Oklahoma City boomers between the ages of 49-67 and older, senior adults, should soon decide whether or not to buy a long term care insurance policy.
Fewer than 2 out of 10 adults have such a policy, a number that means many older Oklahomans could spend a lot of years living far below their expectations.
A very real possibility is that those without long term care insurance could be forced to sell off all of their assets before qualifying for Medicare. According to the National Clearinghouse for Long-Term Care Information, about 70% of people over age 65 require some type of long-term care in their lifetime.
That means your house, savings, and all assets sold in order to pay for any assisted housing needs that come up. Sort of scary, huh?
The State of Oklahoma has developed an excellent:
Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
The cost of your long-term care policy is based on:
How old you are when you buy the policy
The maximum amount that a policy will pay per day
The maximum number of days (years) that a policy will pay
The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
Any optional benefits you choose, such as benefits that increase with inflation
As a Certified Senior Housing Professional, I do far more than only help folks buy or sell a house in Oklahoma City. Feel free to contact me anytime for information and advice on planning for a late-in-life move relevant to real estate, senior housing, and any other issues affecting those who are 55+. If I don't know the answer or can't specifically help you, I can point you to other professionals or groups in Oklahoma who can.
