Colorado
Disability Insurance

Everyone deserves the opportunity to protect their quality of life and their future, and with disability insurance you can. You can think of disability insurance as your financial safety net, giving you an earnings replacement if you’re not able to earn a paycheck due to illness or injury. We’ve laid out the cost-of-living analysis in Colorado to show you the average expenses in the state and why

How much does it cost to live in Colorado?

Living in Colorado costs roughly the same as it does in the rest of the United States. According to Bureau of Economic Analysis data, goods and services in the state cost only 1.9% more than they do on a national level. Colorado has the 13th highest total cost of living when compared to all other states. 

Living in densely populated metropolitan metro regions is often more expensive than living in more rural locations. There are seven major cities in Colorado. The Boulder metro region is the most costly in the state, with costs that are 7.1 %more than the national average and 5.2 % higher than the statewide average. 

Cost of Living Parameters 

Housing & Rent  

When compared to the national average, Colorado has a median house value of $313,600, which is $108,700 higher than the $204,900 national average. A home built in 1939 or earlier costs on average $296,200, while a home built in 2014 or later is worth on average $482,500. 

In Colorado, the average renter pays $1,196 per month for housing, which is $173 higher than the $1,023 median monthly rent nationwide. In the state, the average rent for a one-bedroom apartment is $998 per month, while the average rent for a home with five or more bedrooms is $1,807. 

And some stats on Colorado Mortgages: 

  • Homeownership rate: 66.1% 
  • Homeowner vacancy rate: 1.7% 
  • Rental vacancy rate: 3.9% 

Childcare 

In Colorado, the average yearly cost of childcare is $15,325—or $1,277 per month. Child care for a four-year-old costs $12,390 per month, or $1,032. The State is the 8th most costly state for baby care out of 50 states plus the District of Columbia. 

Here’s a look at the annual childcare costs from infant to college:   

  • Infant: $15,325 
  • 4-Year-Old: $12,390 
  • School: $11,030 
  • College: $9,540 

Utilities   

Apartment utilities refer to the essential services required in a home such as gas, water, electricity, cable, and internet. A Coloradoan resident can expect to spend up to $321 per month on apartment utilities on average.   

Food & Groceries   

A single adult in Colorado spends an average of $3,332 on food each year, while a family of four spends an average of $9,624. To put things in perspective, a single adult's yearly food spend is $3,240, while a family of four's annual food cost is $9,354. These figures are based on a nutritionally appropriate diet purchased from a grocery shop and prepared at home. 

The average price for eating out would be:    

  • A basic meal with a drink at an inexpensive restaurant: $15 
  • Fast Food Combo (Big Mac etc.): $8 
  • Bottle of Coca-Cola: $2.19 
  • Bottle of Water: $1.79 

Grocery shopping in the state would cost as follows:   

  • Milk (regular), (1 liter): $3.06 
  • Loaf of Fresh White Bread (500g): $2.48 
  • Rice (1 Kg):$1.67 
  • Eggs (regular) (12): $2.39 
  • 4 Rolls of toilet paper: $3.20 
  • Hair Shampoo: $5.43 

 Transportation   

Commuters in Colorado drive 84.2 %, compared to 85.5 % overall. The average motorist in the state travels 9,506 miles per year. Taking into consideration average fuel economy and average gas prices (standard gasoline in Colorado costs an average of $2.37 per gallon in mid-2020), the average Colorado motorist can expect to spend $929 on gas alone in a year. 

Other transportation expenses, such as automobile insurance prices, might differ from one state to the next. According to data from Insure.com, the average vehicle insurance rate in Colorado is $1,741, which is more than the national average of $1,517. According to EPI data, the typical single adult in the state spends $9,978 on transportation each year. the annual transportation fee of a Family is $13.078 which is more expensive than the annual transportation cost in the US. 

Average Income & Taxes   

The average yearly income of a single adult living in Colorado is $65,7773 and the estimated state income tax is %4.50. 

Most Expensive Colorado Cities to Live in   

  • Aspen     
  • Vail     
  • Snowmass Village 
  • Edwards     
  • Avon

Why is disability insurance important to have in Colorado?

As shown by the above cost of living study, a steady income is required to live comfortably and worry-free. Whether you work full-time or as a freelancer, getting disability insurance is the first step towards financial stability.  

What would happen if you found yourself unable to earn a paycheck because you were too ill or injured to work? According to a recent survey conducted by the personal financial website Bankrate, more than half of Americans (51%) have less than three months' worth of emergency funds. 

