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Medicaid and Long-Term Care. Is there any way to Protect Assets?
Sep 29, 2022
Most of us do not realize that when the time comes for our parents or ourselves, there are few options in paying for in-home care, assisted living, or long-term/nursing home care needs.
The average cost of a nursing home in Colorado is around $7,000 per month with some facilities charging $12,500 a month or more. Medicare, our country’s medical insurance benefit for those over age 65, will only pay for up to 100 days of care, and usually much less. After this time period, your options are to private pay or seek Medicaid benefits. Will you have an extra $7,000 to $12,500 to spend each month for this care?
Medicaid is a massively misunderstood benefit in America. It is a joint program between the federal government and the states which provides benefits for in-home care, assisted living, and long-term/nursing home care. Each county in Colorado has its own Medicaid office overseen by the Health First Colorado (Colorado’s Medicaid Program).

The average cost of a nursing home in Colorado is around $7,000 per month with some facilities charging $12,500 a month or more. Medicare, our country’s medical insurance benefit for those over age 65, will only pay for up to 100 days of care, and usually much less. After this time period, your options are to private pay or seek Medicaid benefits. Will you have an extra $7,000 to $12,500 to spend each month for this care?
Medicaid is a massively misunderstood benefit in America. It is a joint program between the federal government and the states which provides benefits for in-home care, assisted living, and long-term/nursing home care. Each county in Colorado has its own Medicaid office overseen by the Health First Colorado (Colorado’s Medicaid Program).

Qualifying for Medicaid Help
To qualify for Medicaid, one must submit an application that shows "countable" assets below $2,000 and monthly income below $2,523 (the 2022 limit). However, these asset and income levels are subject to detailed structuring so that even a person having over $500,000.00 in assets or more may, with careful planning, qualify for Medicaid.
The common thought that one must be poor to qualify for Medicaid is absolutely wrong. How can this be true? Health First Colorado Medicaid regulations allow a married couple to shift assets and income from the spouse needing assistance to the healthy spouse. Also, certain assets like a home, car, wedding rings, medical equipment, and the like are exempt from counting towards the Medicaid limit. A single and widowed person has similar planning options.
You may have heard that one must “spend down” all their assets to get under $2,000 to qualify for Medicaid. Many people in the medical field may suggest this to you. But this is untrue. In many instances, our planning can shield all a person’s assets from being counted by Medicaid and also protect those funds from being captured down the road.
Medicaid in Colorado has a program called Medicaid Estate Recovery which seeks to recover Medicaid benefits from one’s assets after one’s death. For instance, Medicaid can place a lien on one’s house which must be satisfied before that house can be eventually sold, or at the time of its sale. Our planning seeks to minimize or eliminate this possibility. 
The common thought that one must be poor to qualify for Medicaid is absolutely wrong. How can this be true? Health First Colorado Medicaid regulations allow a married couple to shift assets and income from the spouse needing assistance to the healthy spouse. Also, certain assets like a home, car, wedding rings, medical equipment, and the like are exempt from counting towards the Medicaid limit. A single and widowed person has similar planning options.
You may have heard that one must “spend down” all their assets to get under $2,000 to qualify for Medicaid. Many people in the medical field may suggest this to you. But this is untrue. In many instances, our planning can shield all a person’s assets from being counted by Medicaid and also protect those funds from being captured down the road.
Medicaid in Colorado has a program called Medicaid Estate Recovery which seeks to recover Medicaid benefits from one’s assets after one’s death. For instance, Medicaid can place a lien on one’s house which must be satisfied before that house can be eventually sold, or at the time of its sale. Our planning seeks to minimize or eliminate this possibility. 
Medicaid Planning
Our Medicaid planning seeks to achieve three goals:
Medicaid qualification can be met by almost any Coloradoan; however, it takes careful planning with a qualified Elder Law attorney. Our firm is experienced in Elder Law and Medicaid planning and has helped many Colorado families meet Medicaid qualifications while saving their legacy for the family.
- Qualifying one needing benefits for Medicaid-in a nursing care facility or home-care.
- Keeping assets in one’s family and not subject to Medicaid “Spenddown”
- Shielding as much of the assets as possible from Medicaid Estate Recovery.
Medicaid qualification can be met by almost any Coloradoan; however, it takes careful planning with a qualified Elder Law attorney. Our firm is experienced in Elder Law and Medicaid planning and has helped many Colorado families meet Medicaid qualifications while saving their legacy for the family.
