Long Term Care  Insurance in Colorado

The state of Colorado has many senior citizens currently residing there. In fact, it is said that Colorado might just be the best place to retire, and the seniors will soon outnumber the younger population in the state.

Of course, this means that concerns for long term care (LTC) might also be rising. This is why it is important to get as much information about it as possible to critically analyze whether you need to get long term care insurance in Colorado or not.

Even if you think you are relatively young to think about long term care, it always helps to be prepared. In addition to this, getting LTC at a younger age (somewhere in your 40s) if you are in prime health will lower your cost of long term care insurance.

Now let’s discuss some questions many people have regarding long term care in Colorado.

What is Long Term Care Insurance?

It becomes increasingly challenging to take care of your needs when you reach a certain age, and you find it difficult to carry out day-to-day tasks. At this time, the individual or their families decide to hire long term care help at home or go live at a nursing home or an assisted living facility. However, this requires you to be financially stable enough to afford it. 

This is where long term care insurance steps in.

It gives you the monetary safety to be worry-free about your old age by covering your medical costs and any long term care you require.

Furthermore, it is important to understand that seniors are not the only ones requiring long-term care. At times you may go through an accident or illness at any age that requires long term care to recover, or you may need it for life under drastic circumstances. Currently, in the US, about 14% of the nursing home population includes people between the age of 31 and 64

What Coverage Does Colorado Long Term Care Insurance Provide?

In the case of long term care insurance, you have to pay an annual premium when your policy begins, and you continue to pay until the need for long term care arises. You get several benefits that help you pay the heavy costs of healthcare under long term care insurance in Colorado. The coverage you get with this policy includes:

• Assisted living facility
• Nursing homes
• Surgeries
• Prescription medication
• Recurring doctor visits
• Rehabilitation therapy for surgery aftercare
• Physical therapy
• Extended hospital stays
• Treatment and recovery from illnesses like Alzheimer's, dementia, or stroke
• Cancer treatment in the form of chemotherapy or radiation
• Testing and diagnostic practices
  

Does Medicare Cover Long Term Care?

The government provides a federal healthcare insurance program for US senior citizens called Medicare. It provides somewhat similar coverages but only covers long term care for a temporary period. For instance, in case the doctor has suggested home care as part of post-surgery recovery, then this could be covered under Medicare. Furthermore, Medicare does not cover custodial care for people who require assistance in daily activities. 

Custodial care refers to everyday care like dressing up, hygiene needs, assistance with mobility, etc.

Which Factors Affect the Cost of Long Term Care Insurance in Colorado?

When it comes to an insurance policy, insurers are very thorough. Of course, an ideal situation for them is that the candidate buying the policy is in prime health and will require little to no long term care in the future. Hence they consider the following factors when offering long term care insurance. These also determine the potential cost of your Colorado long term care insurance: 

• Age
• Weight
• Health history
• Lifestyle habits
• Location of residence to determine the cost of healthcare
  
  

Of course, similar to life insurance, if you carry a disease or have any health issues at the time of buying insurance, then either your cost will go up, or you will be rejected. You must avoid rejection because if one insurer rejects your application, there are high chances other insurance companies in Colorado will also reject you. On the other hand, your annual premium will be lower if you are young and in prime health. 

Thus, it would be beneficial for you to buy insurance at a young age. Buying insurance after 60 years of age would be unwise and will prove to be extremely expensive. Not to mention, even a healthy person starts seeing some physical constraints because of old age when they hit 60 years of age.

You may have to pay for a longer period of time if you get insurance early, but the accumulated premium at the end of the day would still be less than buying insurance in later years.  

How Much Does Colorado Long Term Insurance Cost?

After going through the above factors, the insurer will give you the cost of your long term care insurance in Colorado. Let’s have a look at the average costs of long term care insurance in Colorado: 

Following are the average cost of insurance in Denver, Colorado:

• For a single male at 40 - $68/month for $2500 benefits
• For a single female at 40 - $105.month for a $2500 benefit
• For a single male at 55 - $90/month for a $2500 benefit
• For a single female at 55 - $146 for a $2500 benefit

The cost per month increases as the age or benefit amount increases. It also varies as per the insurance company you choose. 

Conclusion

Whenever you are browsing for insurance, remember the importance of comparison. It will help you understand what kind of benefits and coverage you need. You should also consider contacting insurance experts like Badger Insurance Advisors, who can provide you with all the help you need regarding long term care insurance in Colorado. Our exceptional workers guide you to the best of their abilities and get you the best insurance offer out there. 

Get in touch with Badger Insurance Advisors for any insurance advice.