They say that the numbers don’t lie, and this is certainly the case when considering the possibility of needing long-term care.
Most people for example, expect to live until they’re at least 65. If you reach that birthday, studies show that men have a 60% chance of living until the age of 80. For a 65-year-old woman, that number increases to 71%.
But the older you get, the more likely you are to need assistance. An estimated 70% of people over the age of 65 will require some sort of long-term care and 40% will need a nursing home.
In 2012 the average cost for a single day in an Oklahoma City nursing home was $197 and the National Nursing Home Survey results indicate that the average length of stay is 835 days. Multiply $197 by 835, and you’re looking at a bill around $164,495.
In addition, 10% of people in nursing homes require extended long-term assistance and can expect to incur these expenses for five years or more.
Now, Medicare is thought by many to be the answer to this particular problem but in truth, Medicare doesn’t pay for long-term care.
That leaves Medicaid, a program that will certainly absorb these costs, but only after you’ve met certain financial eligibility requirements.
And that’s why planning is so important. If you are concerned about future long-term care costs, contact our office and request a Medicaid Planning Consultation.
Larry Parman
Author, President and Founding Attorney
Parman & Easterday
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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