What next?
If you think it might be time to think through your estate plan, you can:
-  Give us a call at 720-821-7604 to schedule a "Discovery Session" at which we can determine whether our firm would be a good fit for your needs. Or fill out our contact form to have us call you.
- Visit our estate planning page to learn more about how proactively thinking through your estate plan can protect you and your family, minimize hassle, lower the chance of family discord, and minimize or eliminate taxes.
- Learn more by reading our blog or watching our videos .
The Probate Process in Colorado
The most common questions we get about estate planning are when to start it and how often to update it. Learn more about how we advise our clients on these questions here.
Proper estate planning is not just about saying who gets what when you die. Done correctly, it can help you avoid court and maintain privacy.
If you have recently lost a loved one, you might find yourself participating in a probate process, either as the executor or a beneficiary. Learn more about what to expect from that process here.
One of the most common questions we receive is whether or not to share the details of an estate plan with adult children. This decision is personal and can have far-reaching implications for the individual and their family. The Benefits of Sharing Your Estate Plan Sharing your estate plan with your adult children can be beneficial. Doing so allows the family to discuss the plan's details, including what needs to be done in the event of incapacity or death. This open communication can help set expectations and facilitate a smooth estate administration process. A discrepancy between the plan and what the family expected is one of the most significant sources of tension and difficulty during the estate administration. It can be helpful to identify and resolve the discrepancy while the person who can change the plan can either still do so or explain why they designed the plan the way they did. Our firm generally recommends communication with fiduciaries and beneficiaries about the plan. However, communication does not necessarily mean sharing the complete draft of the estate plan. The Risks of Sharing Your Estate Plan While there are benefits to sharing your estate plan, there are also potential drawbacks. One of the main concerns is that sharing the estate plan can create difficulties if the plan is changed after it has been shared. This can be particularly problematic if any of the beneficiaries of a previous plan will receive less from the new plan. Another risk is the possibility of inconsistent plan drafts circulating after death. This can lead to confusion and potential disputes among beneficiaries. Suggestions for Communicating Your Estate Plan Given these considerations, here are some suggestions on how to best communicate the details of your estate plan: Maintain a Record : Record what has been shared, who it has been shared with, and when it was shared. This can help ensure everyone is on the same page and minimize potential misunderstandings. Share Digital Copies : Consider sharing digital copies of your estate plan, accompanied by a cover letter or mark reminding everyone that the plan can change. This can help mitigate the risk of outdated drafts circulating. Provide a Summary : Instead of sharing the entire plan, consider providing a summary. This can give your family a general idea of your intentions without divulging all the specifics. Again, include a disclaimer that the plan can change. Remember, every situation is unique, and what works for one family may not work for another. It’s essential to weigh the benefits and risks before sharing your estate plan. As always, we’re here to help guide you through this process. Please note that this blog post is intended for informational purposes only and does not constitute legal advice. Always consult a qualified estate planning attorney for advice on your situation.
If you are unhappy with the terms of a will, you may have the right to challenge it in court. However, contesting a will is not easy and requires certain legal grounds and procedures. This blog post explains the basics of how to contest a will in Colorado, including who can do it, what reasons are valid, and what steps are involved.
Explore the essential steps to take when a trustee is not fulfilling their duties effectively. This guide provides practical advice on identifying trustee shortcomings and the legal actions available to address them. Ensure your trust is managed properly with our expert insights on trustee responsibilities.
The blog post outlines the formal probate process in Colorado, detailing when it's necessary and the steps involved. It serves as a guide for individuals navigating the legalities of estate management after a loved one's passing. The content is informative and designed to assist users in understanding the complexities of probate law in Colorado.
Discover the straightforward steps to initiate an informal probate process in Colorado with our concise guide. Learn what information is required for the application, including personal details of the decedent and your connection to the estate. Understand the importance of meeting the time limits for filing and find out how to navigate the process without a court hearing, all explained in simple terms. Ensure a smooth probate journey with our expert insights on Section 15-12-301 of the Colorado Probate Code.
What happens to the Will of someone who has passed away in Colorado? Learn about the custodian’s duty to deliver a will promptly and to the correct probate court, ensuring your loved one’s wishes are honored. Discover the importance of acting swiftly and accurately in the probate process to preserve legacies and avoid legal repercussions.
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