What Should I Consider About Long-Term Care Insurance?

The Graying of America is a book written by Donald H Kausler that was originally published in 1996 and has been updated since. It describes the trend of Americans, on average, getting older and the resulting needs and economic changes that arise from this trend.

Baby boomers are the generation that was born after the end of WWII from 1946 to 1964. They are all now in retirement age or nearing it. Improvements in life expectancy in America now make the potential need for long-term care increase for so many of these older Americans.

Preparing for the Need for Long-Term Care

Long-term care is expensive. Government reports say that the average monthly cost for a semi-private room in a nursing home in 2016 were $6,844 and a private room was $7,698. This means that there may be a need for over $82,000 to $92,000 per year to pay for this care for an older adult.

Morning Star reports that for those who are 65 years or older there will be two times that they can expect to need long-term care. One is caused by illness or injury. The other is at the end of life. For each of these times, the average duration for a stay in a long-term care facility for a male is 0.88 of a year and 1.44 years for a female.

This means that, on average, the financial need may be up to $144,000 to $162,000 for a male and $236,000 to $265,000 for a female. This is only the average. Some may experience a much greater need.

Things to Consider

The main consideration is to make sure that long-term care insurance is adequate to cover the cost of long-term care that cannot be paid with other assets. Not only does it have to be a sufficient amount, but it also has to last for a long enough time. Also, a factor of the inflation rate needs to be applied because the cost of long-term care continues to go up.

Work with your agent at Colling Insurance Services, Inc. serving Lakewood, CO, and the surrounding area to understand your options for long-term care insurance. To make an appointment to discuss this, contact your agent at Colling Insurance Services, Inc. in Lakewood, CO by calling 303-987-3331.

Things to Consider When Buying Health Insurance

Now that you have decided that life insurance is something that you need for your family, you need to ensure that you get the right amount in coverage. When you are purchasing life insurance in Lakewood, CO, you do not want to risk getting too much or too little because that could cause issues for your either way. Make sure to use these tips from Colling Insurance services Inc. to find the perfect amount for your needs. 

  • Do you have children or a spouse that relies on your income? If you answered yes to either of those, then you need to make sure you leave enough for them to be taken care of. The exact amount can vary and depends on ages as well as if you have children and a spouse, just one, and how many. It is something to take into consideration.
  • Do you have debts? There are some debts that will continue to stick around even after you are gone. You should make sure you have enough in coverage to pay for these debts so your family does not have to bear this burden when you are gone. They will have enough that they are trying to deal with as it is. 
  • Do you have money set aside for a funeral? A funeral can be very costly these days and if you have not yet made plans to pay for a funeral, you need to do so with your life insurance policy. 

These are some great guidelines to get you started but we are also here to help answer any questions you may have along the way. Be sure to reach out to us here at Colling Insurance Services Inc. serving Lakewood, CO, to help you through the process and to get you a free quote when you are ready.

Why You Need Dental Insurance

Many people are quick to sign up for something like health insurance but when it comes to dental insurance, they will think twice before they get it. However, dental insurance is just as important to have as medical insurance. There are many reasons to get dental insurance from Colling Insurance Services Inc. serving Lakewood, CO. Continue reading to learn about just a few of those. 

  • Dental services can be very costly. If you were to pay for your dental services out of pocket, you would need to pay a lot of money. Taking care of your teeth is not cheap to do but dental insurance can help to take away a lot of that burden for you. 
  • Dental care is critical. There are a lot of different health issues that can be linked to your mouth and your dental care. You can also detect some issues early with proper dental care. While you may think it is just a tactic to get you to go to the dentist, it is really important to go because if how critical it can be to your health. Not only that, but maintaining a beautiful smile can give you a ton of confidence. 
  • You want to have insurance in case of a dental emergency. Dental emergencies do happen and when they do, you want to be able to rely on your dental insurance to help take care of it for you. 

