Many Oklahomans worry about what happens to their assets if they need long-term care. On this week’s Money Monday, financial advisor Paul Hood explained how Medicaid works when it comes to paying for nursing facilities — and whether your home and savings are at risk.

Medicaid and long-term care

“Medicaid is basically, and I don’t want to sound bad, but it’s welfare for when you’re older and you need long-term care because most health insurance, Medicare, does not pay for anything beyond about 100 days,” Hood said.

“So if you have to go into a facility, then the state, funded some by the federal government, will assist and pay. Now, as you might guess, they’re not bad facilities, but if you’re paying your own way, you can pick a nicer facility.”

Can Medicaid take your assets?

Hood said

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