Long-Term Elderly Care Planning Lawyers in Colorado

Long-term care planning involves the financial planning to cover the cost of in-home care, assisted living facility costs, a memory care unit or the costs of a skilled nursing home care, i.e. a nursing home. Our Colorado elder law attorneys with Jorgensen Brownell & Pepin, P.C. can assist you with the complicated analysis of your situation to determine whether you want to pay privately, qualify and pay for long-term care Insurance, qualify for Medicaid or qualify for the Veteran's Administration Pension Aid & Attendance (AA) benefits.

Analyzing the Cost of Care

Paying privately for nursing home or memory care can exceed $8000 per month per person. Assisted living can run from $2500 to over $4500 per month per person depending on the level of care needed. Assisted living facilities usually offer three levels of care so that you don't have to pay for care you do not need. At home care can run over $10,000 per month depending on the level of care needed.

Long-term care insurance is private insurance offered to assist with:

• At-home care
• Assisted living
• Memory
• Nursing home care

Policies can be shared by spouses, used to protect more assets once Medicaid is needed or tied to life insurance so a death benefit exists if the policy is not needed. Long-term care insurance can be used to cover long-term care expenses associated with a Medicaid penalty period due to gifting within the five-year look back period.

Medicaid is a public benefit which can be used to cover the costs of all types of long term care. The benefit is needs-based, meaning the county will review the party's income and the family's resources prior to qualification.

Veteran's Pension Benefits

The Veteran's Pension benefit is available for veterans and their families to reduce the burden associated with long term care. The VA also sets limits on income, resources, and a requirement for medical need. The VA limits the amount of the benefit if you are receiving Medicaid as well. Planning options exist for families whether you are years away from needing long-term care assistance or your family member is already receiving care.