If you are ready to get your dental insurance set up, be sure to reach out to us here at Colling Insurance Services Inc. serving Lakewood, CO. We will help you find the right options based on what you need and your budget and we will even provide you with a free quote. Be sure to reach out to us today.

How to Tell if Your Business Needs Workers’ Comp Insurance

If you’re starting up a new business in the Lakewood, CO area, you may be curious if you will need to carry workers’ compensation insurance.  In Colorado, all private and public employers are required to provide workers’ compensation insurance if one or more persons are hired for full- or part-time employment.  By law, a person hired to perform services is considered an employee and there few exceptions to this definition.  Here are the few exceptions to a business being required to carry workers’ comp insurance.

Exceptions

  • Some casual repair or maintenance work is done for a business that does not exceed $2,000 in a calendar year.
  • Domestic work for a private homeowner that is not full time.  Work consisting of over 40 hours a week or five or more days a week.
  • Licensed real estate brokers and agents that work on commission.
  • Independent contractors that perform hire for transport jobs and other independent contractors that do not fall under the employee definition. 
  • Drivers under a lease agreement that have a common contract carrier.
  • Some volunteer work may be an exception.
  • Host home services that are part of residential support services.

There may be other situations that can fall under the exception rule, but you want to be sure.  In general, unless your business falls under these few exceptions, your company will need to carry workers’ compensation insurance.

Colling Insurance Services, Inc.

Colling Insurance Services, Inc. operating in Lakewood, CO specializes in customized insurance products to meet the simple or complex needs for your business. If you are uncertain about the need for workers’ comp insurance for your business, contact a Colling agent today.  Our agents can help you navigate the workers’ compensation laws and feel confident you have the coverage necessary.

What are the benefits of commercial insurance?

If you are a business owner, you likely have spent a lot of time and effort to get your business off the ground and running well. Because it is such an important asset, you need to make sure that you keep your business properly insured. Having a quality commercial insurance policy in place at all times will provide a Lakewood, CO area business with a variety of different benefits.

Protects Your Assets

One of the main benefits of having commercial insurance for your business is that it will help to protect your business assets. Every business will need to invest some money in inventory, equipment, and even real estate in order to grow their organization. If you have commercial insurance in place, you will have financial protection in the event this these assets are damaged. 

Liability Protection

As a business owner, you are taking on a lot of liability whenever you sell a product or a service to a customer. If someone happens to get injured as they are using your product or service, you could be facing major liability even if it is a freak accident. If you do not have liability commercial insurance in place, the amount of money you could lose could be very devastating for your business. Commercial insurance will help to ensure your financial stability remains intact even if you are sued for liability.

When you are looking for insurance coverage for your business in the Lakewood, CO area, you should speak with the insurance professionals at Colling Insurance Services Inc.  The insurance professionals at Colling Insurance Services Inc. are very knowledgeable about the commercial insurance options available to you. They can then help you get into a new policy that will give you the right level of coverage. 

Does My Toy Insurance Cover Liability?

Colling Insurance Services Inc. offers toy insurance to the residents who live in Lakewood, CO and many of the surrounding communities. The goal is to fully protect toy owners from various types of liability if someone is injured or property is damaged while you are out playing on your jetskis, snowmobiles, ATV’s or other recreational vehicles. Toy insurance is designed to protect you from different types of financial loss that can be devastating if you are not fully prepared.

Liability for Property

Property liability is essential if you plan on riding your recreational vehicles on public or private lands. If an accident does occur, any property damage becomes your responsibility. Having an effective toy insurance policy in place helps protect you from having to pay large sums of money to repair or replace damaged property.

Liability for Others

If you or another person is injured while riding on your recreational vehicle, you will need to have some type of liability insurance attached to your toy to cover it. While riding without this type of insurance is possible, it puts you at extreme risk of having to pay thousands of dollars out of pocket if an accident does occur. 

