Preparing for Long Term Care Costs
Leading providers of long term care (LTC) insurance policies encourage families, who have members that will need LTC anytime soon, to sit down and seriously talk about future care giving services in order to avoid facing the soaring long term care costs................
America’s national median annual rate for a private nursing home room is currently $77,745 while a one-bedroom assisted living facility would cost $39,135. LTC patients, however, can pay more or less depending on the cost of care in their state of residence.
For instance, Iowa which was exempted from the list of 10 states that were predicted to face a rapid growth in elderly population who will need LTC in 2030, has a median rate of $57,852 for a private nursing home room while a private assisted living facility in this area would cost $38,184. These figures are definitely lower than the present national median rate.
On the other hand, Connecticut’s median rate for a private room in a nursing home will take you by surprise at $140,525. For a one-bedroom assisted living facility you’ll need to shell out $53,850, so just imagine how much you’ll need to fork out in 2015 as industry leaders have foreboded long term care costs will double by that time.
This data for long term care costs courtesy of Genworth Financial just goes to show that despite the national median rates of LTC facilities, you could spend more than what you have expected. This is the reason seasoned LTCI agents and companies would constantly remind the public to secure themselves with a long term care insurance policy which is integrated with the appropriate inflation rider.
Even if you keep abreast of the latest news about the industry, the numeric figures which the country’s top LTCI providers present in relation to the present cost of LTC are not accurate because there are also outside factors to dictate the inflation.
As one gets older, his chance of securing an LTCI gets slimmer. In case his application gets declined by the insurance company, he can’t just say that he’ll rely on Medicare, as his vast contribution to Social Security can answer for him.
This misconception about Medicare usually gets people into trouble. Only few truly understand that Medicare will shoulder nursing home expenses which one will incur while on the road to recovery from a temporary illness or disability.
To be certain that your long term care or that of your parents will be fully covered, now is the right time to inquire about LTC insurance policies. You can request for a policy quotation from different insurance firms since LTCI quotes are not uniform. Your insurance agent can help you out with this because most LTCI agents are affiliated with the top carriers of LTCI.
Once you get hold of the list of LTCI quotes, study each to be able to determine which will work for you, your parents or anybody in your family. Influencing the people in your life to secure their future health care needs is, after all, the best expression of love....
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