Planning for nursing home care can be more complicated than people realize, especially when it comes to utilizing funds from programs like Medicaid.
As people get older, their future care needs become increasingly important to think about. How will they pay for care if they suffer a serious illness or injury? What will their quality of life look like if they live in a nursing home or assisted living facility?
People in Colorado, and the United States generally, are living longer and healthier lives. The longer a person lives the more likely it becomes that he or she will require some form of long-term care. Medicaid is a principal provider of coverage for long term care but financial eligibility must be met to receive care. This makes Medicaid planning imperative before the need for the care arises.
Some people may have led relatively healthy lives and still find themselves facing serious medical diagnoses. For some Colorado residents, the diagnosis could involve a progressive disease like ALS or another motor neuron disease that could severely impact their lives. Because such conditions get worse over time, a diagnosis may jumpstart planning for the future.
Long-term care is expensive. Yet, so many Colorado families find themselves caught between needing long-term care services and not knowing how they can afford them. Assistance is available, although without prior Medicaid planning, it may seem out of reach.
The will has been drafted, trusts have been created and the estate plan is in place. Once each of these items is taken care of, the Colorado resident may believe that he or she has adequately protected his or her family and estate. Yet, if Medicaid planning has not been included in this process, both could be left vulnerable.
Timing is everything. This is especially true as a Colorado resident considering Medicaid planning. The timing involved in transferring assets, inheriting assets and making purchases can be important factors in estate planning and determining Medicaid eligibility.