Toy insurance can cover many types of recreational vehicles. If you live in the Lakewood, CO area and own recreational vehicles, call the reputable agents at Colling Insurance Services Inc. Talking to an agent will provide you with the information you need so you can purchase the right type of policy for your recreational vehicles. Don’t risk your financial security! Call one of the local agents and request a consultation so you can be fully protected.

3 Safety Tips for Seniors Traveling by RV

One of the best things about retiring is the ability to travel outside of Lakewood, CO whenever you want. RVing is quickly becoming one of the most popular ways for seniors to travel. If your vacations include the freedom to see the world from the open road, then RVing is going to be a great experience. There are a wide variety of RV clubs for seniors so you can mingle with fellow travelers with a like-minded lifestyle. If you are new to RVing, it’s important to enjoy your travels, but it’s also important to travel safe, so here are 3 safety tips for seniors traveling by RV.

Let Someone Know Your Information

Before hitting the road it is important to let a family member or friend know your travel plans. This should include the route you intend to take as well as where you are planning to park along the way. Once you reach your destination, be sure to let someone know you have arrived and how long you will be staying. Always keep your phone and laptop charged and be sure to get a booster that will allow you to find a signal when you are parked in a remote area.

Stay in Safe Campgrounds

Although some RV communities cater to seniors, you don’t have to limit your traveling to seniors-only campgrounds. Several campgrounds offer special discounts for seniors, so be sure to ask about pricing and the amenities when making reservations. It is important to only stay in a reputable, safe campground. Unless absolutely necessary, you should avoid parking in out-of-the-way locations, so try to map out your traveling in a manner that allows you plenty of time to reach a safe campground and always use campsites that are designated for RVs.

Routinely Maintain the RV

Just like your automobile requires routine maintenance, the RV does as well. Providing routine maintenance, such as checking the fluids, making sure there is appropriate air in the tires and that all motor components are in good working order will help to ensure you don’t break down when you least expect it.  One of the most important parts of RV maintenance is your insurance, so make sure your insurance covers all aspects of the RV trip. Consider getting a roadside service that specializes in RVs.  Be sure to talk with Colling Insurance Services, Inc. before starting on your journey to gather all information about your RV and insurance coverage.

Residents of Lakewood, CO interested in learning more information about RV insurance policies should contact Colling Insurance Services, Inc.

Boat Safety Tips to Avoid an Insurance Claim

There’s nothing like being out on one of Colorado’s beautiful rivers and lakes on a warm spring or summer afternoon. The cool breeze in your hair, sun glistening on the water and scenic beauty can bring a sense of peace and well-being. You can get that same feeling from knowing that your vessel is fully insured in case of a boating accident. If you have specific questions on what type of boat insurance would be suitable for your boat and desired coverage, call Colling Insurance Services in Lakewood, CO to get the answers you desire. In the meantime, here are some tips on what to do in case you get into one of the following accident situations.

Hitting a Submerged Object

Whether you hit a rock or other object, it can scratch or leave a hole. Experienced boaters stay clear of shallow, murky water, and this can lower the chances of running into underwater objects.

Grounding

Grounding occurs when you run aground on an unseen sandbar or object and cannot get free. It can wreak havoc with the haul of your boat. To avoid grounding followed marked channels, consult charts and invest in a depth sounder.

Weather Damage

 A boat operator always needs to be aware of current and expected weather before getting on the water. If you are already on the water when a storm hits, get to shore as safely and quickly as possible and tie your boat to secure moorings. 

Theft While Anchored

Theft while anchored is an increasing claim type, especially during the summer. Remove navigation equipment and belongings from sight when you are away from your vessel. 

Injury

Insurance claims for injuries are filed via your boat insurance medical payments coverage, which covers you and your passengers, or bodily injury liability, which covers injuries you caused to someone else. The latter typically involves inexperienced boaters.

Collision with Other Boats

A collision between two boats can cause major damage and generally occurs in an area densely crowded with boats. In these situations, stay alert and navigate slowly. Collisions usually occur when you are going too fast to react or not paying attention.

