Colorado Long Term Care Insurance Quotes
Finding the right Colorado long term care insurance for you can be an overwhelming task. Here at InsureMe, we understand—and we want to help.
By filling out the quote box to the right, we will provide you with up to five free quotes on Colorado long term care insurance, allowing you to compare price and product—and choose the right plan for you.
Defining Long Term Care
Due to old age, mental or physical illness or even injury, you may find yourself in need of assistance with life's every day tasks, such as getting out of bed, bathing, dressing or eating.
These actions are commonly referred to as "activities for daily living", and if you are unable to do two or more of these activities, you are said to need long term care. And, according to the Life and Health Insurance Foundation for Education (LIFE), having a nurse visit your house just three days a week can cost more than $20,000 a year. Full-time nursing home care can cost over $60,000 a year—not an easy tab for most Coloradoans to pick up.
Unfortunately, many people think their insurance will cover long-term care. The truth is that regular insurance won't cover the costs if you need nursing home care or assisted living. In fact, many families end up having to pay for assisted care of their loved ones, resulting in stress and financial hardship to the family.
Colorado long term care insurance can evade this financial burden by ensuring funds for your long term care needs—giving you and your loved ones some well-deserved peace of mind.
Types of Covered Care
While there are many types of long term care policies, Colorado insurers who offer long term care insurance must provide at least two types of policies, called basic and standard.
The maximum benefit for the basic policy is $115,000, while the maximum benefit for the standard policy is $192,000; you may also buy an inflation rider that will appropriately adjust the benefit amount for inflation.
The basic and standard plans, along with any other policy offered by your insurer, cover three basic types of care: skilled, intermediate and custodial.
Skilled—helps you recover from illness or injury by providing skilled care and/or professional therapists. Skilled care is provided daily.
Intermediate—offers the same type of care as skilled care, although care is not provided daily. For instance, intermediate care would be provided if you broke your leg and needed physical therapy three to five times a week.
Custodial—includes assistance with "activities for daily living", such as bathing, dressing and eating. Custodial care offers daily to 24-hour care; unlike skilled and intermediate care, custodial care is designed to improve the quality of life—not to help you get better.
These levels of care illustrate the wide range of help that comes with Colorado long term care insurance, all of which may be beneficial during some point in your life.
Tips on Long Term Care Insurance
As always, an informed consumer is a smart consumer—especially when shopping for insurance.
Be sure to consider these tips when shopping for Colorado long term care insurance:
Compare numbers. While you will undoubtedly want to compare prices, you should also look at the time you must wait for coverage to start, the amount per day you will be allotted and the length of time you will receive benefits.
Read carefully. After reading your policy, be sure to direct any and all questions to your agent.
Find out how the company reimburses you. Your insurer may pay the health care provider directly, reimburse you for certain services or pay a specified rate in cash to pay for any needs you may have. You will want to find out how the company takes care of expenses and make sure their method of reimbursement works for you.
Consider inflation. Purchasing an inflation rider will protect your benefits from depleting due to inflation.
Follow these tips diligently to understand your Colorado long term care insurance policy—and to get the most from it. Not doing so could be catastrophic.
Invest in Your Future with Long Term Care Insurance
You may be asking yourself, "Can I afford Colorado long term care insurance?" But perhaps the bigger question is, can you afford to be without it?
Enter your information to the right to receive up to five free, no-obligation quotes from InsureMe.
You have nothing to lose and everything to gain. Get your free Colorado long term care quotes today.
