According to Medicaid.gov, about 1.2 million Coloradoans are enrolled in the Medicaid program. This is roughly 22 percent of the state’s population. And while many of us know someone who receives Medicaid, there remains a wide range of myths about the program.
Those who believe the myths can be looking at expensive, unfortunate consequences. Thus, correcting any misconceptions and falsehoods can be crucial for adults who are thinking about their future.
Following are some of the common myths regarding Medicaid in Colorado and brief explanations to correct them.
- You have to spend everything before you qualify. Many people think they must first spend all their own money and assets on their care before Medicaid will kick in. But this is not true. While there are monthly income limits, people can take steps to preserve wealth and property. However, it can take time and specific actions to protect assets you wish to keep in your family.
- All your assets are included when calculating eligibility. DDDDD Further, rules protect community property when people are married, and only one spouse is seeking Medicaid. Broadly, this means that the spouse who does not need support generally can keep ownership of property, like a marital home.
- You only need Medicaid if you plan to stay in a nursing home. Colorado’s Medicaid program has numerous benefits besides paying for a nursing home. The program can cover routine doctor visits, medical devices and equipment, and even private nursing services.
- You don’t need to plan. This myth can prove to be a costly one to believe. As mentioned earlier, Medicaid has eligibility requirements and income limits. Unless you have a plan in place well in advance of seeking coverage, you could wind up losing property and money you could have saved by utilizing planning tools.
Understanding this information can help you recognize the value of addressing Medicaid when creating your estate plan.
Protecting yourself, your family, your legacy
Medicaid can be a valuable resource to those who are enrolled and their loved ones, as long as people work with accurate information. Thus, to ensure you are making decisions that protect your care needs and preserve assets you hope to leave behind, you can talk to an attorney about Medicaid planning.