• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Parman & Easterday

Oklahoma Estate Planning Attorneys

Call Now: (405) 843-6100 |
(918) 615-2700

Attend an Education Program-Oklahoma City Area Attend An Education Program in the Tulsa Area
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • What Our Clients Say
  • Estate Planning
    • Asset Protection
    • Business Succession Planning
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family-Owned Businesses & Farms
    • Financial Planning Assistance
    • IRA and Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Powers of Attorney
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Trust Administration and Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law
    • Emergency Medicaid
    • Guardianship & Conservatorship
    • Hospice Care
    • Medicaid Planning
    • Veteran’s Benefits
  • Resources
    • Asset Protection Worksheet
    • DocuBank
    • Elder Law
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
      • Elder Law Resources
        • Edmond Elder Law
        • Oklahoma City Elder Law
        • Overland Park Elder Law
        • Yukon Elder Law
      • Medicaid
      • Nursing Home Resources
    • Estate Planning
      • An Overview of Estate and Gift Taxes
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate and Legacy Planning Techniques
    • Free Estate Planning Worksheet
    • Frequently Asked Questions
      • Alzheimer’s FAQs
      • Asset Protection Planning
      • Estate Planning
      • Elder Law
      • Frequently Asked Questions for Families Without an Estate Plan
      • Inheritance Planning for Minors
      • Legacy Wealth Planning
      • LGBTQ Estate Planning
      • Medicaid Planning
      • Nursing Home Asset Protection
      • Probate
      • Trust Administration
      • Trust Administration & Probate
      • Wills and Trusts
    • Newsletters
    • Probate and Trust Administration
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • Loss of a Loved One
      • Probate Checklist
      • The Mourner’s Bill of Rights
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
      • Trust Administration & Probate Definitions
    • Probate Resources
      • Midwest City Probate
      • Moore Probate
      • Oklahoma City Probate
      • Overland Park Probate
    • Published Books
    • Pre Consultation Form
  • Communities We Serve
    • Edmond
    • Midwest City
    • Moore
    • Norman
    • Oklahoma City
    • Yukon
  • Reviews
    • Our Reviews
    • Review Us
  • BLOG
  • Contact Us
Home » Elder Law » 6 Things You Should Know About Long-Term Care for Seniors

6 Things You Should Know About Long-Term Care for Seniors

January 17, 2023 by Larry Parman, Attorney at Law

Medicaid planningElder law attorneys focus on legal and financial matters that are of interest to senior citizens. The primary issue that we deal with on a day-to-day basis is the matter of long-term care for seniors.

If you are assuming that it will take care of itself one way or another, you may be surprised when you hear the facts. In this post, we will share five things everyone should know about the subject.

Most Seniors Will Need It

It is hard to envision a time when you will become unable to take care of your day-to-day activities. However, aging has an impact, and it is difficult to fully grasp the reality until you arrive at the destination.

To put it into perspective, if you live long enough to collect Social Security, you are likely to live into your mid-eighties. At that point, getting around can be challenging. In fact, according to the U.S. Department of Health and Human Services, most seniors will need paid living assistance eventually.

Medicare Won’t Help

Medicare does not pay for a stay in a long-term care facility. It also doesn’t cover in-home care that is provided by a professional in-home health aide. The program will pay for convalescent care, but it does not cover the custodial care that nursing homes provide.

Long-Term Care Is Very Expensive

It is not easy to get out a checkbook and pay for a stay in a nursing home. According to the state, the average daily cost in Oklahoma is about $180. This equates to $65,700 over the course of a year, and some quality facilities are considerably more expensive.

About 13 percent of people that require paid care need the assistance for more than five years. Just over half incur the bills for more than a year. If you are married, you and your spouse may be saddled with two different sets of nursing home bills before all is said and done.

Medicaid Can Provide a Solution

All is not gloom and doom when it comes to long-term care costs if you take the appropriate steps in advance. Medicaid will cover these costs if you can gain eligibility. Of course, it is a need-based program that is jointly administered by the federal and state government. As a result, there is a low $2,000 asset limit.