Medical bills are reported to be the number one cause of U.S. bankruptcies. One study has claimed that 62.1% of bankruptcies were caused by medical issues. Other studies show that over 2 million people are adversely affected by their medical expenses.  

If medical bills start piling up, you’ll no longer be able to support your lifestyle in other areas as well, especially if your income is on hold. You might find yourself unable to pay for utilities and rent, and that eventually could lead to foreclosure. Half of foreclosures on conventional mortgages in Colorado are caused by the disability of one of the homeowners. In fact, Colorado has one of the highest numbers of people facing eviction. Analysts found that 40.1% of Colorado residents are at risk of foreclosure or eviction. 

A lot of people still think that the need for disability insurance is not top priority, thinking that disability rarely happens, and when it does, it’s only caused by serious accidents. But did you know that up to 90% of disability cases recorded are due to illness, not injury? 

With that being said, getting a private disability income insurance should be on top of your to-do list because life is unpredictable but your income shouldn’t be. 

Does Colorado have state disability insurance?

Only 5 states in the U.S. require companies to provide their employees with disability insurance coverage that includes benefits for accidents or illnesses sustained outside of the workplace. Unfortunately, Colorado isn’t one of those states.  

You may be eligible for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI) benefits if you live in Colorado and are unable to work due to illness or injury. These federal programs pay monthly benefits to people who have been deemed as "disabled" for at least a year. To be eligible for SSDI benefits in Colorado, you must have paid enough Social Security taxes (generally done through payroll deductions). If you lack the necessary job history (and hence Social Security contributions) to qualify for SSDI, you may be eligible for SSI if you have few assets and income. 

Approximately three to four months after you file for disability, you will get a formal letter in the mail informing you whether your claim has been approved or denied. More than 60% of those who apply for Social Security or SSI disability benefits in Colorado are denied at the initial application stage. 

What qualifies as disability in Colorado?

If you have disability insurance provided by your employer, make sure to double check the criteria in the agreement that qualifies you to receive disability benefits when you’re unable to work. Some of these criteria can include the following:

  • You are unable to perform the Substantial and Material Duties of your Regular Occupation as shown on the Schedule and;
  • You are under the Regular Care of a Physician appropriate for your disabling Sickness or Injury and;
  • There is no reasonable simplified worksite modification(s) which would allow you to perform one or more of the Substantial and Material duties of your regular job.

How can I easily get disability insurance in Colorado?

Seeking a private disability insurance policy is the easiest option in Colorado. Here at Asteya, we offer disability insurance (or disability income insurance as we like to call it) that’s simple, fast, and affordable. Our 100% digital process means we don’t tire you out with proof of income, medical exams, phone interviews, or wait times, so you can go from applicant to insured in no time.

Who qualifies for disability insurance in Colorado?

Most insurances are bought to protect homes, vehicles, and health, but our most valuable asset tends to get neglected: our income. 70% of working Americans live paycheck to paycheck, with little savings to buffer the financial burden of a disability that leaves them unable to work.

At Asteya, we offer 2 types of disability income insurance: Permanent Disability Income Insurance and Sickness & Injury Disability Income Insurance. Please visit asteya.world for more details on the eligibility of our product offering.

How much does disability insurance in Colorado cost?

Protecting your income shouldn’t be a luxury, so here at Asteya, we’ve created affordable and easy solutions that won’t drain what you’re trying to protect (your income!). Our prices start as low as:  

  • Permanent Disability Income Insurance: starting at $6.05/month
  • Long-Term Disability Income Insurance: starting at is $5/month

The bottom line

On average, living in the state of Colorado will cost you $2066 per month, give or take – that’s a lot of expenses! 10 You've invested a lot of time and hard work in building a life that works for you, and your hard work should not go to waste due to an accident or illness. That’s why you should protect your lifestyle and your income with DI. 

If you're still on the fence about whether disability income insurance is for you (hint: it is), here are a few extra points to consider while thinking about it: 

  • If you're still on the fence about whether disability income insurance is for you (hint: it is), here are a few extra points to consider:    
  • Asteya’s applications are 100% digital . We don't require blood tests or doctor's appointments, unlike other insurers and we'll just ask you a few minutes of questions to determine your best policy.  
  • Get paid out directly on an approved claim, and spend without restrictions once it's in your bank account.  
  • We've made our Income Insurance as inclusive and accessible as possible. From corner store employee to corner office executive, our products were created to fit every budget and lifestyle.

How do I get disability insurance?

Get a quote from Asteya in seconds and go from applicant to insured in minutes