Oklahoma City Nursing Home Prices Are Rising
Elder law attorneys keep a tight focus on the state of long-term care costs because this is an issue that directly impacts our clients.
Genworth Financial has been conducting surveys on an ongoing basis to keep track of the costs around the country. Since 2023 is behind us, they have been able to compile the final statistics for last year.
We will share the numbers in this post, but before we get there, we should explain why long-term care costs should be on your radar.
Medicare Won’t Help
If you are going to qualify for Medicare when you reach the age of 65, you may wonder why you should care about long-term care costs. Medicare covers seniors’ health care costs, but nursing homes also provide medical care. This comes as a rude awakening if you have never explored the issue, but it is an unpleasant reality.
Will I Really Need Living Assistance?
Once you recognize the fact that Medicare will not pick up the tab, your temperature may not rise that much if you assume that very few elders actually need paid care.
In fact, seven out of 10 seniors who are turning 65 on any given day will require help with their activities of daily living. More than a third of them will need nursing home care. In 2023, a semi-private OKC nursing home room cost $75,738 per year. This is a 6 per cent increase over 2022. The median annual charge last year was $93,988 and this is an 11 percent increase.
Sometimes a senior who would otherwise require nursing home care can stay at home with assistance that is provided by a licensed home health aide. This is an alarming increase of 7 percent in the median charge in 2023. If you need long-term care in 20 years, Genworth estimates a $170,000 median annual cost for a private room.
Medicaid Eligibility
You can prepare for potentially devastating long-term care costs if you implement a plan that will lead to Medicaid eligibility. You can qualify for this program if you have less than $2,000 worth of assets in your name. We will discuss these items in a later post. You can transfer assets into an irrevocable Medicaid Trust. As long as you fund the trust at least five years before you submit your application, the principal will not be counted.
Attend an Educational Event
We host events on an ongoing basis that deliver a treasure trove of useful information about this important subject and others. We are here to help!
If the right steps are taken at the right time, it is possible to live comfortably and leave a legacy for your loved ones. You can send us a message, or call us on 405-843-6100 for OKC, and 918-615-1700 for Tulsa, to get started. We will help you create a plan. Larry Parman is an attorney at law. He has posted the latest posts on his blog.
