States aid in purchase of long-term care

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.