How to Pay for Long-term Care

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Beneficent: LTC Funding Education & Options

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Nov 15, 2019

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Colorado - Boulder County , Colorado - Colorado Springs , Colorado - Denver Metro , Colorado - Denver North Metro , Colorado - Denver South Metro , Colorado - Northern Colorado , Colorado - Southern Colorado , Colorado - Western Slope

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Meet Charlie. His brother James has Alzheimer's and needed a memory care facility. They are very close and when it comes to James' care, the prospect of compromising care because of James' limited income was not an option. Funds to pay for the care James needed were a real concern solved by getting information on programs that would assist with the costs of care. Sigh of relief. This family will no longer have to worry about how they are going to pay for James' Care.

It is estimated that over 70% of people over 65 will need some type of Long-Term Care (LTC) according to the US Department of Health & Human Services. Colorado has many resources for financial help like Health First Colorado, and Veterans Aid and Attendance Pension that will help pay for in-home care, assisted living, adult day care, and nursing facility care.

Most Colorado elderly who need help paying for LTC feel that they will not qualify for these programs because they have too much income or too many assets. Many families are told this by people they feel should be in the know on this topic. There are a lot of myths out there, online and relayed from health professionals. In reality, many could qualify if they had accurate information from a knowledgeable professional, holding a VA Accreditation or a Certified Medicaid Planner (CMP) designation. With uncertain care costs it is valuable to have one person or firm who understands multiple programs for assistance to ensure that all options are considered for the outcome a family desires.

Gaining access to programs that assist in paying for long-term care costs will greatly reduce the erosion of hard-earned cash and other valuable assets like family property. Incomplete or inaccurate information often causes people to think they must spend or sell things they own to avoid losing it. This simply is not true and can lead to an unnecessary liquidation of the assets people have worked a lifetime to obtain.

There are legitimate means of preserving valuable or sentimental assets and income. Here in Colorado, to the surprise of many, following guidelines carefully afford numerous opportunities to protect income and assets. Consulting with a CMP that specializes in LTC financial solutions can help you and your family to file a successful application and qualify for the program that has the best financial outcome for your family.


Editors Note: This article was written by Stacy Osborne, MBA CMP with Beneficent. She can be reached by phone at 719-645-8350 or by email at: info@doinggoodforothers.com.

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