Getting old is a fact of life for most of us. As the population continues to age, care for older people is needed. Many older people in Oklahoma are not able to care for themselves exclusively, and rely on skilled nursing care or family members to meet their needs. If an adult child is helping their aging parents, there are ways for the parents to compensate them.
No one really wants to think about what will happen to them when they get old. It's hard to picture ourselves as getting old and needing additional care, plus it's not a very upbeat topic. But, if long-term care planning is not completed, a person can lose a lot of their assets to pay for their necessary medical care.
With a large aging population in Oklahoma comes the need of more senior citizen services. These services often cost a lot of money yet are very necessary. Long term care planning is important for everyone but there are mistakes that can be made.
Previous posts on this blog have discussed how important it is for many senior citizens in Oklahoma to engage in Medicaid planning. After all, for many people, this is the most reliable and best way to assure that they will be able to get the nursing home or other long-term care that they need in their old age. However, qualifying for Medicaid means a person has to be able to honestly say that they are without means to pay for their own medical care.
There's no denying that the cost of long-term care continues to rise, and seniors in Oklahoma need to be aware of their options for covering the cost of nursing home care, assisted living and in-home medical care.
As this blog has discussed previously, there are many people in Oklahoma, both in Edmund, around Oklahoma City and throughout the state, who are not in absolute poverty but who at the same time do not have the means both to pay for the medical care that they will need when they age and have any hope of leaving some property to their loved ones when they die.
The cost of nursing home care can quickly exhaust a nest egg, and the reality is that seniors need to plan now if their goal is to preserve assets for loved ones while also covering the cost of long-term care.
Many Oklahoma residents who are getting older need to live in a skilled nursing facility. A nursing home is an extremely expensive place to live and many people can spend their life savings in just a few months. Planning ahead for a nursing home stay is smart, especially in order to preserve a family's assets and use Medicaid.
Part of growing older is thinking about the future. Health issues that were once far-off possibilities may soon become pressing realities. For many aging Americans, those health issues may require a stay in a nursing home or intermediate care facility.