The Colorado Medicaid Crisis…What Does it Mean for You?
Fifty percent of women and twenty-five percent of men will find themselves in a nursing home at some point in time during their lives. The cost of a Colorado nursing home averages around $5,500 per month and is climbing rapidly. Medicare (not Medicaid) will pay for only the first 20 days of nursing home care, so it can’t be relied on in a long-term care situation. It’s little wonder, then, that merely 2/3rds of nursing home families run out of money in the first year of the nursing home stay.
With the help of a skilled Colorado Medicaid attorney, you or a loved one can protect assets without spending down everything to the poverty levels prescribed by Medicaid. However, most people are completely unaware of their planning option.
In desperation, most people make terrible mistakes by doing things without the advice of Medicaid counsel, such as giving assets away to the children in hopes of qualifying for Medicaid. Such gifting will lead to Medicaid penalties, tax problems, delayed Medicaid eligibility and, of course, the complete loss of control over the assets given away.
Medicaid laws are complex, strictly enforced and continually changing. Making them work to your advantage requires the experience of an elder law attorney who focuses on his or her practice on Medicaid planning. If you or a loved one is facing a nursing home crisis, give us a call or request our FREE Guide to Colorado Medicaid. We can put you on the right path to protecting the home and savings before it’s too late!
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