High Long Term Care Costs Discourage Retirees from Dreaming
Every year, the number of senior citizens postponing retirement increases because the high cost of care compels them to work harder and strengthen their nest eggs. In Arizona long term care costs used to be met with the sale proceeds from one’s home.
Unfortunately, today’s uninsured residents in Arizona think they have to do more than just sell their houses to afford high long term care (LTC) costs since they are nowhere near achieving equity appreciation.
Since the downturn of the housing market Arizonians who have managed to sell their homes for $100,000 feel grateful already despite the clear fact that this amount of money won’t get them too far.
At present, Arizona’s senior citizens who are receiving care in nursing homes are spending $83,000 annually on average. This amount only covers the facility room and services that are provided to them. If you add in their other living expenses their total annual expenses can go beyond $100,000.
Assisted living facilities are not cheaper at all, what with $3,150 every month excluding transportation fees and maintenance prescriptions. In-home care, which is preferred by 90% of Americans, is getting expensive, too, each year. Those who are currently receiving this type of care are spending $24 hourly for the services of a home health aide which include assistance with their activities of daily living (ADLs) such as eating, bathing, dressing, and transferring.
However, to acquire homemaker services which include cooking and meal preparation, housecleaning, laundering, and running errands among others, an in-home care recipient should spend additional $23 per hour.
Financially Threatened by Arizona Long Term Care Costs
According to Arizona’s residents there was a time when one’s home was considered as his biggest investment. In fact, it used to be every person’s goal to purchase a home because if ever he ends up needing LTC later in his life, he can use the equity of his house to fund it.
As the housing market gets weaker each year, everybody is advised to consider other options. They are, in fact, encouraged to purchase a long term care insurance (LTCI) policy as this happens to be their only saving grace.
LTCI ensures quality LTC for the elderly and disabled folks while preserving their assets. Other LTC plans may grant you access to nursing home care but once your time in this world is up, your loved ones won’t be able to benefit from the assets that you will leave behind.
You can spare yourself from mediocre health care services and your family from impoverishment if you start working out your personal LTC plan today. Visit your doctor to find out if you are at risk of any type of chronic illness and if it turns out that you are, prepare for the cost of a nursing facility in your area.
Keep in mind that your nest egg, retirement money and home won’t be enough for the increasing Arizona long term care costs. You’ll need an intelligent plan and long term care quotes so find time to contact your financial planner or LTCI agent to discuss it.
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