It is crucial for seniors in Colorado to understand that neither Medicare nor traditional health insurance covers long-term custodial care for chronic medical conditions. This gap in coverage means that individuals must find alternative ways to finance their long-term care needs.
An option is what’s called short-term care insurance, now available from a number of companies. “There is currently a significant opportunity for Colorado seniors to get coverage at a significant savings,” explains Jesse Slome, director of the American Association for Long-Term Care Insurance.
Colorado Long-Term Care Plan Savings
A just concluded analysis found that a 70-year-old Colorado woman could buy coverage for less than half of what a 70-year old woman in Chicago would pay.
“Each insurer establishes their pricing and often you can find and take advantage of some significant savings,” Slome explains. The Association was looking into home care benefits. “Most seniors today want the ability to age and ultimately receive care in their own home,” Slome notes. “Indeed most long-term care is provided in the home and that’s where a home care policy can be very beneficial.”
In this particular instance, the Association was looking at a policy that provided $1,050 in weekly home care benefits for a 52 week period. “In Denver, Colorado a 70-year-old woman would pay $519 for $54,600 of potential benefits,” the Association director shares. “In Chicago, a 70-year-old woman would pay $1,133 yearly for identical coverage.”
To learn more about long-term care planning, call the American Association for Long-Term Care Insurance at 818-597-3227 or visit the organization’s website at https://www.aaltci.org.
Short-Term Care Insurance (STCI) presents a more affordable alternative to traditional long-term care insurance. For many seniors in Colorado, the cost of long-term care can be prohibitive, with monthly expenses ranging from $2,000 to $10,000 or more. STCI policies typically range from $50 to $200 per month, making them a viable option for those on a tighter budget. Additionally, STCI often has simpler qualification processes compared to long-term care insurance, which may involve extensive medical evaluations.
One significant advantage of STCI is that it usually comes with a 0-day deductible period. This means that benefits kick in immediately upon qualifying for coverage—an essential feature for seniors who may face sudden health issues or accidents requiring immediate assistance. Furthermore, STCI can complement Medicare coverage by providing additional financial support without overlapping restrictions found in traditional long-term care policies.
Many health issues requiring care are often resolved within a year; thus, STCI is tailored to meet these short-term needs effectively. It covers various services such as home health aides and nursing home stays for up to one year, ensuring that seniors receive necessary support during recovery periods without incurring overwhelming expenses.
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