The numbers are staggering, but the reality can be even more so. Alzheimer's and dementia are on the rise throughout Colorado as well as the rest of the nation. The emotional and financial costs associated with a progressive disease such as these can be overwhelming.
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.
As the Colorado resident ages, planning for the future becomes more and more important. Retirement planning becomes a crucial part of the budget, and the individual often dreams of what life will be like once he or she is finally able to retire. These dreams often involve traveling, working in the yard and spending time with friends and family. Yet, as many individuals age, they discover that their retirement dreams are just that -- dreams, and their reality is dealing with a progressive disease such as dementia or Alzheimer's.
The average Colorado resident spends years working and saving for the future. Some are able to acquire significant assets and look forward to enjoying their retirement; others scrimp and save in order to simply be able to retire. Regardless of one's financial picture, though, the possibility of requiring ongoing care as the individual ages can be a concern. How to pay for such care and the need for Medicaid planning can become an issue.
No more alarm clock; no more Monday morning meetings. The average Colorado family looks for to the opportunity to set their own schedule, travel and enjoy their retirement years. These golden years offer the promise of a more relaxed lifestyle; however, they also can prove to be a financial challenge. In fact, many retirees discover that Medicaid planning is an essential component in protecting their estate.
As the Colorado resident ages, it is possible that he or she will require care that loved ones are not able to provide. When this happens, it is likely that the individual will need to be placed in a nursing home. While this may be what is best for all involved, without proper Medicaid planning, this can also be a costly venture.
In Colorado and all states, long term nursing care and similar or related services for senior citizens are not covered by Medicare. Instead, for those who can't afford such care, including residence in a nursing home, they must qualify for Medicaid to receive benefits. Medicaid planning through an elder law attorney may be required well before the need for those benefits arises.
Most Colorado residents work hard to make sure that their family's future is protected. They invest in retirement accounts, purchase life insurance and carefully establish an estate plan. Yet, all of this can be at risk if the individual requires nursing home care and the proper Medicaid planning has not been put into place.
Dreams of traveling the world or spending time with the grandchildren often drive one to save for the future and build wealth for retirement. After years of planning and preparing, the Colorado resident is finally able to reap the rewards of hard work and dedication. These plans can be altered though as one begins to require long-term care. In fact, without proper Medicaid planning, it is possible that one's assets will limit his or her ability to receive Medicaid benefits for nursing home care if it becomes necessary.
Thousands of Americans miss Medicare enrollment deadlines, assuming that they are already covered under insurance purchased in Affordable Care Act’s marketplaces. The consequences of that assumption run the risk of a lifetime of penalties.