Colorado works with its citizens to assist with long-term care (LTC) planning. The state believes that when people plan properly and are proactive, they should be rewarded.
Different states vary in eligibility terms for Medicaid long-term care. Some states allow Medicaid applicants to spend down their money on care until they are under the Medicaid limit. Then they can apply. Those states are considered non-income cap states.
As your parents are getting older, you might need to have some difficult discussions with them. One of these discussions is about what types of health care they want when they can't make the decisions for themselves.
Regardless of your age, you may have some concerns about needing long-term care assistance at some point in the future. It is never too soon to start planning for the future, but it can be too late.
The answer is that everyone should do long-term health care planning, but long-term care insurance is debatable. According to Colorado State University, 70 percent of people 65 or older will need some type of long-term care. It may be home care, adult daycare, assisted living care or nursing home care.
Did you know that you may be responsible for paying your parents' medical bills and long-term care expenses? In certain circumstances, filial laws allow nursing homes and other types of care facilities to seek payments from you. If you live in Colorado but your parents live elsewhere, you may fall into that group.
Did you know that 30 percent of seniors in Denver live on less than $20,000 per year? And 24 percent of those 60 years old or older receive food stamps? That is a whopping number of the aged population that probably have not planned for long-term health care.
The expenses of round-the-clock nursing home care are exorbitant. Even mid-tier facilities in the Denver area with semi-private rooms can cost between $9,000 and $10,000 per month. According to a study by Genworth Financial, private rooms in high-end nursing homes in the huge Denver-Aurora-Lakewood metropolitan area can cost upwards of $230,000 annually.
What exactly is a guardian? Who needs one? How do you ask the court to appoint one (and do you want to be given the job)?
A study published this summer in the Journal of the American Geriatrics Society shows that the average cost to care for a dementia patient for just five years is more than $320,000. The cost of caring for a loved one who does not have dementia is over $130,000 on average. Unfortunately, the bulk of long-term care expenses are typically paid by the patients' families.