Like most places in the United States, Lakewood, CO has an aging population. Slightly over 5% of Americans over the age of 65 are in longterm care facilities, by age 95 it is almost 50%. Beyond that, 50% of those 65 years old today will need some longterm care. Most will need care for under two years but more than 10% will need more than 5 years. Given these statistics and the cost of longterm care in Colorado being in excess of $100,000 per year, longterm is something that should be on most people’s minds. Colling Insurance Services, Inc. is here to help you with this important financial decision.
Long-term care insurance covers many of the expenses that are not covered by health insurance or medicare. It can provide help when you have a chronic health condition, are disabled or have diseases like dementia or Alzheimer’s. It can help with ADLs (activities of daily living) such as bathing, dressing and taking medication. This help can be provided in your home, in assisted living or in a nursing home. It can even help with adult daycare.
Unlike life insurance which should be purchased as young as possible, longterm care insurance is normally purchased between the mid-50s and the mid-60s. What you don’t want to do is to wait too long. Once you have developed a serious condition it is too late, you will not be eligible to purchase it.
When purchasing longterm care insurance can be a tricky decision, you have to buy it when you are still healthy and often serious illness gives a little warning. At Colling Insurance Services Inc. in Lakewood, CO our team is here to offer you the advice you need to make an informed decision. Stop by the office or give us a call to make an appointment.