While often overlooked, long-term care planning can be among the most crucial elements of a comprehensive financial plan. Exploring the various types of long-term care with a financial planner helps create informed decisions that align with unique needs and preferences.
In-Home Care
The option to receive care in the home provides a familiar atmosphere for the independent retiree. Experienced caregivers visit the individual’s home and provide customized care for unique needs. For those who are mostly independent, this option may be a simple solution. According to HomeCare.org, in-home care costs $4,862 per month on average in Oklahoma.
Assisted Living
Assisted living is a residential option for elderly individuals who would benefit from assistance with medication or other daily tasks. This option may best suit those who prefer life in community and having amenities to stay busy. Assisted living facilities often have 24-hour medical supervision. According to HomeCare.org, assisted living costs $3,855 per month on average in Oklahoma.
Nursing Homes
Nursing homes, also called skilled nursing care, are a tailored option for individuals with complex health concerns. This residential option provides 24-hour medical supervision and access to care. Nursing homes may suit those who do not need a hospital but staying in their homes would be impractical. HomeCare.org reports that nursing homes in Oklahoma cost $5,475 per month on average.
Continuing Care Retirement Communities (CCRC)
For those unsure about their future medical needs, CCRCs provide the flexibility to move from one long-term care option to another. The same CCRC residential community can handle independent living, assisted living, and nursing home needs. Some may provide in-home care, as well. CCRC costs can vary greatly, but the median cost of care is $4,388 per month in Oklahoma according to FamilyAssets.com.
Planning Today
First State’s Gold Chip investment strategy integrates risk tolerance with time horizon to help ensure a comfortable retirement. To proactively plan for these or other kinds of long-term care in your overall financial strategy, contact the Tulsa financial advisors at 918-492-1361 for a free consultation.
This overview is for informational purposes only and is not a recommendation. It should not be the sole deciding factor in making an investment. Investing is a risk and, as with all risks, a positive return is not guaranteed. Past performance does not indicate future results.
Sources accessed November 10, 2023.