Can I Preserve Assets and Still Qualify for Medicaid?

Meet Charlie and Fran.  They have three children, 9 grandchildren and 3 great grandchildren.  They have worked hard and enjoy life on their small family farm.  This place is important to their entire family.  As they age, they realize that if either one of them needs Long Term Care, that their property and other assets could be at risk.

They need accurate information they can trust so that if Long Term Care needs come on suddenly, or if Long Term Care is some years away, they are prepared and are doing all they can to ensure that their future generations can enjoy this farm and other things they have worked hard for.

It is estimated that over 70% of people over 65 will need some type of Long Term Care(LTC) according to the US Department of Health & Human Services. Colorado has many resources for financial help like Health First Colorado, Colorado’s Medicaid Program.  Medicaid will help with in home care, assisted living and nursing facility care.

Most Colorado elderly who need help paying for LTC feel that they will not qualify for Medicaid because they have too much income or too many assets.  In reality, many could qualify if they had the information from a knowledgeable professional, holding a Certified Medicaid Planner (CMP) designation.  The role of a CMP is to assist an applicant file a complete and correct Medicaid application and work with the Department of Human Services to gain approval for LTC Medicaid.

The rules around Medicaid eligibility are readily available online.  Incomplete or inaccurate advice often causes people to think that spend down is the only way to qualify for LTC Medicaid.  This simply is not true and can lead to an unnecessary spend down and/or liquidation of the limited assets people have worked a lifetime to obtain.

There are legitimate means of preserving valuable or sentimental assets and income.  Here in Colorado, to the surprise of many, the Medicaid guidelines afford numerous opportunities to protect income and assets. Consulting with a CMP who specializes in LTC can help you and your family to file a successful application and qualify for Long Term Care Medicaid.

Editor’s Note: This article was written by Stacy Osborne, CMP with Medicaid Consulting Group. She can be reached at 719-645-8350 or by email at