The Missing Piece in Your Financial Plan
When you think about retirement, you're probably thinking about your savings, how much money you'll have coming in each month, and what you'll leave behind for your family. At Wymer Brownlee, we help our clients plan for all of these things. But there's another important piece that deserves attention: how you want to live as you get older, and making sure you have choices if you ever need help with daily care.
Understanding Long-Term Care in Oklahoma
Here's something that might surprise you: according to the U.S. Administration for Community Living, someone turning 65 today has almost a 70% chance of needing some type of care assistance in their remaining years.[1] This doesn't necessarily mean a nursing home. It could mean having someone help you at home, moving to an assisted living community, or yes, sometimes nursing facility care.
The costs can add up quickly. Here in Oklahoma, a semi-private room in a nursing facility runs between $8,000 to $9,000 each month. If you prefer to stay in your own home with professional caregivers, that can cost even more, typically $10,000 to $13,000 per month.[2]
Most people need this kind of care for about three years. But for those dealing with Alzheimer's or dementia, the average is closer to 11 years.[2] When you have a plan in place ahead of time, you're choosing what works best for you rather than scrambling to figure things out during a difficult moment.
Your Financial Partner
This is where Wymer Brownlee's approach makes a difference. We don't just look at your investment accounts. We think about your whole financial picture and how everything fits together. Through our network of trusted professionals, you have access to experts who specialize in things like estate planning, understanding your Medicaid and Medicare options, navigating VA benefits if you're a veteran, and creating strategies for long-term care. These topics involve complicated laws and regulations that require specialized knowledge.
When you're ready to talk about long-term care planning, we're here to help. We work with professionals who know the ins and outs of federal and state rules, what benefits you might qualify for, and what strategies might work for your situation.
Some of the planning topics we can help you explore:
- Planning your estate and protecting your assets
- Understanding Medicaid and Medicare
- VA benefits if you or your spouse served
- Preparing for potential long-term care needs
- Setting up powers of attorney and healthcare directives
Start Planning Today
Ready to talk about how potential care needs fit into your overall financial picture? Reach out to one of our five Oklahoma locations today.
Wymer Brownlee Wealth Strategies does not provide legal, tax, or insurance advice. We work with qualified professionals in these specialized areas to support our clients' planning needs. The information provided is for educational purposes only. Please consult with appropriate professionals regarding your specific situation.
Sources
[1] U.S. Administration for Community Living, "How Much Care Will You Need?" https://acl.gov/ltc/basic-needs/how-much-care-will-you-need
[2] Centers for Medicare and Medicaid Services (CMS), as cited in industry research on long-term care costs and utilization