Colorado is the latest state to enter a private-public partnership program to encourage the purchase of long-term care. Such partnerships were established by federal law in 2006 to help preserve the stability of state Medicaid programs and to promote private long-term care programs, according to the Denver Business Journal.
The “Own Your Future” program, unveiled Tuesday, is overseen by various state agencies under the label “Colorado Long-Term Care Partnership.” The program will make available an insurance program to Coloradans ages 45 to 65 through private insurers, DBJ reports.
The program “enables Colorado residents who purchase Long-Term Care Partnership insurance to have more of their assets protected if they later need the state Medicaid program to help pay for their long-term care,” according to the partnership’s Web site.
Those applying for Medicaid might otherwise have to “spend down” more of their own assets in order to be eligible for Medicaid coverage. “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,” the website says.