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.

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Colorado Long-Term Care Partnership Provides Asset Protection
3 Min Read April 3rd, 2017 Updated:May 10th, 2021

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.

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.

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.

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About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

When you have a plan in place, your family will find it much easier when you need long-term health care in the future. You can prepare your family and finances for declining health and aging with affordable Long-Term Care Insurance.

When you own an LTC policy, you own a policy helping you avoid being dependent on your loved ones. The guaranteed tax-free benefits give you access to your choice of quality care services, including in-home care. However, keep in mind that you must have your coverage before you get older and experience substantial health changes. 

Available Resources on LTC NEWS

LTC NEWS offers several tools and resources to help you in your research for a planning solution or help your family find the appropriate care for a loved one at the time of crisis. 

To help you plan for the future costs and burdens of changing health and aging, LTC NEWS has put in place several resources, including:

Find all the resources on LTC NEWS - Resources for Long-Term Care Planning | LTC News.

Seek Professional Guidance

Experts suggest using a qualified Long-Term Care Insurance specialist to help you navigate the many options available to you and your family. Insurance rates are regulated, so no insurance agent, agency, or financial advisor can give you special deals. However, premiums do vary over 100% between insurance companies for the same coverage.

A specialist who works with the top companies can match your age, health, family history, and other factors and find you the best coverage at the best value. A specialist will save you money, and you will have the peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.

Find Quality Caregivers and Long-Term Care Facilities

If your parent or loved one needs care now - or soon - you will need to find the appropriate care in the right setting depending on their needs.

Take a moment and read - 

Benefits of Reverse Mortgages 

Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance.  

Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, even help with cash flow during your retirement. 

Learn more by asking questions to an expert. LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages. 

Just "Ask Mike." - Reverse Mortgages | LTC News.

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LTC NEWS is open to contributors to share their stories with the world. 

You can write a story or ongoing column for LTC NEWS. You can write about many topics, including aging, caregiving, health, lifestyle, retirement planning, and long-term care, to name a few.

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