Colorado Long Term Care Insurance & Cost Information

Colorado residents who need skilled nursing care can expect to pay around $72,234 each year for a semi-private room in a nursing home or $79,570 for a private one. The cost of services provided by home health aides have significantly increased in the past 5 years. Hourly rates of a licensed, home health aide in Metro areas in Colorado range from $12 in Pueblo to $15 in Denver and $25 in Grand Junction. Please refer to table below for the 2010 median cost of care data provided by Genworth:

Region	Home Health Aide Hourly Rate (Medicare Certified)	Assisted Living Facility Monthly Rate (Private room)	Nursing Home Daily Rate (Semi-private room)	Nursing Home Daily Rate (Private room)
Boulder	$20	$3,960	$217	$267
Colorado Springs	$19	$3,550	$197	$213
Denver-Aurora-Broomfield	$15	$3,625	$204	$224
Fort Collins-Loveland	$19	$3,350	$197	$223
Grand Junction	$25	$2,736	$188	$215
Greely	$22	$2,726	$197	$222
Pueblo	$12	$3,193	$183	$201
Rest of State	$18	$3,641	$194	$203

Long Term Care insurance is one way to pay for these services. It is important not only to seniors and disabled residents of Colorado but to their caregiving families as well. With the rising costs of Long Term Care, many people turn to Medicaid, a health insurance program funded by the federal and state government. The Colorado Department of Health Care Policy and Financing is the government agency that administrates the Medicaid program in Colorado. Residents must qualify to the financial standards of the program in order to receive assistance. They must have assets amounting to not more than $2,000 to be eligible.

Colorado Long Term Care Insurance Partnership Program

Colorado Long Term Care Partnership is a program between the State's Medicaid and private insurers to be able to offer and market Long Term Care policies to residents of Colorado. The Partnership program was established in January 1, 2008, in accordance with the 2005 Deficit Reduction Act. The program is collaboration with other government agencies such as the Colorado Division of Insurance and the Colorado Department of Human Services. The Colorado Long Term Care Partnership allows Colorado residents to protect their assets from spend-down requirements should they turn to Medicaid assistance to finance their continued care when their private insurance benefits run out. This is called Medicaid Asset Protection.

Long Term Care Partnership Policy Features

Private insurance companies submit Long Term Care insurance products to be reviewed and certified for the Partnership program. Partnership policies have to satisfy certain requirements.

Medicaid Asset Protection and Estate Recovery - This feature permits policyholders to retain assets depending on the amount of insurance benefits received from their Partnership policy. Therefore, policyholders who still need Long Term Care services may apply to Medicaid after exhausting their insurance plan, even if they are not at impoverished level. However, exhaustion of policy benefits is not required in the State of Colorado. Any resident may apply for Medicaid at any given time.
Inflation protection - Colorado law requires purchase of inflation protection in order for a policy to qualify for the Partnership program. Policies issued to policyholders below age 61 should have a minimum of 5% annual compounded interest (or consumer price index compounded annually). Policyholders aged 61 to 75, on the other hand, should have any of the following:
- 3% compounded annually
- 5% simple interest
- Consumer Price Index
- 5% compounded 2X maximum
- Inflation protection is optional to policyholders over 75 years of age.
Partnership policies are tax-qualified - A tax-qualified policy means your benefits will not be taxed and you may be eligible for tax deductions when you file your income tax returns. Colorado provides a state income tax credit of 25% of premiums paid by residents with taxable income less than $50,000, or up to a maximum of $150 per policy. (2007 data)
All participating private insurance companies are required to provide policyholders a Notice Regarding Your Long-Term care Partnership Status. This is in accordance with the Colorado Division of Insurance Bulletin B-4.28 issued on December 21, 2007. The Notice informs the policyholder of the features of the purchased Partnership policy, and the actions that could result to a loss of Partnership policy status. These instances include changes a policyholder will make to their existing policies, and changes in state or federal laws.

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You may exchange your existing Long Term Care policy for a Partnership policy provided that the private policy was issued after January 1, 2008. It is also important to ask your insurer if your policy meet the requirements for a Partnership policy status. Insurance companies may offer additional inflation protection provisions, subject to approval of the Colorado Division of Insurance and Department of Health Care Policy and Financing. This will take effect on January 1, 2010.

Types of Partnership Policies in Colorado

Policies may differ in coverage as there is a variety of Long Term Care insurance policies available in the insurance market. Partnership policies and non-partnership policies are generally the same and priced almost the same. However, insurance policies must have the abovementioned features in order to be considered a Partnership policy.

Obtaining a Partnership Policy

Partnership policies are only offered by licensed insurance agents who underwent the required Partnership training in Colorado. Below is a list of insurance companies that offer certified policies with partnership coverage:

American General Life Insurance Company
Bankers Life & Casualty Co.
Equitable Life & Casualty Ins Co
Genworth Life Insurance Co. of NY
John Hancock Life Insurance Company
LifeSecure Insurance Company
Massachusetts Mutual Life Ins Co
MedAmerica Insurance Company
Metropolitan Life Insurance Co
Minnesota Life Insurance Company
Mutual of Omaha Ins Company
Penn Treaty Network America Insurance Company
Physicians Mutual Ins Co
State Farm Mutual Automobile Ins Co
The Prudential Ins Co of America
Northwestern Long Term Care Insurance Company
Transamerica Life Insurance Company
United Healthcare Ins Co
United of Omaha Life Ins Co
New York Life Insurance Company

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