Colorado Long-Term Care

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Colorado participates in the federal/state long-term care partnership program. 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 the citizens of Colorado. It enables Colorado residents who purchase qualifying Long-Term Care Insurance to have more of their assets protected if they later need the state Medicaid program to help pay for their long-term care.

This additional asset safeguard is called dollar-for-dollar asset protection. If your Colorado Partnership Long-Term Care policy pays $450,000, for example, that same amount will be disregarded when calculating the spend-down requirements for Medicaid. Colorado is using this approach to give its citizens greater control over how they finance their long-term care and to help shore up the public safety net against upcoming demographic pressures.

Long-Term Care Medicaid spend down is $2000. A spouse’s minimum asset allowance is $123,600.

Most states have reciprocity with other states' long-term-care partnership programs including Colorado. This means if you move from or to Colorado your additional partnership asset protection will be honored.

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 a credit for 2 policies). The federal tax incentives also apply.

A variety of products are approved in Colorado for Long-Term Care planning.

Colorado Long-Term Care Costs

Home Health Aide Average Monthly Rate $4,910
Homemaker Services Average Monthly Rate $4,767
Adult Day Care Average Monthly Rate $1,625
Assisted Living Average Monthly Cost $4,000
Skilled Nursing Home Semi-Private Monthly $7,892
Skilled Nursing Home Private Average Monthly $9,000