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||$4,143|
|Homemaker Services||Average Monthly Rate||$3,813|
|Adult Day Care||Average Monthly Rate||$1,300|
|Assisted Living||Average Monthly Cost||$3,325|
|Skilled Nursing Home||Semi-Private Monthly||$4,639|
|Skilled Nursing Home||Private Average Monthly||$5,293|