Colorado Long Term Care Insurance a Favorite
Rates and the New Partnership Law.Rate examples (it IS affordable!)
55 yr. old male and 55 yr. old female = $116.48 monthly – BOTH included, not per person
$300,000+ policy (for both), worth $600,000 in 15 years
61 yr. old male and 61 yr old female = $136.90 monthly – BOTH included
$330,000+ policy (for both), worth $576,000 in 15 years
65 yr. old male and 65 yr. old female - $140.33 monthly – BOTH included
70 yr. old male and 70 yr. old female - $193.10 monthly – BOTH included
$219,000+ policy (for both), worth almost $400,000 in 15 years
The new Colorado Long Term Care Insurance Partnership Law is very
important to people with assets of $100,000 - $2,000,000. This new
law will help people protect at least a portion of their assets from
The Estate Recovery Law as well as just using up all their own money
paying for long term care. Although the law does not actually help
pay for the insurance, it will allow people to consider purchasing
less coverage which in turn means more affordability.
The main purpose of the law is: Whatever amount of benefit dollars an insurance company pays towards your long term care (Nursing, Assisted, Home or otherwise), the state guarantees that they will not count that towards Medicaid funding. In other words, you are guaranteed to keep for yourself, spouse or inheritance, dollar for dollar whatever the insurance company pays. The Estate Recovery Act will not apply to that amount! If you do not have a policy, all your assets (except a measly $4,000) will have to be used before the state takes over any long term care payments. If your long term care policy pays out $400,000 in benefits, instead of spending down to $4,000 before the state takes over, you only have to spend down to $404,000 in assets and those assets can be used for whatever you want including passing on to your chosen ones.
Another great example would be that before this new law was passed, you often would have to “over insure” to protect your assets. For instance, if you have $500,000 in assets, and wanted to protect all of it in case of a long term illness that may last quite a few years (such as dementia, Parkinson’s or even a stroke), you would need to purchase 10 years of coverage or an “unlimited” policy. This type of coverage can be worth millions, yet you really only want to protect $500,000. The problem previous to the law was if you only purchased $500,000 in coverage, and your long term care lasted 8 – 10 years, you could actually lose all your assets even with the coverage! However, now you will not.
This is a tremendous change for Colorado residents and you need to consider this new situation in your financial planning. You also need to use someone who truly understands these policies instead of just a normal financial planner that just wants to make a few bucks and often doesn’t understand how to save a client money on their policy, how they really work or even how this affects their assets. Brad Keating, our founder, has been on national radio and published nationally on how to save money on Long Term Care Insurance and shop for better companies and prices. Please email or call him for a personal evaluation and quotes for your situation.
* Rates are based on preferred ratings. Underwriting is required.
* These are real quotes with A rated companies, but you may choose LESS coverage or more.