It’s not easy to discuss what happens when we can no longer care for ourselves or someone we love cannot care for themselves. No one likes having the conversation, especially when it feels like that time is still a long way off.
The benefit, however, of thinking about it now – no matter how uncomfortable it may be – is that you can plan ahead for quality care when you need it and protect your future finances. One of the best ways to do this may be to invest in long-term care insurance now, before you or a loved one needs it.
What is long-term care insurance?
Long-term care insurance can help pay for many supportive services that assist those with health or personal supports that might result from one or more of the following:
- A chronic disease
- A serious accident
- A sudden illness
- A cognitive impairment (i.e. Alzheimer’s disease, Parkinson’s disease, etc.)
Long-term care services covered under this insurance don’t necessarily help improve an individual’s medical condition, but they help maintain their quality of life.
Can’t I just use Medicaid?
While Medicaid provides some assistance in the state of Colorado with long-term care, individuals qualify by meeting financial standards based on family income and size. This makes Colorado what is called an “income cap state.” When you apply for Medicaid in Colorado, your monthly income is required to be no higher than the state's limit at the time of application.
The Colorado Long-Term Care Partnership is a public/private arrangement between long-term care insurers, Colorado’s Medicaid program, the Division of Insurance, the Department of Human Services and Colorado citizens. It enables Colorado residents with Long-Term Care Partnership insurance to have more of their assets protected if they later need the state’s Medicaid program.
This approach is designed to give Colorado residents greater control over how to finance their long-term care, which allows individuals to focus on planning for quality elder care.