policy type, beneficiaries may receive a cash payment to use towards long-term care or reimbursement for qualifying long-term care expenses. Note that there are limitations, typically a maximum benefit of $150 per day, and exact coverage terms vary depending on the exact policy, so always check the details.
• Medicare: Medicare does not cover in-home care because it is classified as custodial or nonmedical care. However, some Medicare Advantage and Medicare Supplement plans, which offer expanded benefits, may cover in-home custodial care.
• Medicaid: Medicaid coverage of in-home care varies between different states because it is not a federally mandated benefit. Currently, all states cover some in-home care services either through their standard Medicaid or a waiver program. The specific coverage rules are set individually by each state.
• Veterans' Benefits: The Aid and Attendance benefit is a monthly cash payment that beneficiaries can use to pay for senior care, including in-home care services. To qualify for A&A, Veterans must already receive the VA pension and meet several additional requirements, including needing assistance with activities of daily living. Contact the Department of Veterans Affairs to learn more.
• Reverse Mortgages: Home Equity Conversion Mortgages (HECMs) are federally insured loans that are available to homeowners age 62 and over. Reverse mortgages allow you to access a tax-free portion of your home's equity in cash. Many seniors use reverse mortgages to finance their care expenses, including in-home care. Note that although there are no monthly payments due on reverse mortgage loans, borrowers have to repay the loan once the last surviving homeowner passes away, moves, or sells the home.