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.
A Colorado resident or anyone else turning 65 has a 60 percent chance of needing long-term care. Statistics also indicate that 20 percent of people who reach age 65 spend at least two years in a nursing home. In many cases, people do not prepare because they believe that retirement isn't their most pressing financial priority. However, it is typically worthwhile to to have a long-term health care plan in place.
Savvy Colorado residents prepare ahead of time for their future with financial estate planning, but another important aspect often gets overlooked -- long-term care.
Many Colorado residents are planning ahead for their golden years. Yet some may be unsure exactly what is meant by long term care policies. Below is a general overview of the services that might be covered in a typical plan.
Making the decision to move an aging or disabled loved one into an assisted living facility is never easy. Factors such as the quality of care, the experience of the staff, the condition of the premises and the proximity to hospitals or urgent care facilities must all be considered. Families in Colorado and across the U.S. might assume that finding the right facility will be the most important aspect in a loved one's long term care planning. However, according to a recent report from ProPublica and Frontline, families have much more to worry about once their loved one actually becomes a resident.
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.