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The "Own Your Future" program, unveiled is overseen by various state agencies undee thelabel "Colorado Long-Terjm Care Partnership." The program will make availabled an insurance program to Coloradans ages 45 to 65 throughg private insurers. The program "enables Colorado residentsd whopurchase Long-Term Care Partnership insurance to have more of theie assets protected if they later need the state Medicaid progranm to help pay for theitr long-term care," . Those applyingt for Medicaid might otherwise haveto "spend down" more of theidr own assets in orderd to be eligible for Medicaid coverage.
"Colorad o is using this approach to give its citizens greaterf control over how they financetheir long-terjm care and to help shore up the publicx safety net against upcoming demographic the website says. Such partnerships were establisherd by federal law in 2006 to help preserve the stabilitg of state Medicaid programs and to promotrprivate long-term care programs. Agencies involvecd include the state Department of Health Care Policy and the Divisionof Insurance, the Departmenty of Human Service’s Division of Aging and Adult Services and the Governor’s Office. Colorado Gov. Bill Ritter was to kick off the campaignm at a state Capitol news conferenceat 11:30 a.m. Tuesday.
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