Colorado Long-Term Care Partnership Provides Asset Protection
The Colorado Long-Term Care Insurance Partnership Program provides Coloradans with dollar-for-dollar asset protection. You can access a choice of quality care along with asset protection.
The Colorado Long-Term Care Partnership Program is a public/private arrangement between long-term care insurers, Colorado's Medicaid program, the Division of Insurance, the Department of Human Services, and Colorado's citizens.
As more people live longer lives due to advances in medical science, the result will mean more people will require help with daily living activities or supervision due to cognitive decline. Long-term health care services are expensive and increase in cost every year. These costs can adversely impact income, assets, lifestyle, and legacy. Those families unprepared often find family members forced into the role of being a caregiver. Caregiving is physically and emotionally demanding.
There is a solution to safeguard income and assets and reduce family stress. Partnership Long-Term Care Insurance provides you with access to your choice of quality care in the setting you desire. Care choices include in-home care.
Dollar-for-Dollar Asset Protection
Having a Partnership Long-Term Care Insurance policy enables Colorado residents to have more of their assets protected if they later need the state Medicaid program to help pay for their long-term care.
Colorado uses this approach to give its citizens greater control over how they finance their long-term health care and help shore up the public safety net against upcoming demographic pressures. Most states have reciprocity with other states' long-term care partnership programs, including Colorado.
You can learn more from the State of Colorado. The cost of long-term health care increases yearly. The LTC NEWS Cost of Care Calculator shows you both the current and future cost of extended health care where you live - just click here.
Tax Benefits in Colorado
Colorado has a state income tax credit equal to the lesser of 25% of premiums paid for an LTC insurance policy or $150 per policy. Individuals who qualify for the credit are those with federal taxable income less than $50,000 ($100,000 for joint filers claiming credit for two policies). The federal tax incentives also apply.
Proceeds from a Long-Term Care Insurance policy are always tax-free.
Planning for changing health and the costs and burdens of aging is an essential part of retirement planning. Affordable Long-Term Care Insurance will safeguard your future retirement savings (401(k), IRA, and 403(b), for example) and ease the burden extended care places on loved ones.
The dollar-for-dollar asset protection of a Colorado Partnership Long-Term Care policy offers asset protection, access to quality care, and peace of mind. Plus, your family will have more time to be family.
Colorado is one of 45 states that offer partnership policies. You can review all the states that offer partnership policies by clicking here.
Plan Sooner Than Later
The best time to plan is before you retire, ideally in your 40s or 50s, so that you can enjoy the lowest premiums and the most choices. Experts recommend seeking the help of a qualified and experienced Long-Term Care Insurance specialist to help you navigate the many options and differences between companies.
Find a specialist by clicking here.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
A complete retirement plan should include a strategy for longevity and the impact that long-term health care will have on you, your family, income, savings, lifestyle, and legacy. An Affordable Partnership Long-Term Care Insurance gives you access to your choice of quality care either at home or in a facility, along with dollar-for-dollar asset protection.
Remember, Long-Term Care Insurance will pay for long-term custodial care, the most common type of care we will need. Health insurance, including Medicare and Medicare Supplements, will only pay for a small portion of skilled care. Medicaid will only pay if you have little or no savings and income.
You Must Health Qualify to Obtain Coverage
The underwriting criteria are different with each company. You will have to answer some health questions even to obtain accurate quotes. You ideally want to get coverage when you enjoy good health. If you are already receiving care in your home or if you live in a care facility, you would be ineligible for coverage.
Seek Help of a Qualified LTC Specialist
A Long-Term Care specialist can help you determine your eligibility based on your health history and other factors. Most financial planners and general insurance agents are not knowledgeable about underwriting, features, benefits, federal/state partnership programs, policy design, and claims.
Find a qualified specialist by clicking here.
Research Tools on LTC NEWS
Your research should include finding the current and future cost of long-term care services in the area you live – or plan on living in the future. Use the LTC NEWS cost of care calculator by clicking here.
You can find many research tools on LTC NEWS by clicking here. Plus, the Ultimate Long-Term Care Insurance Guide. Review the guide by clicking here.
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