Long Tem Care in Colorado is being redefined by the Baby Boomers who like things done by their own terms. Not surprisingly, care is now increasingly provided first in the home (43%), followed by assisted living facilities (30%) and finally nursing homes (25%). Most modern Long Term Care plans reflect that trend and provide funds available for quality professional care for all three care settings.
Long Term Care is not just for the over 65 crowd either. A recent study showed that 39.6% of long term care recipients were between the ages of 18 and 65. 69% of those turning 65 in 2005 can expect to use long term care and, of those who do, 37% will require facility care.
Why is Long Term Care so important? The average facility stay is about two and a half years, or about 30 months. According to a 2008 MetLife market survey study, nursing homes in the Denver area average $212 a day, which means an average stay in the metro Denver area today could cost over $193,000. Stays for dementia, Alzheimer’s and strokes sometimes last years longer than average.
Starting on January 1st, 2009, Colorado insurance companies will start offering “Partnership policies.” A Partnership policy is a combination of long-term care insurance and Medicaid. Those purchasing a Partnership Long Term Care plan in Colorado can be assured that if they need long term care, they will have more control over their long term care decisions, and Partnership Programs help protect their assets and resources should they ever need to access Medicaid.
Only Agents that have gone through extensive Partnership Long Term Care training are licensed to sell this product, as is Mark Erickson, our resident Long Term Care professional. You can reach Mark at (303) 456-7967.
Genworth’s Long Term Care Study Claims Facts:
- 75% of claimants use Home Health Care Benefits – 45% choose informal home health care providers (not agency)
- 12% of claimants use Assisted Care Facilities
- 13% of claimants use a Nursing Home
- 71% of benefit dollars go to women
- $965,000 is the largest single claim to date
- 15 years is the longest claim to date
- 46% of benefit dollars have gone to policyholders with dementia
- 30% of claimants recovered from their first claim, 33% have claimed again