With age comes wisdom, freedom and new concerns about the future. If you anticipate your future will include a move into one of the many outstanding senior living communities serving Oklahoma City and the surrounding areas, you may worry about how you’ll afford senior living. That’s a valid concern, especially if you don’t qualify for Medicaid and aren’t sure if you’ll be able to afford paying out-of-pocket for the entirety of your long-term care. Purchasing long term care insurance now is an investment that promises to help fund the cost of moving to a senior living center in Oklahoma City.
Statistics indicate nearly 75 percent of current 65-year-olds will eventually require long-term care. In many cases, long term care insurance can be a valuable tool that makes this care affordable. Even affordable senior assisted living in OKC can stretch seniors’ resources.
Long term care insurance is probably not needed for anyone who can afford to pay $100,000 annually for assisted living, over a sustained period of time. For example, someone who develops Alzheimer’s disease could require intensive care for decades. On the other end of the spectrum, anyone who is low income and qualifies for Medicaid probably doesn’t need long term care insurance either. Medicaid often pays for patients’ assisted living care.
Long term care insurance is most beneficial for people who fall in the middle of the economic spectrum. One financial consulting firm recommends long term care insurance for anyone whose assets range from half a million to five million dollars.
Insurers’ criteria for who qualifies for long term care insurance varies. Typically, this type of insurance is designed for people who are not able to perform specific basic living activities. Examples of individuals likely to qualify for long term care insurance include people with cognitive impairment requiring regular supervision and people who are incontinent; unable to move from a bed or chair and unable to eat, bathe or dress without assistance.
As with any individual insurance policy, prices vary based on the specific benefits you’re applying for and how risky an insurance company concludes it will be to insure you. Long term care insurance premiums typically range from $2,000 to $7,000 per year. Risk factors include your age, gender, health and family medical history. Prices also vary tremendously from one company to the next and by geographic location. The bottom line? It’s wise to shop around for the most affordable annual premium.
When you are ready to begin visiting senior living communities serving Oklahoma City and the surrounding areas, we encourage you to contact us at Village at Oakwood. Our facility is a high-quality, compassionate, vibrant senior living center in Oklahoma City. Each member of our team is committed to the health and happiness of each of our residents.