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Parman & Easterday

Oklahoma Estate Planning Attorneys

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(918) 615-2700

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Home » Resources » Frequently asked questions » Alzheimer’s FAQs

Alzheimer’s FAQs

      • How significant is the threat of Alzheimer’s disease?

      • Everyone knows Alzheimer’s strikes some people, but most do not understand its widespread nature. The Alzheimer’s Association tells us that it afflicts 10 percent of senior citizens and the likelihood of contracting the disease increases as you get older. A recent study placed the figure at 32 percent among the “oldest old.” This is the term used in the geriatric community to describe people 85 years of age and older. To put this into perspective, once you reach your late 60s, your life expectancy is in the mid-80s. It can be hard to imagine living life as an octogenarian, but if you live long enough to collect Social Security, you will probably have this experience.

      • What are the symptoms of Alzheimer’s?

      • The symptom that usually comes to mind is loss of memory and it has sweeping implications beyond simple forgetfulness. Alzheimer’s sufferers find it hard to identify everyday items and  can lose the ability to make math calculations. Confusion and disorientation can enter the picture.  People with Alzheimer’s can become angry, confrontational, depressed, incoherent, and/or delusional.

      • Are there physical problems associated with Alzheimer’s disease?

      • This is the aspect of Alzheimer’s most people do not understand. Alzheimer’s kills more people than prostate cancer and breast cancer combined.  One third of seniors will die with dementia. Unfortunately, the numbers are going in the wrong direction. Heart disease is the leading cause of death, but fatalities decreased by 7.3 percent between 2000 and 2019. During that same span, Alzheimer’s deaths increased by 145 percent, and it is the sixth leading cause of death.

      • What is the impact of Alzheimer’s disease on families?

      • Families and those close to people with Alzheimer’s disease are deeply affected. Caregiving can be physically demanding, and it takes up a lot of time. And the emotional toll it takes is considerable. At the time of this writing, over 11 million people are providing unpaid care and they devote over 15 billion hours annually. If they were being paid, the price tag would be in the vicinity of $250 billion. Actual costs associated with Alzheimer’s disease are in excess of $350 billion a year.

      • Will Medicare pay for an Alzheimer’s patient in a nursing home?

      • Nursing homes provide custodial care, which is not covered by Medicare. Since these facilities are very expensive, the gap in coverage is a big deal.

      • Is there any other government program that provides assistance?

      • Yes. Medicaid covers nursing home care for Alzheimer’s patients. However, because this is a needs-based program, there is a $2000 limit on countable assets.

      • What are non-countable assets?

      • A home is not a countable asset. There is an equity limit, but it is far more than the median cost for a home in Oklahoma City. However, that’s not the end of the story when it comes to Medicaid eligibility and home ownership. If you are single, your home is only exempt for the first 12 months after you enter long-term care.  Then it becomes a countable asset. Also, Medicaid is required to seek recovery from the estates of people enrolled in the program while living. If you have a home and Medicaid paid for long-term care, your home could be attached after you pass away. Other non-countable assets include wedding and engagement rings, heirloom jewelry, one motor vehicle, household items, and personal effects. You can set aside $1500 for final expenses, have $1,500 of whole life insurance, and own unlimited term life insurance.

      • Can you give away assets to qualify for Medicaid?

      • You can, but you have to make the gifts or fund an irrevocable trust at least five years before you submit your application for Medicaid coverage.  This means advance planning is key.

Schedule a Consultation Today!

If you would like to develop a nursing home asset protection plan with the assistance of an Oklahoma City elder law attorney, we are here to help. You can send us a message or reach us by phone at 405-843-6100to to request a consultation appointment.

 

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

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

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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

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