The number of Coloradans aged 65 and older is projected to grow by 30% over the next decade, but a new report shows that the state is not prepared for the rising costs associated with an aging population, such as long-term care and housing.

Colorado’s Taxpayers’ Bill of Rights, a constitutional amendment that requires voter approval to increase state revenues, is viewed as a significant barrier to current and future budget shortfalls.

Sara Schueneman, state director of AARP Colorado, said $1 trillion in cuts to Medicaid under President Donald Trump’s signature tax and spending bill could affect people living in long-term care facilities.

“Primarily, our nursing homes are funded through Medicaid,” Schueneman pointed out. “With cuts at the national level, what’s going to happen to all the older adults who are in nursing homes? Where are they going to go, who is going to help support them, and what does that look like?”

Even before Medicaid cuts take effect, the Colorado Fiscal Institute projected that the state would need to find an additional $420 million by 2035 and more than $688 million by 2050 to meet its share of long-term care costs. Republicans have argued that cuts to Medicaid can be made by reducing waste, fraud, and abuse. They have promised that seniors, people with disabilities, and children will not be affected.

Kendall Stephenson, senior fiscal policy analyst at the Colorado Fiscal Institute and co-author of the report, said state lawmakers will also need to find ways to invest in targeted, affordable housing. By 2030, an additional 500,000 older Coloradans are expected to spend more than 30% of their income on rent.

“We know that median rents have increased by about 30% since 2010 but the incomes of those 65 and older have only increased by 10%,” Stephenson reported. “Rents are skyrocketing for everybody, but it’s a particularly acute problem for those seniors 65 and older.”

The report recommended strengthening nonmedical services to help older adults age in place, which are far less costly than nursing home care. Schueneman believes it will require more support for a growing number of Americans taking on caregiving roles.

“They need more time, so that could be employers providing some leave for caregiving. More financial support,” Schueneman outlined. “And then resources, where can caregivers find the tools and resources that they need?”

By Eric Galatas

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