How Will You Pay For That?
What to KNOW and What to DO NOW
It is estimated that 70% of all of us who reach age 65 will need some level of Long-Term Care. Here in Colorado, the average cost for Long term care is $8,758 per month according to 2020 state information. By nature, only about 15% of us are wired for advanced planning. So, this article is for the rest of us. Not planning in advance causes us to avoid the issue until we can no longer care for our loved one or worse yet, we become a caregiver who is injured in the process or worn to a frazzle by 24-hour caregiving. Often we avoid planning because we are afraid of learning that we may lose everything paying for care.
Here are some practical things to know and do now so you can stop worrying about the cost of Long Term Care for yourself. . .or for ones you love.
Things to KNOW:
- There are ways to get care paid for here in Colorado and still preserve hard-earned assets.
- Health First Colorado will pay for in-home care, including paying a family member to provide care.
- They will pay for assisted living, full skilled care, and adult daycare.
- Meeting the qualifications for programs if you have assets can be tricky but, with education (and that can be free) you can quickly learn the rules that apply to your financial situation.
- The VA through Aid & Attendance will also help pay for costs if you served during wartime.
Things to DO:
- Find someone who can give you accurate information. Google "VA & Medicaid Education Colorado," and check out this link to the BBB. Read what others say about these companies. The BBB checks companies out thoroughly and the BBB has an AGE FRIENDLY designation if the company has been approved as trustworthy for the senior population.
- Find a firm that understands VA & Health First Colorado Programs. If the firm only knows one program, you won’t get the full picture.
- Find a firm that can refer multiple attorneys since legal documents and advice may be needed.
- Find a firm that will give you information and options at no cost so you can decide what is best for you.
Editors Note: This article was written by Stacy Osborne, MBA CMP with Beneficent. She can be reached by phone at (719) 645-8350 or by email @ firstname.lastname@example.org.