How to Preserve Assets When Faced with Long-term Care Costs

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Beneficent: LTC Funding Education & Options

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Sep 07, 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

Meet Charlie and Fran. They have three children, 9 grandchildren and 5 great grandchildren so far! They have hopes and dreams for their future generations and have worked hard to ensure their legacy is passed on. As they age, they realize that if either one of them needs Long-term Care, that their property and other assets could be at risk. They need accurate information they can trust so that if Long-term Care needs come on suddenly, they are prepared and able to protect their assets.
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, Colorados Medicaid Program and Veterans Aid and Attendance Pension that will help pay for in-home care, assisted living, and nursing facility care.

Most Colorado elderly who needs help paying for LTC feel that they will not qualify for these programs because they have too much income or too many assets. In reality, many could qualify if they had the information from a knowledgeable professional, holding a VA Accreditation or a Certified Medicaid Planner (CMP) designation. The problem is that often plans for one program will conflict with good planning for the other. With uncertain care costs it is valuable to have one person or firm who understands multiple programs for assistance to ensure that in planning for one solution, an applicant isn't disqualifying themselves for future aid from other programs. Aid and Attendance is available only to veterans who have served during wartime. It has a cap to benefits and if costs of care exceed the VA maximum benefit, then other programs will offer a better solution.
The rules of eligibility are readily available online. However, incomplete or inaccurate advice often causes people to think they must spend down to qualify for these programs. 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 an accredited firm and 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.

Editor's 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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Beneficent: LTC Funding Education & Options

Medicaid Planning 665 Southpointe Court, Colorado Springs, Colorado, 80906

Beneficent creates solutions for senior and disabled adults to pay for Long-term Care Services - INCLUDING HOME CARE, ASSISTED LIVING, OR SKILLED NURSING. Our clients benefit from step-by-step guidance which results in minimizing spend down, preserving assets, and limiting out-of-pocket expenses. BENEFICENT HAS OVER 200 FIVE-STAR REVIEWS ON GOOGLE AND THE BETTER BUSINESS BUREAU. During our FREE initial consultation, you'll walk away with certainty on your next steps moving forward regarding how to pay for long-term care.