It is further into the year than usual for this post, but we do aim for a yearly update to keep accurate numbers on our site. While many aging parents never see themselves spending time in a skilled nursing facility, the reality is that longer lifespans increase the odds that extra care will be required at some point.
Many Colorado residents may wonder if they are eligible for Medicaid if they own a home. The eligibility standards for Medicaid are specific, and certain assets are used to determine eligibility. An individual who applies for Medicaid is required to list their assets and provide documentation.
Nobody wants to learn that they have a degenerative disease that will slowly strip their body functions and mental faculties from them. It's probably one of the most devastating occurrences anyone could ever endure. But Colorado residents receive these diagnoses just as people everywhere do.
Colorado residents with aging parents may be in the dark when it comes to what they know about their parents' finances and final wishes. But when it comes to long term care planning, asking the right questions sooner rather than when it is too late makes all the difference.
Colorado residents can give themselves the gift of peace of mind in their golden years by planning now for their needs after retirement. One of the ways to do this is to engage in long term care planning with an attorney who practices estate planning law.
Senior citizens with fixed incomes are usually on the lookout for a good bargain, as buying goods and services at a discount can stretch a tight budget a bit farther. Below are some ways for seniors to get more bang for their buck.
Coloradoans might find some of the new rules established by the Affordable Care Act to be complicated or surprising. One such rule involves the fact that people enrolled in expanded Medicaid might now be subject to government asset attachment when a beneficiary dies. In theory, this could mean that the heirs of a Medicaid beneficiary could see their inherited assets taken by the government in an effort to receive reimbursement for the aid. While not all states are currently planning to take action on this measure, Colorado has recently indicated that it will indeed go after an estate's assets in order to repay Medicaid benefits. While it's yet to be determined if this will happen with any real frequency, the statute could nevertheless play an interesting part in the long term care planning decisions made by aging people in the state.
A town hall meeting recently held in Lakewood allowed senior citizens to discuss questions with lawmakers regarding housing for the elderly. The panel of lawmakers included two Colorado state senators and two state representatives, as well as the director of the Colorado division of housing and a program manager from the Denver Regional Council of Governments. State Senator Andy Kerr stated that he has received a large number of emails and calls regarding senior housing lately and that Colorado citizens seem to be particularly concerned about it.