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 (LTC), that their property and other assets could be at risk.  They need accurate information they can trust so that if LTC 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 LTC according to the US Department of Health & Human Services. Colorado has many resources for financial help like Health First Colorado, Colorado’s Medicaid Program and Veterans Aid (VA) and Attendance Pension that will help pay for in-home care, assisted living 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. 

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 who 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.

Stacy Osborne, MBA CMP
719-645-8350
info@doinggoodforothers.com