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.

Life insurance is an important part of planning for the inevitable, but it is important to make sure that your policy is fully compliant with local laws. For Colorado residents, the good news is that most laws are designed to make things more efficient and beneficial for policyholders and their loved ones. So whether you’re looking to get a life insurance policy or simply want to learn more about the one you already have (and perhaps how it could be improved), here’s what you should know about Colorado life insurance laws:

The Basics

All Colorado life insurance laws are regulated under state statutes Title 10. At Colling Insurance Services Inc. (serving the Lakewood, CO area and beyond), for example, our policy underwriters ensure that all of these laws are strictly followed. Insurers who do not comply with these laws may be subject to strict fines and/or further litigation. 

The Details

Now let’s get to specifics. First, all life insurance claims must also be settled in a timely manner, meaning most in this state will be settled within two months. Additionally, Colorado law states that should a payment be missed, the life insurance policy must stay in place for at least a month after the payment was due. This mandatory grace period ensures that the policy will still be paid out should the policyholder die shortly after the payment is late. It also just helps buy people more time if they run into financial difficulty. 

Moving Forward

It’s worth noting at this time that the Colorado Life and Health Insurance Protection Association works to protect policyholders by guaranteeing life insurance funds against potential insurer bankruptcy of up to $300,000 (essentially, if you’re insurer goes broke, your policy will still be paid out). If you still need to set up a life insurance policy, however, and are based in Lakewood, CO or surrounding areas, Colling Insurance Services Inc. is here to help. Our insurance experts are happy to sit down with you to discuss your specific needs (and those of your family). With the right policy, you can rest easy knowing that your loved ones will be taken care of should anything happen to you.