Article Contributed on: 7/10/2009 11:18:37 AM
On July 7, Colorado Governor Bill Ritter, Jr. announced the launch of the Own Your Future campaign encouraging Coloradans to start planning now for their future long-term care needs.
"Coloradans are living longer healthier lives due to advancements in science, medicine and health education," said Governor Bill Ritter. "There is nothing more important than taking care of your health, and as your Governor, there is nothing more important to me than ensuring strong, healthy futures for all Coloradans. Over the past two years, we've taken a number of steps to ensure health care is more affordable and accessible for all residents of our state and emphasizing the importance of long-term care planning is a critical part of that effort."
An estimated 70 percent of people, more than nine million Americans, over age 65 will require at least some type of long-term care services in their lifetimes. More than 40 percent will need nursing home care during their lives. Long-term care is expensive and is not covered by disability insurance or private health insurance. For example the average cost to live in a Denver area nursing home in a semi-private room for one year in Colorado is $66,527. For the percentage of nursing home residents in Colorado who are there longer than five years, the costs can exceed $330,000. It is easy to see that the costs of long-term care services can quickly lead to a financial crisis for families.
The good news is Coloradans have access to long-term care options and solutions. The State of Colorado has partnered with the U.S. Department of Health and Human Services to help Coloradans with the long-term care planning process through the Own Your Future campaign.
The Own Your Future campaign is led by The Colorado Partnership for Long-Term Care. The Partnership is a public/private arrangement between long-term care insurers, Colorado's Medicaid program, the Division of Insurance, the Department of Human Services and the citizens of Colorado. It enables Colorado residents who purchase Long-Term Care Partnership insurance to have more of their assets protected if they later need the state Medicaid program to help pay for their long-term care. Through the Partnership Coloradans have greater control over how they finance their long-term care.
"My family knows first-hand just how important long-term care planning is. We are a close knit family and we were very much all involved in the process with my mom and dad as they planned for their long-term needs." explained Tammey Sullivan, a Colorado native. "Thirteen years ago my parents purchased long-term care insurance and each year when the premium was due my dad would grumble and wonder if the cost was worth it. When my dad was diagnosed with Alzheimer's and needed long-term care services it became very clear that the insurance was worth every single premium payment. In fact, the 12 years of premium payments were paid back to him in claim benefits in only four months. It gave my family, especially my mom, peace of mind. My mom didn't have to worry about the cost and my dad had the trained professional help he needed."
One week from today Coloradans ages 45 to 65 will be receiving a letter from Governor Bill Ritter, Jr. about the Own Your Future campaign. The letters will include information about how to order a FREE planning kit as a first step to managing future long-term care needs. The planning kits are a great tool to help Coloradans make smart, safe decisions about long-term care.
Colorado will also be holding upcoming regional forums designed to answer questions about long-term care. At these forums, Coloradans can learn about Colorado resources to help meet their future needs for long-term care.
For more information about long-term care planning, to order the FREE long-term care planning kit and find out about forums in your area visit OwnYourFutureColorado.org today. Coloradans can also order the planning kit by calling 1-866-PLAN-LTC.