Colorado Long Term Care Insurance Partnership Program
Long Term Care Insurance Colorado Partnership
The Long Term Care Insurance Colorado Partnership (LTCP) program is a special program combining private long term care insurance coverage with special access to Medicaid. The LTCP program allows Colorado residents to shield a portion or all of their wealth (assets) and still be able to qualify for Medicaid if their long term care needs extend beyond what is payable by their private long term care insurance policy.
The private long term care insurance companies in Colorado are mandated by the Colorado Long Term Care Partnership Program to offer a very specific level of benefits. This is a consumer protection feature that helps take the guesswork out of choosing long term care insurance coverage. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. The private long term care insurance Colorado companies in conjunction with the Colorado Long Term Care Partnership program provide long term care policies that are commonly referred to as “Partnership policies”.
Who Needs Long Term Care Services?
The United States Department of Health and Human Services reported that approximately 70 percent of people over age 65 will require some form of long-term care services during their lifetime. It’s not just seniors needing long term care services, as 40 percent of people receiving long term care services today, are between the ages 18 and 64.
Long Term Care Costs Colorado
A comprehensive study on the cost of long term care conducted annually by Genworth Financial, a Fortune 500 company. The Genworth Financial 2017 Cost of Care Survey analyzes national long term care costs and surveyed more than 15,000 long term care providers. John Hancock Insurance Company has a Cost of Care Calculator and their study also surveyed Colorado long term care costs. The Cost of Care Calculator includes an estimator for future long term care costs adjusted for inflation. Because the regional cost of long term care is a primary factor when deciding the amount of term care insurance to build into retirement plan, the cost of long term care in Colorado is important to know.
Colorado Long Term Care Costs – 2017 (annual) |
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| Region | Nursing Home (private room) | Nursing Home (semi-private room) | Assisted Living (private room) | Home Health Aide (44 hours/wk) |
| Colorado Median | $102,565 | $91,958 | $46,200 | $54,912 |
| Boulder | $118,990 | $100,985 | $64,815 | $54,065 |
| Colorado Springs | $100,010 | $93,509 | $42,840 | $50,336 |
| Denver Area | $109,500 | $96,451 | $54,000 | $58,344 |
| Fort Collins | $102,200 | $93,623 | $48,300 | $61,204 |
| Grand Junction | $108,040 | $91,750 | $51,600 | $52,624 |
| Greeley | $108,040 | $95,630 | $41,700 | $51,480 |
| Pueblo | $98,740 | $87,965 | $40,080 | $50,222 |
| Rest of State | $84,406 | $78,475 | $39,180 | $55,484 |
Long Term Care Insurance Colorado Rates
A Long Term Care Insurance Colorado Partnership Program insurance policy is priced similar to other policies when it is designed with similar benefits. However, the mandated features of the Colorado Long Term Care Partnership Program policies can limit flexibility in policy design. Because of this, it may be smart to also consider non-Partnership long term care policies as a wider range of benefits may be available and perhaps more suitable for your particular situation. By working with an agent who specializes in long term care insurance you can have these options illustrated for you.
Long Term Care Insurance Colorado Reciprocity
Reciprocity means that, if you purchase a qualifying long term care insurance partnership program policy in another State from its Long Term Care Partnership program, you will not lose your asset protection if you move to Colorado. The State of Colorado will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits under your Partnership long term care policy before you move to Colorado. The following link will take you to an excellent resource on long term care partnership programs in Colorado.
Obtaining Long Term Care Insurance In Colorado
A number of long term care insurance companies offer Colorado Long Term Care Partnership Program policies. Long term care insurance agents that offer Partnership policies by these companies are required to obtain a special certificate of training required by the State of Colorado. Carriers that currently offer Colorado Long Term Care Partnership Program policies include:
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Request Colorado Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990 and will give you professional and unbiased advice so you can decide if Long Term Care Insurance is right for your situation. We shop all the major long term care insurance companies in Colorado and provide you:
- Price quotes and comparisons customized for your specific needs from respected companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others.
- Benefit comparisons of each company’s policy. This side-by-side comparison will cover both the similarities and differences of each plan.
- Financial stability reviews of each long term care insurance company’s ratings, size and claims experience.