Elder Law & Medicaid Services
What is Elder Law?
Elder Law involves planning for the complex health care, long-term care, and other issues facing elderly and disabled individuals and their families. Studies show that we stand a 40 percent chance of needing long-term care at least once before we die. Therefore, everyone should take into account that at some point residency in a nursing home or an assisted living facility may be needed.
However, the substantial cost of nursing home care for an incapacitated person can wipe away a family's nest egg and the inheritance planned for surviving family members. The primary alternative to privately paying the nursing home is Medicaid.
Medicaid Planning Myths
So many times clients come to our office under the mistaken impression that there is nothing that can be done to protect assets from nursing home costs. Fortunately much of the circulating consumer knowledge is false or misinterpreted. For example, it isn’t always necessary to wait 5 years after gifting assets to become eligible for Medicaid. The answer actually depends upon the specific facts of your case. With the help of an experienced Elder Law and Medicaid Planning attorney many of the assets you have spent a lifetime accumulating can be protected from high nursing home expenses.
Medicaid Asset Protection Strategies
Although with the recent passage of the Deficit Reduction Act, increased restrictions affect the use of some techniques, other asset protection strategies remain viable, especially for married couples where one spouse requires long-term care. Some of these techniques may include setting up an Irrevocable Living Trust, making gifts to family members, and paying for certain Medicaid expenses.
Whether you are facing long-term care issues yourself or you have a family member who is, we encourage you to call with your questions or ask us for a free report. Be sure to call sooner rather than later because the timing of the decisions families need to make has a dramatic impact on whether or not someone can actually qualify for this type of support.
Colorado’s Long Term Care Insurance Partnership Plan:How to Avoid Getting Misleading Information
If you haven’t received it yet, you will soon receive a letter from Governor Bill Ritter about Colorado’s “Own Your Future” campaign. The Own Your Future campaign is designed to get information about planning for long-term care and the new Colorado long-term care insurance partnership plan to Colorado residents.
The new long-term care insurance partnership plans are designed to help Colorado residents plan for long term care (in home care, nursing home care, and assisted living) without depleting a family’s life savings. Governor Ritter’s letter gives information about how a person can get free information about the partnership plans and attend local forums to answer questions.
While long-term care (LTC) insurance has been available for years, the new LTC partnership plans give an added incentive to purchase LTC insurance. With the purchase of a new LTC partnership plan, the policy holder can protect a portion of his or her assets if it later becomes necessary to qualify for Medicaid.
The new LTC partnership plan provides that for every dollar a LTC policy pays out in benefits, a dollar of personal assets can be kept if application for Medicaid becomes necessary. The assets kept by a Medicaid applicant through this process are not considered in the application process nor are they available for estate recovery. LTC insurance partnership plans do not cost any more than other LTC insurance, but the Colorado Division of Insurance has established requirements for LTC insurance policies in terms of length, benefit amounts, etc.
The LTC partnership plans are a new opportunity for Coloradans, but residents should be careful about misleading information. Some of the new mailers from insurance companies don’t formally mention the LTC partnership plans. Instead, the insurance companies make statements about qualifying for Medicaid without spending down assets and new state benefits available for residents.
If you have questions about the new LTC partnership plans, you can contact 1-866-PLAN-LTC or log on to
www.longtermcare.gov/campaign/co to get more information. You can also call your trusted financial advisor or insurance agent to get more information. Make sure that the person you’re dealing with knows about the new LTC partnership plans and has been through the required Colorado LTC training.
This is an exciting new chance to make sure that Colorado residents can receive the long term care they need while protecting their hard-earned assets for their families. Get the information that you need from trusted sources. If you cannot qualify for LTC insurance or are unable to afford coverage, we would be happy to talk with you about whether Medicaid benefits will help you pay for long-term care and the requirements for Medicaid qualification.
Confused about Medicaid? You're not alone! The complexity surrounding this constantly changing area of the law can sometimes feel overwhelming... it doesn't need to be.
Caring for the elderly and ensuring their assets are protected are some of the primary services offered by our law firm.
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