If you were to ask a typical Colorado resident how to fix health care in America, you can be sure he or she would not suggest that Washington allow insurance companies to price people out of affordable coverage.
H ow can a 64-year-old making $26,500 a year afford to have his health care premiums jump from $1,700 to $14,600 a year (a whopping 758 percent increase)? He can’t.
Statistically, 70% of today’s 65-year-olds will need long-term care at some point. “Many people make the mistake of assuming Medicare covers it, and they’re wrong,” says Jeffrey Brown, professor of finance at the University of Illinois, who has spent the last decade researching long-term care insurance markets. There are only three choices: out-of-pocket, Medicaid, or insurance. “Long-term care is exactly the kind of low-probability, high-cost risk that you want to insure against,” he says.
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