Colorado Seniors Can Save Significantly On Long-Term Care Protection Plan

Colorado seniors have an opportunity to get long-term care coverage at a significant savings,Photo byImage by David Yonatan González from Pixabay

A 70-year-old Colorado woman could buy long-term care coverage for less than half of what a 70-year old woman who resides in Chicago would pay. The data comes from a just released report published by the American Association for Long-Term Care Insurance.

An option growing in popularity among seniors includes plans referred to as short-term care insurance. These generally provide limited benefits identical to long-term care insurance. For example, some provide benefits for 360 days with others providing a weekly benefit for up to 52 weeks. Most focus on home care benefits with the option of adding benefits for care received in a skilled nursing home or assisted living facility.

The analysis found that a 70-year-old Colorado woman could buy a short-term care insurance policy that provided home care benefits of $1,050 weekly for up to 52 weeks. The annual cost would be $519 for the pool of $54,600 in potential benefits. A 70-year-old woman in Chicago would pay $1,133 yearly, more than twice the amount, for identical coverage.”

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