Long Term Care Partnership in Colorado

Long Term Care Partnership in Colorado

Long Term Care Partnership in Colorado

Colorado's Long-Term Care Partnerships is a coalition between private insurance and the federal government to help Colorado residents plan for future long-term needs without spending all their belongings to pay for maintenance. Its purpose is to encourage and reward Colorado residents planning ahead for future LTC needs.

These partnerships main goals are: (1) To help citizens of Colorado in LTC planning for their future LTC needs through quality assurance, (2) without exhausting all resources (assets) to pay for long-term care.

In Colorado, long term care services vary but in general include both nursing facilities and Home and Community Based Services (HCBS). Its nursing facilities provide day and night care from a health professional with basic needs as housing and feeding. While, HCBS include support from a nurse, a caregiver at home, or other personal care provider and includes services such as cleaning, meal preparation and assistance with bathing and dressing.

In terms of costs, Medicaid provides some assistance with LTC in specific situations. It provides health and LTC services for eligible low-income individuals. People who are covered include children, pregnant women, or individuals who are elderly or who have disabilities. This Medicaid program is governed by the Colorado Department of Health Care Policy & Financing. However, to become qualified for this program, a person must meet certain standards, which mainly includes (a) financial and non-financial requirements involving evaluation of income and assets, (b) non-financial requirements embracing Colorado residency, proof of citizenship and identity, provision of a Social Security number, and meeting the required level of care.

How does this latest LTC partnership work? It is plainly simple. For every dollar that a LTC Partnership insurance policy pays out in benefits, a dollar of personal assets can be protected if a resident wants to apply for Medicaid. This partnership must include inflation protection and must be issued after the program begins in Colorado. The inflation protection helps the policy keep up with the rising care of LTC services.

For individuals aging 61 to 75, the state requires inflation protection of 5% simple interest, 3% compound interest or CPI simple interest. But, from 76 up, no inflation is required. And, under federal law, Colorado is not authorized to add provisions concerning undertakings LTC policies. Current long-term care policyholders who wish to conduct partnership policies should contact their insurance providers of their choice on the issue of a new partnership qualified policy.

LTC Partnership policies are not meant for everyone. But it plays a significant role for those assets to protect. They are a practical option especially for those consumers who will need to rely on Medicaid assistance with LTC in the future.

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