Fire

Fire is not a common claim on boats, but it’s nice to know you’re covered. Just in case, keep a fire extinguisher on board for emergencies. 

If you need help determining whether your current boat insurance policy covers you in these or other situations, contact an agent at Colling Insurance Services Inc. in Lakewood, CO. Feel free to schedule an appointment to discuss all your insurance needs and to receive a quote.

 

 

Myths about Umbrella Insurance

An umbrella insurance policy in Lakewood, CO can be a useful tool in avoiding financial ruin if you are sued. However, there is a lot of confusion surrounding these policies and that confusion leads to a lot of people not purchasing them, even though there are a lot of benefits. These commonly believed myths aren’t true and there are reasons why.

Myth 1: Umbrella insurance is your first line of coverage.

Your umbrella insurance is actually your second line of coverage and won’t kick in until your other primary insurance policies are exhausted. You aren’t even able to purchase umbrella insurance unless you already have a primary policy.

Myth 2: Umbrella insurance is just for rich people.

With the increase in the number of lawsuits filed, everyone can benefit from umbrella insurance. In fact, the wealthy may have more resources to ride out a lawsuit, whereas someone who is struggling wouldn’t, making umbrella insurance even more important for the average person.

Myth 3: Umbrella policies are too expensive.

It could depend on your risk and other circumstances, such as how likely you are to get sued, but many times umbrella insurance policies will be cheaper to get that if you want to raise the limits on your primary policies, such as home and auto.

Myth 4: It’s too hard to get an umbrella policy.

If you are getting policies from different insurers, there could be some confusion and it can be harder to get an umbrella policy. However, if you choose one insurance company, such as Colling Insurance Services Inc. then it’s easier to get a policy and you could save money by bundling policies.

Myth 5: There are too many exclusions.

Every policy has its own exclusions, but an umbrella policy can actually provide some additional coverage that you can’t get with a normal homeowners policy, such as protection against libel and slander.

Contact Colling Insurance Services Inc. serving Lakewood, CO, to get a quote on umbrella insurance. 

 

I’m Healthy and Active — Why Should I Consider Long-Term Care Insurance?

As we get older, the chances become greater that at some point we may need care services – approximately 70 percent of seniors over the age of 65 will eventually need some kind of long-term care service during their lifetime, and over 40 percent will require nursing home care for some period of time.  

Long-term care provides a variety of care services designed to help meet your health or personal care needs for either a brief or extended period of time. This care helps you live as independently and safely as possible when you determine you aren’t able to perform many of your daily activities on own. While you might be healthy and active now, you have no guarantee that will continue. Protecting yourself from the financial burden of paying for that care with a long-term care insurance policy through Colling Insurance Services, Inc., can give you peace of mind in the event you do eventually need care. 

What Does Long-Term Care Include? 

Long-term care services can include: 

Home-based services – You can remain in your Lakewood CO home and receive in-home health care, housekeeping/homemaking services, visitor/companion services, and an emergency response system 

Facility-based care – Assisted living facilities, nursing homes, adult foster care, board and care homes, and continuing care retirement communities 

Community-based services – Senior centers, adult day service programs, transportation services, meals program, and respite care 

I’m Active and Healthy — Why Should I consider Long-Term Care Insurance? 

You may never need long-term care. However, at any time, an unexpected slip or fall, injury, or illness can suddenly change your needs. The best time to think about how you’ll pay for long-term care is before you need it – allowing you to make important decisions while you are still able. 

Doesn’t Medicare Cover Long-term Care Costs? 

Medicare may cover part of your first 100 days in a nursing home, but contrary to what many people think, it doesn’t cover the majority of long-term care costs. For example, if you are bound to your Lakewood, CO home, it will pay for some part-time services and short-term skilled nursing care, but not personal care such as help with bathing. For more information about how long-term care insurance can help you plan your long-term care goals, call the insurance experts at Colling Insurance Services, Inc. today.