So You Think Alabama’s Cost of Care is Low
Alabama is touted as the U.S state which offers affordable if not the cheapest home-based care but its residents are still advised to plan for future Alabama long term care costs, as these are expected to be four times more than today’s numbers.
Compared to the cost of care in the northeastern region of the country, Alabama’s may be lower but its residents are discouraged from complacency as the rates of long term care (LTC) settings can shoot up overnight.
It has not been long since Alabama started to pick up from its economic doldrums as evidenced by the drop of its unemployment rate to 8.1%. Despite this, Alabamans without concrete LTC plans should start working out something that will support their LTC needs as the average annual cost of care will soon be worth half a million dollars.
Right now, senior Alabamans receiving in-home care can still acquire assistance from a home health aide at $19 per hour; some would spend $37 hourly which is inclusive of personal care assistance or homemaker services which include cooking, housecleaning, laundry washing, and running errands among others. Since homemaker services are not covered by a home health aide’s scope of work, the in-home care recipient has to spend additional $18 per hour as payment to the individual who shall render various household chores to keep his home clean and organized.
Meanwhile, the rates of assisted living facilities and nursing homes in Alabama are not too far from those of its neighboring states, and anyone who would wind up in these LTC facilities unprepared shall be compelled to use up all of his assets.
How to Deal with Alabama Long Term Care Costs
Residents of Alabama are blessed that the rates of LTC facilities in their place are much lower than what residents of other states are forced to face… but not for long.
For example, a private nursing home room in Alabama costs $175 daily as opposed to $226 which is the daily rate of the same LTC facility in Florida. Once LTC costs increased fourfold in 2030, however, Alabamans can expect to pay about $700 daily for this LTC setting.
While residents of other states are spending so much time estimating the maximum benefit amount of their long term care insurance (LTCI) policies to avoid overspending on the annual premiums of their coverage, Alabamans can opt for a lower benefit amount and avail of the 5% annual compound inflation protection to ensure that their benefits will match the cost of care 30 years from now or when they qualify for LTC in the future.
Aside from considering that strategy for your policy’s maximum benefit amount, there’s another important element that will determine your personal LTC costs and that would be your list of health care requirements.
See your doctor to find out the present state of your health and your family’s health history for these two things will help you determine the level of care which you will likely need in the future. Alabama long term care costs, after all, are contingent on each person’s personal health care needs so don’t focus so much on the financial aspect of things and take your body for granted.
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