Numbers often give a clear picture of what one can expect. Statistics regarding what will happen as the Colorado resident ages tell a story that can significantly affect one’s financial future. These statistics suggest that the individual should consider the need for long-term care and possible Medicaid planning as a part of planning for his or her financial future.
Research shows that over 50 percent of individuals over the age of 65 will need long-term care at some point in their lives. Additionally, the duration of this care typically exceeds two years for women and one year for men. Furthermore, it is estimated that more than 10 percent of the population will require long-term care in excess of five years. This can prove to be an expensive necessity for the average Colorado family.
Self-funding is one option for families facing the need for long-term care. However, unless the family has significant financial resources, this can be a challenge for even the wealthiest families. Another option is to depend upon a long-term care insurance policy. Unfortunately, these can be an expensive option as rates often increase with age.
Simply put, there are limited options when it comes to planning and the ever-increasing need for long-term care. The Colorado family will want to recognize that this is a need that should be addressed as they plan for the future. With proper Medicaid planning and asset management, the family can take the steps necessary to address these future concerns and protect the estate they have worked to create.