Oklahoma Long Term Care Insurance
This page covers important long-term care information for residents of Oklahoma, including the average cost of long-term care (LTC), the costs of LTC insurance, popular companies offering LTC insurance in the state, and information about Medicaid, SoonerCare, and the Oklahoma Long-Term Care Partnership.
Paying for Long-Term Care
Long-term care is expensive, and the costs associated with it can add up quickly. It is important to keep these costs in mind as you plan for your future long-term care needs, even if you don’t end up purchasing a long-term care insurance policy. To help give you a better idea of the expenses you may face, below we have listed the average prices for some commonly used LTC services in Oklahoma.
Average Costs for Common Long-Term Care Services in Oklahoma:
- Nursing Home (private room): $174 (Daily)
- Nursing Home (semi-private room): $147 (Daily)
- Assisted Living Facility (private room): $3,033 (Monthly)
- Home Health Aide (X hours/week): $17 (Hourly)
The Costs of Long-Term Care Insurance
The cost of long-term care insurance is impacted by several factors and can vary greatly from policy to policy and person to person. How much you pay will change depending on the amount of coverage you select, the maximum amount of benefit the policy will pay per day, the maximum number of years (typically measured in days) that the policy will pay out, and the total amount that will be available through the policy. The length of the elimination period and the types of services covered by the policy will also influence the cost, as will optional extras such as inflation protection. Other, less-obvious factors can play into a policy’s cost as well. To learn more, please see our article on the subject.
- Average Yearly Premium for an LTC Insurance Policy in Oklahoma: $
- Average Daily LTC Benefit Purchased in Oklahoma: $139 (per day)
State Partnership Program
Partnership programs are three-way collaborations between the state, the federal Medicaid program, and long-term care insurance companies. Policies issued as part of the Oklahoma Long-Term Care Partnership are required to meet certain federal and state standards. These policies also help protect your assets from the spend-down requirements of Medicaid by allowing you to qualify for Medicaid coverage with a larger-than-normal amount of assets. The specific amount typically varies based on the total benefits paid out by your policy.
Rates for policies qualifying under this program do not differ significantly from those of non-qualified policies offering similar benefits. However, the regulations and requirements that must be met for a policy to qualify under this program also mean that these policies have less flexibility than many non-partnership policies. Because of this, it is a good idea to shop around and look at non-partnership policies in addition to those that qualify under the program so you can be sure that you have chosen the best policy for your needs and budget.
The Oklahoma Long-Term Care Partnership also offers reciprocity, meaning that if you purchase a partnership policy in a different state and then move to Oklahoma, your assets will remain protected. The same will be true if you purchase a partnership policy in Oklahoma and then move to a different state that also offers reciprocity.
Medicaid and SoonerCare
If you can’t afford a long-term care insurance policy or your coverage window ends but you still require care, Medicaid is a viable option. Medicaid is the federal and state health insurance program for people with lower incomes and can be used to cover basic long-term care services. The income requirements for Medicaid are typically handled in one of two ways. Income cap states require that your income be at a certain level when you first apply for Medicaid, while non-cap states will allow you to spend your assets down over time. Oklahoma is an income cap state.
Oklahoma’s Medicaid program, SoonerCare, can provide coverage for certified nursing homes and also offers two home- and community-based services waivers for elderly persons who would prefer to receive care in a different setting. The ADvantage Waiver Program serves community members who are elderly and frail or who have physical disabilities. Services available through this waiver include personal care, in-home skilled nursing, adult day health care, home-delivered meals, home modifications, specialized medical supplies and equipment, case management, and more.
The Medically Fragile program acts as an alternative to hospitalization or other institutional care and provides services such as home-delivered meals, prescription medications, skilled nursing, private duty nursing, specialized medical supplies and equipment, hospice care, and various kinds of therapy. This program also offers Self-Directed Services, which allows participants to recruit, hire, train, and supervise the individuals providing their care and assistance.
Like many states, Oklahoma also has a Program of All-Inclusive Care for the Elderly (PACE), a joint Medicaid/Medicare program which provides services such as adult day care, primary care, nursing, meals, in-home care, prescription medications, specialty medical services, social services, hospice care, and more. The goal of PACE, as with the waiver programs described above, is to allow elderly Oklahoma residents to receive the care they need while remaining as comfortable and independent as possible. It should be noted that in order to be eligible for PACE, one must live in a PACE service area. Oklahoma currently has PACE centers in Tahlequah, Tulsa, and Oklahoma City.
Companies Offering Long-Term Care Insurance in Oklahoma
Oklahoma residents have a variety of long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include Genworth, Mutual of Omaha, TransAmerica, and MassMutual. Please take a look at our articles on these insurance companies and others to learn more about their histories, reputations, financial strength, and the policies they offer.
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