Long Term Care

Colorado Long Term Care Insurance & Cost Information

As long term care costs in Colorado continue to rise residents have three options:

  1. Ignore the figures and pretend that they will never require care, anyway.
  2. Start spending down their assets to qualify for Medicaid.
  3. Plan their future needs and spare the people that they love from misery.

Colorado residents who will need skilled nursing care can expect to pay around $75,190 each year for a semi-private room in a nursing home or $84,315 for a private one. The cost of services provided by home health aides has significantly increased in the past 5 years. Hourly rates of a licensed home health aide in Metro areas in Colorado range from $16 in Pueblo to $22 in Denver. Please refer to table below for the 2012 median cost of care data provided by Genworth.

Region Homemaker Services Hourly Rate
(Licensed)
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 $23 $4,130 $236 $280
Colorado Springs $20 $23 $3,450 $215 $235
Denver-Aurora-Broomfield $21 $22 $3,948 $220 $237
Fort Collins-Loveland $21 $21 $4,200 $215 $239
Grand Junction $20 $20 $2,995 $189 $217
Greely $21 $23 $3,995 $205 $238
Pueblo $16 $16 $2,500 $198 $220
Rest of State $16 $17 $3,263 $197 $215

One way to pay for these services is through Long Term Care insurance.  This insurance product caters to all types or levels of long term care, thus allowing buyers to personalize their future health care in a manner that would suit them.

Long term care insurance is important not only to senior citizens and disabled people in Colorado but to the caregivers in their families, as well. As a matter of fact, buying a long term care insurance policy makes more sense than relying on Medicaid, a health insurance program funded by the federal and state government and primarily designed to provide health care coverage to poor individuals and families.  Many people resort to Medicaid thinking they can simply dictate their long term care needs and the program will comply.  To qualify, residents must first meet the financial standards of the program such as having countable assets that do not exceed $2,000.

The Colorado Department of Health Care Policy and Financing is the government agency that administrates the Medicaid program in Colorado. 

Long Term Care insurance in Colorado

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.

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Long Term Care Insurance Quotes

Colorado residents can compare the top providers of long term care insurance in the state to get the best price.

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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:

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We don't just offer one solution. We shop all of the major carriers in Colorado to offer you the best price. With our 35+ years of Long Term Care insurance experience, we'll save you time and money on your Long Term Care Insurance quotes. We only use your personal information to formulate your quotes and discounts. We will also email you a complimentary copy of the 2011 NAIC Shopper's Guide to Long Term Care Insurance so you can learn even more about LTCi.

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Colorado Long Term Care References