Howdy Partner – Colorado’s New Offer to You for Covering the Long-term Care Risk

09/15/2009

In 2009 Colorado took a very bold step and enacted a new law creating the Partnership Program. This program offers to ‘partner’ an equal portion of government money with you, if you will purchase long-term care insurance for yourself.  The LTCi can be generally of any design (dollar amount,  length of benefit,  waiting period, etc.) with the one proviso that those under age 75 (at purchase) include an inflation component  (meaning the benefit coverage will increase with some percent of inflation going forward).  

If you purchase a plan that qualifies as a partnership policy, then you gain an equal dollar amount of what are called “set aside assets”.  This is important should you need long term care and use up your policy’s benefits and then need to apply for Medicaid.   Generally in order to get Medicaid to pay for one’s long-term care, you must have fully spent all your financial resources on your care.  You’re broke.  But with a partnership policy you would get to retain or ‘set aside’ assets equal to whatever policy you purchased.

According to the state’s website, assisted living costs in the Centennial state  are an average of $3249 per month; and  60% of those over age 65 will need some form of long-term care prior to death, with 20% needing more than 2 years of care.  So the partnership program offers an encouragement and a reward for planning ahead.  

If you haven’t already, you will soon be getting a letter from Governor Ritter encouraging you to look into this program – his office will mail every Colorado adult announcing this program.  Or go check out his video on YouTube.

Only certain insurers are participating and only agents who have completed an extensive training program are able to help you with the applications and getting approval.  No one likes to contemplate getting older; and the maladies to come.  But the state government is making a bold offer to get you thinking.  Get with a qualified agent and Partner up!

Greg W. Anderson, owner of Balanced Financial Inc. has been doing safe money and wealth preservation planning for 20 years.  He’s available at 970-204-1500 to help all Colorado residence. 

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YOUR INVESTMENT WOULD BE RETURNED IN 4 TO 6 MONTHS!! 

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