Don’t Be A Burden, Figure Your Long Term Care Needs

By Author: Cynthia Clarke
Total Articles: 18
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While you are basking in corporate success you can use some time to research on long term care, lest you be the object of everybody’s pity in the not-so-distant future.

Long term care (LTC) is a very serious topic because the cost of this type of health care service goes higher each year. Many people, especially those earning a chunk of dollars annually, think it is only chickenfeed but the truth is that it can wipe out any average person’s assets faster than he has earned it.

According to financial experts, anyone who attempts to self-insure will only manage to get by for a year. In the succeeding years, he will either depend on his family or turn to Medicaid for his LTC needs.

If you want to maintain your independence and keep your dignity even as you struggle to perform your basic activities of daily living (ADL) such as eating, bathing, dressing, toileting, transferring, and continence, you will need a good LTC plan.

However, a particular LTC plan can only be considered good and effective if it is capable of supporting you financially when the day comes ...
... that you can no longer functional normally due to a physical disability or brain disorder.

Whether you’re thinking about acquiring care at home or anticipating nursing home care, you will definitely need an LTC plan as the cost of care is going to double in less than 13 years.

In-home care, at present, has a median hourly rate of $37 assuming that an individual avails both home health aide and homemaker services. However, a person living with his adult children who are often out for work is most likely to obtain services from a home health aide only and thus spend roughly $152 each day.

Nursing home residents, on the other hand, are currently spending $222 a day for a private room according to the LTC data collected by Genworth Financial. Meanwhile, assisted living facilities have an average monthly rate of $3,300.

Research on Research on Long Term Care

Should the doubling of LTC costs pursue in 2025, who can possibly afford the new rates of LTC facilities or services? Perhaps, only a fraction of the total elderly population that has long term care insurance (LTCI).

For those who have no idea what LTCI is, it just happens to be the best investment that an individual can make for himself and his family. It is the only insurance product that can pay for an array of LTC service so that people will be able to preserve everything that they’ve worked so hard to have.

Some people say LTCI is expensive that is why they refuse to consider it. What made them say this is probably the premium rates of some 65-year-old policyholders who are suffering a chronic illness.

Compared to the actual cost of care, LTCI policies are much affordable if purchased early. However, if one waits for changes in his to take place before considering it he will no doubt be faced with a rated coverage.

If you need further help in your research on long term care and the many ways to plan for it, contact an elder care specialist or elderly law attorney in your area. For LTCI policies, you can simply get in touch with a licensed LTCI representative.

Find out the long term care insurance costs in your area and get free long term care quote when you visit our website now!!!