The State of Oklahoma is a participant in the federal/state long-term care partnership program which Congress authorized as part of the Deficit Reduction Act of 2005.  The Oklahoma Long-Term Care Partnership program allows some asset protection if a partnership product is purchased and the individual later applies for SoonerCare (Oklahoma’s Medicaid program). In a collaborative effort with the Oklahoma Insurance Department and private insurance companies, individuals have an alternative to depleting or “spending down” their assets should they still need long-term care beyond the benefit period covered by their approved partnership policy.

This is “dollar-for-dollar” asset protection. For example, if your Oklahoma Long-Term Care Partnership policy paid $350,000 in benefits when you exhausted it, you receive an equal amount of asset protection – what is referred to as “asset disregard”. This means you may keep those assets without having to exhaust them to the normal limit required for SoonerCare eligibility.

Long-Term Care Medicaid spend down is $2000. A spouse’s minimum asset allowance is $25,000.

Most states have reciprocity with other states' long-term-care partnership programs including Oklahoma. This means if you move from or to Oklahoma your partnership asset protection follows you as well.

The State of Oklahoma also offers a state tax incentive. It permits the same tax deduction as is allowed for federal income tax purposes.

A variety of products are approved in Oklahoma for Long-Term Care planning.

Oklahoma Long-Term Care Costs

Home Health Aide Average Monthly Rate $4,004
Homemaker Services Average Monthly Rate $3,813
Adult Day Care Average Monthly Rate $1,300
Assisted Living Average Monthly Cost $3,003
Skilled Nursing Home Semi-Private Monthly $4,471
Skilled Nursing Home Private Average Monthly $5,293
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