Preparing for Maryland Long Term Costs
In Maryland long term care is dreaded by many families because no matter which long term care (LTC) setting they would go for, they will still wind up exhausting all of their assets.
Nursing homes in Maryland have an average daily rate of $242 but this can go higher depending on the area where one lives and the type of care that he needs. Some patients in nursing homes are recovering from a serious spinal or bone injury; others need custodial care while there are many individuals who are receiving chronic care.
Just like residents of other U.S. states though, majority of Marylanders also prefer to receive care at home but in-home care here does not guarantee more savings.
For a home health aide alone locals have to pay out $23 hourly and receive custodial care which is basically assistance with the activities of daily living (|ADL) such as eating, dressing, bathing, toileting, continence, and transferring.
Home health aides can also accompany their client to doctor appointments, the grocery, and in shopping but the scope of their job ends here. They do not perform household chores such as cooking, housecleaning, and clothes washing among others.
If you need someone to prepare your meals, maintain your house and do your laundry every day, you need to hire someone from a home health care agency that provides homemaker services. This is another branch of LTC concentrated on household chores and in Maryland it will cost $22 per hour.
So, receiving a combination of home health aide and homemaker services in Maryland will be equivalent to $89,804 every year, which is only a notch lower than the yearly rate of a nursing home.
Maryland Long Term Care
Maryland is known for its top of the line LTC facilities especially for institutional care. Nursing homes here serve as the perfect alternative to chronic hospitals as they are complete with all the necessary medical equipment and services such as ventilators, dialysis machines, Alzheimer’s care, and rehabilitative therapies such as orthopedics.
As they continue to bring in new equipment, beds and nursing staff though, the rates of nursing homes in Maryland inevitably go higher and become more prohibitive to the people.
To be able to afford the cost of care in this state you should have a specific plan or goal. It is not advisable to self-insure as the cost of LTC increases by the year. Your LTC plan should consider possible inflation, too, so you don’t run short on resources that will cover the LTC expenses that you could possibly incur.
There are many options in the market such as reverse mortgages, annuities, 401 (k), and long term care insurance (LTCI) policy among others. With an LTCI policy you don’t have to worry about tomorrow’s inflation and how it can affect your finances because most insurance firms nowadays automatically impose some form of inflation protection.
Maryland long term care may be expensive and beyond your means but LTC experts will tell you that you can grow old anywhere for as long as you have a plan. Get long term care quotes today
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