Insured Residents Prepare For Florida’s Long Term Care Costs
Members of the generation x as young as 30 years old have already secured long term care insurance (LTCI) policies because Florida long term care costs are constantly threatening their future health care and finances.
Not all of Florida’s insured individuals are sure that they will need their policies, but even if they don’t end up using it they don’t see a reason why they should feel bad. In fact, when they bought their LTCI policies their constant prayer was to be exempted from physical disability, cognitive impairment and all kinds of debilitating maladies because the idea of not being able to do the ordinary activities of daily living is scarier, they say, than the annual premiums of their policies.
Today’s young people cannot imagine paying somebody to assist them to the toilet seat, bathe, feed and dress them up. They are aware, however, that as one grows old his functional ability weakens. Since it was so easy for them to acknowledge this fact, they don’t see the point why others continue to ignore the need for an LTCI policy.
Most 30-year-olds and 40-something Floridians have purchased comprehensive LTCI policies, but there’s also a big number of residents here that settled for the facility-only policy. Probably those with a predisposition to chronic illnesses such as multiple sclerosis, Alzheimer’s, cancer, and Parkinson’s among others, have realized that they’re better off with a facility-only policy as this will spare them and their families from the hassle of having their homes modified for the installation of a wheelchair ramp, security shower grips, and wheelchair lift among others.
What Triggers Florida Long Term Care Costs?
If you live in Florida you will understand why the cost of LTC services here is increasing at a rate that is seemingly faster than inflation. Nursing homes here are sophisticated especially those that are situated near beach resorts.
Nursing homes here have been rated above average by the Centers for Medicare and Medicaid Services (CMS) because these are regularly maintained and upgraded. Elderly Floridians are well taken care of in Florida nursing homes and thus they don’t get homesick.
At present, the elderly residents of nursing homes in Miami, Florida are paying a whopping $91,000 annually, those in Jacksonville are shelling out $72,270 a year, while those in Orlando fork out $76,650.
Aside from nursing home, community based LTC facilities and home care services that are provided in Florida are topnotch, too. There’s no doubt this is one of the best states to grow old, only you have to be prepared to face the obviously high cost of care.
Purchasing a partnership LTCI policy in Florida is advantageous, as this gives the insured individual the privilege to keep her assets intact should she apply for Medicaid assistance afterwards for additional care, after having exhausted her policy benefits.
Without a partnership-qualified policy, you’ll need to spend down your assets first before you can rely on Medicaid to shoulder the expenses that you would incur from Florida long term care costs. Although Medicaid is a federal health insurance program designed for the poor, its recent expenditures that were concentrated on long term care expenses have threatened its coffers.
Get insured now and prepare for your future by getting long term care plans. We can help you make the most important decision in your life by providing you with the latest and helpful information, long term care quotes from the top providers and as well as other relevant information.
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