Why You Need a Medicaid Trust
Unfortunately, many people put off planning about assisted living and nursing home care because simply thinking about it is too stressful for them. Preparing for the next stage in your life does not have to be daunting, however. We urge you to consider planning for the future early, so that when the time comes you are fully prepared. To find out how you can not only afford assisted living/nursing home care if and when the time comes, but to also protect your assets from the enormous costs associated with that type of care, you need to speak with a Tulsa elder law attorney.
The Cost of Nursing Homes, Assisted Living, and Home Health Aids
According to the Genworth Financial 2015 Cost of Care Survey, the average nursing home in Oklahoma costs an annual $57,488 in Tulsa for a semi-private room. A private room is $64,788. Assisted living costs almost as much, at $44,340 for a one-bedroom. A home health aid costs $46,858 per year, while homemaker services costs $45,760 per year. Considering that the median household income in Oklahoma is $43,000, according to NewsOK, the cost of nursing home care and assisted living are out of most people’s budgets.
What is a Medicaid Trust?
Medicaid is not just a federal health care resource designed for the working poor, people with disabilities, and children, it also provides nursing home assistance for the elderly. The fact is, the average American cannot afford to live in an assisted living or nursing home facility for more than a year or two without drying up all of their assets. And, in order to qualify for Medicaid assistance for elder care, you cannot have more than a few thousand dollars in assets. In order to qualify, you must either give away all of your money or you must set up a trust. A Medicaid trust allows you to keep control over your assets, qualify for Medicaid, and not use everything you have earned and saved on housing and care.
Reach Out to a Tulsa Elder Law Attorney at Once
In order to set up a Medicaid trust, you need to work with an experienced elder law attorney. We urge you to contact the Tulsa law offices McAllister, Aldridge & Kreinbrink to set up a free consultation with one of our trusted and caring lawyers today.