However, some property does not count, including your home with a $636,000 equity limit.

One motor vehicle is not counted, and wedding and engagement rings and heirloom jewelry are exempt. They are not worried about your household items and personal effects. You can have unlimited term life insurance and $1,500 of whole life insurance.

With regard to the home, there is a Medicaid estate recovery mandate. If you are a Medicaid beneficiary, and your home is in your possession at the time of your passing, they could place a lien on the property.

A Medicaid Trust Can Be Established

You can transfer assets out of your name to gain eligibility, but there is a five-year look back period. A lot of people rely on income that is generated by their invested retirement nest eggs, so they would not be in a position to give the resources to their children long before they need long-term care.

Fortunately, a Medicaid trust can be used to bridge the gap. The principal will no longer be accessible after you fund the trust, but you could accept distributions of the trust’s earnings. Plus, if you convey your home into the trust, it will be protected during the Medicaid estate recovery phase.

We Can Help You Create an Effective Nursing Home Asset Protection Plan

All of this will sound complicated to a layperson, and it is challenging to navigate the system. When you work with our firm, we will help you implement a plan that protects your legacy for the benefit of your loved ones.

If you are ready to get started, you can schedule a consultation at our Oklahoma City estate planning office if you call us at 405-843-6100, and you can use our contact form to send us a message.

 

 

 

 

  • Author
  • Recent Posts
Larry Parman, Attorney at Law
Larry Parman, Attorney at Law
Founder and Owner at Parman & Easterday
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.
Larry Parman, Attorney at Law
Latest posts by Larry Parman, Attorney at Law (see all)
  • Why Do You Need an Elder Law Attorney? - January 31, 2023
  • Inheritance Planning for Blended Families - January 26, 2023
  • 4 Things Trusts Do That Wills Can’t Do - January 24, 2023

Filed Under: Elder Law Tagged With: Medicaid Planning Oklahoma, Medicaid trust, nursing home asset protection

Other Articles You May Find Useful

Why Do You Need an Elder Law Attorney?
Medicaid planning Medicare limitations
Don’t Expect Too Much From Medicare
long-term care insurance
Is Long-Term Care Insurance Recommended?
Medicaid spousal allowances elder law
Is My Spouse Left With Nothing If I Use Medicaid for Nursing Home Expenses?
elder law aging in place
Consider the Benefits of Aging in Place
Veterans Pension aid and attendance
Are You Aware of the VA Aid and Attendance Pension?

Primary Sidebar

Parman & Easterday, LLP

DOWNLOAD OUR FREE ESTATE PLANNING CHECKLIST

SUBSCRIBE TO OUR BLOG

Follow Us

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

Where We Are

OKLAHOMA CITY, OK
13913 Quail Pointe Drive, Suite B
Oklahoma City, OK 73134
Phone: (405) 843-6100
Fax: (405) 917-7018

MAP

parman_sidbr_map

Where We Are

TULSA, OK
Memorial Place 7633 E. 63rd Place
Tulsa, OK 74133
Phone: (918) 615-2700

MAP

parman_sidbr_map

Office Hours

Monday9:00 AM - 5:30 PM
Tuesday9:00 AM - 5:30 PM
Wednesday9:00 AM - 5:30 PM
Thursday9:00 AM - 5:30 PM
Friday9:00 AM - 12:00 PM

Footer

footer-logo

The information on this Oklahoma Law Firm website is for general information purposes only. Nothing on this or associated pages, documents, comments, answers, emails, or other communications should be taken as legal advice for any individual case or situation. This information on this website is not intended to create, and receipt or viewing of this information does not constitute, an attorney-client relationship.

Oklahoma City Estate Planning Attorneys at Parman & Easterday offer estate planning services in the Oklahoma City, Oklahoma and surrounding areas. Contact us for help today.

Privacy Policy | Contact Us | Disclaimer | Site Map | Powered by American Academy of Estate Planning Attorneys


© 2023 American Academy of Estate Planning Attorneys, Inc.
  • Facebook
  • LinkedIn
  • Twitter
  • YouTube