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.
Unfortunately, not everyone in Oklahoma will be able to count on Medicaid even if they do engage in planning. In other cases, it might not be feasible for a person to dispose of most of their assets and limit their income, as doing so can create other serious legal problems. These sorts of people may have to look for other means of funding a nursing home stay.
Aging Oklahomans should be warned at the outset, however, that Medicare usually will not cover the cost of a nursing home or other long-term skilled care. Therefore, no one should count on Medicare when engaging in long term care planning to cover nursing home costs.
The first option aside from Medicaid is to rely on either personal savings or on help from children or other family members. Of course, nursing homes cost a lot, and it may be more than what even a person who makes a decent income can save up, especially if that person is also trying to save for retirement. Likewise, it is not always wise to assume relatives will have the willingness or the means to help with a nursing home bill.
A final option is for a person to buy a private insurance policy that will cover a nursing home visit. For a monthly premium, which admittedly can be substantial, a person can secure peace of mind that the medical care they get in their old age will be of good quality.
