COLORADO UPDATE 

 It is the goal of EAGLE PUBLISHING COMPANY to keep our publications fresh and up to date.  To do so we will print changes in the law and corrections to the book that come to our attention after the book has gone to print. 

Update to: A Will Is Not Enough In Colorado

CHAPTER 9: COST OF LONG TERM CARE
The 2006 figures for a stay in a skilled nursing facility (i.e., a nursing home) under the Original Medicare Plan are as follows:
You pay nothing for the first 20 days of skilled nursing care and $119 for days 21-100; i.e., you pay up to $9,520 for the next 80 days of a stay in a skilled nursing facility.
You are responsible for all costs thereafter.

The 2007 Medicare value for a stay in a skilled nursing facility for days 21 through 100 is $124 per day.

In 2008, those on the original Medicare plan will pay:

$128 per day for days 21-100 in a skilled nursing facility for each benefit period. This is $4 higher than the 2007 value.

CHAPTER 10: MEDICAID UPDATE -   

CHANGES MADE IN 2007

The maximum Community Spouse Resource Allowance is $101,640. 

The Minimum Community Spouse Resource Allowance is $20328. 

Community Spouse Excess Shelter Allowance is $495. 

Community Spouse MAXIMUM Monthly Maintenance Needs Allowance is $2,541. 

The Community Spouse MINIMUM Monthly Maintenance Needs Allowance is @$1650.

 The 2007 private pay rate to determine the penalty period for ineligibility is $5388.

 As of Feb, 2007, the Colorado legislature has opted for  the $500,000  homestead equity exemption.

 

CHANGES MADE BY CONGRESS IN 2006
Congress passed the following changes to the Medicaid law:
FIVE YEAR LOOK BACK
The Look-back period is extended from three years to five years.

PENALTY PERIOD STARTS WHEN YOU APPLY
Under the prior Medicaid law the Penalty Period started from the day the transfer was made. Under the new law the Penalty Period begins on the day the Applicant applies for Medicaid, meaning that the Penalty clock doesn’t start ticking till the Applicant actually applies. For example, if a person makes an uncompensated transfer during the five year period before he applies for Medicaid, the Penalty Period will begin as of the day he applies for Medicaid.

HOMESTEAD WITH EQUITY OF $500,000 OR MORE
 If the equity in the Applicant’s home (current market value less mortgages and liens) is equal to $500,000 or more, he will not be eligible to receive Medicaid benefits. States are given the option of increasing this value to $750,000 or more.

 These changes need to be adopted by the states, so it may take several months before these laws are put into effect.

Check with an Elder Law attorney to determine the status of the Medicaid law in Colorado.

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