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Topiclong term care
ContentEvery year, thousands of Oklahoman's have to spend down their hard earned assets to qualify for Medicaid in order to afford long term care in a nursing home. This Medicaid help costs tax payers millions of dollars every year. As Americans get older, many will need more long-term care and nursing home care. Medicaid already is the nation's primary long-term care program, accounting for 43 percent of total long-term care spending and paying for nearly 60 percent of nursing home residents. I propose that we pass legislation that will allow Oklahoma citizens a 100% tax refund for Long Term Care insurance. This should be tied to specific terms of the LTCi contract, eg. daily benefit, inflation protection, and benefit period. For example, in order to be tax qualified, the daily benefit must be $100/ day, 3-5% inflation protection must be included, and the benefit period must exceed 5 years.
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