Montana’s Long Term Care Continues To Soar

By Author: Suzanne Campbell
Total Articles: 36
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The cost of care in Montana has always been high but residents of this state were not ready when Genworth Financial disclosed this year’s Montana long term care costs especially in long term care (LTC) facilities.

Nursing home care is not the preferred LTC setting of most Montanans but they do not discount the possibility that they might have to enter a nursing facility one day. From $71,084, the median annual rate of a private room in a Montana nursing home rose to $75,008 according to the 2012 Cost of Care Survey of Genworth. This is a 6% jump and it is way higher than the national annual growth of 4%.

It’s a good thing that in-home care only went 3% higher while community-based LTC facilities like assisted living stepped up 6%. Still, the cost of care in Montana remains nowhere near affordability.

Long term care insurance (LTCI) specialists constantly remind Montanans that no amount of work or waiting will lower the cost of care. If they think postponing retirement will help them earn the money that they will need to cover their LTC expenses, they are only submitting themselves ...
... to painful financial losses.

Usually it’s the money in the bank that goes first then the house follows. This is a familiar cycle in LTC that continues to damage the lives of many people but baby boomers in Montana do not have to end up entangled in such predicament.

They still have time to plan and hopefully they use the right resources.

Discussing Montana Long Term Care

Long term care is a matter that concerns not only the individual who is either moving towards the retirement age or at risk of a chronic illness that might force him to move into an institutional LTC facility. This subject should involve the whole family because the moment one of its members starts to require serious care, their life and finances will no doubt experience a 360-degree turn.

At the onset of care most people would require custodial care or assistance with their activities of daily living (ADL) like transferring, eating, bathing, toileting, continence, and dressing. Perhaps, you’re thinking that’s simple because if one person in the family should need care his loved ones can simply make adjustments to their daily schedules so that they can attend to his needs.

However, in most cases LTC recipients transcend the early phase of care so quickly and subsequently require higher levels of care.

Once a person’s condition begins to demand more time from his loved ones, some of them will be forced to give up their jobs so that they can provide him round-the-clock care. According to statistics, it’s often the women who leave their jobs to take care of their loved ones who are in need of care. Sadly, when it’s their turn to require care no one’s going to be there fore them and worse, they have no more assets left.

If you’re a 45 or 50-year-old resident in Montana long term care is probably the farthest thing from your mind. But you have to bear in mind that it is not only the old people who need care. After all, no one is totally secure from accidents and sickness.

Seek advice from a financial planner or get in touch with your LTCI agent.

Get loads of information about long term care such as long term care insurance costs. We also offer free long term care quote when you visit our website now.