The good news is that Americans are living longer than ever before. The bad news is that most of us will eventually require costly long-term care. Consider the following statistics:
- Approximately 70% of people age 65 and older will require long-term care at some point in their lives
- In Oklahoma, the median cost of a private room in a nursing home is over $60,000 per year. In Oklahoma City, the cost is over $67,000 per year
- The cost of nursing home and other forms of long-term care is expected to rise dramatically in the future
- Many families exhaust their life savings within a year or two of a family member entering a nursing home
At Rischard & Associates, PLLC we help seniors and the people who love them plan for the financial, legal and emotional challenges that accompany growing older. This can involve planning in advance for the possibility of incapacity or coping with what is known as a Medicaid crisis situation.
Long-term Care Planning
Long-term care planning is for people who are healthy now but want to prepare for the possibility of requiring costly long-term care in the future. We will work closely with you to design a plan that can protect your life savings against expensive in-home care, assisted living and/or nursing home care. At the same time we can structure your estate so that you can keep many of your assets and still qualify for assistance from Medicaid, the Veterans Administration and other sources to pay for the care you need.
A Medicaid Crisis Situation
When a person is told that he or she must enter a nursing home immediately or in the very near future and has been denied assistance from Medicaid to help cover the cost (or is otherwise not currently eligible for Medicaid long-term care benefits), it leads to what is often called a “Medicaid crisis” situation. Considering the high cost of long-term care, it is easy to understand why ineligibility for Medicaid assistance represents a financial crisis for most families.
If you or a loved one is facing a Medicaid crisis, you should know that information about Medicaid eligibility provided by family, friends and other well-meaning individuals is often inaccurate or simply outdated. We understand the laws governing Medicaid eligibility and can determine if you are in fact eligible for Medicaid assistance. Even if you or a loved one is already in a nursing home, we may still be able to help. Contact our Oklahoma City Medicaid planning lawyer as soon as possible to discuss your situation.