Denver and Colorado - A long term care insurance policy is used to fund an extended care plan. The long term care insurance policy is designed to provide the necessary funds in the event an extended care need may arise in Denver and Colorado.
An extended care plan would provide coverage in-home, at an Assisted Living Facility of choice and if needed a Nursing Home of choice.
Remaining in-home as long as possible is the first choice by most people and having a long term care insurance policy funding your plan is one of the best methods to facilitate this.
In-home cost can range from $15.00 per hour for domestic help and semi-skilled costs can range up to $24.00 per hour. In-home care may be less expensive than assisted living, but based on the amount of care needed, may far exceed assisted living.
Assisted Living Facilities in Denver and Colorado may range from $2,200 per month to $5,000, depending on the area and quality of care.
No one really chooses Nursing Homes, it is the last option. The only reason one would consider a Nursing Home in Denver or Colorado is due to the frailty or degree of illness. The other reason is if they no longer can afford any other type of care and have to rely on Medicaid.
Nursing Homes range on average of $229 per day for a private room, or $85,000 in Denver and Colorado.
These reflect today's cost. Cost of care historically has increased from 3% to 5% per year. If rates are increasing at 5%, then costs of care will double every 15 years.
Without a long term care insurance policy how do you fund an extended care plan?
The best option in Denver and Colorado is to use a long term care insurance policy.
A long term care insurance policy in Denver and Colorado will provide a "bucket of money" for an extended care event if it were to happen. Coverage would include in-home, assisted living and nursing home.
How does one access the benefits of Long Term Care Insurance in Denver and Colorado?
To access the benefits of long term care insurance one would need to satisfy two of the six Activities of Daily Living (ADL's) which are:
Bathing
Dressing
Toileting
Continence
Transferring, and
Eating
If a person is unable to perform two of these ADL's they are then eligible.
According to the Department of Health and Human Services of those turning age 65, 70% will need some type of extended care. A married couple over age 65 may experience a 90% chance.
So, should only the elderly be concerned about extended care?
The answer is NO. The fact is 40% of people needing some type of extended care are working age adults. In Denver and Colorado a major contributor to this is accidents. Other contributors are stroke, MS and Parkinson Disease. These are only a few of the reasons.
What are the motivating factors in considering long term care insurance in Denver and Colorado?
Love - is the primary reason; the love of one's family, your spouse or the love of a friend or a charitable organization. Without a plan in place the spouse or other loved ones become the caregiver. With long term care insurance your loved ones become the supervisor of care not the providers.
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