How Do You Plan to Pay for Care?
Residents of Florida should start thinking about their future especially in the area of long term care as Florida long term care costs are rising exponentially. Waiting another year to plan for tomorrow’s needs could subject them to higher LTC costs as the aging population of Florida is growing at a very fast rate.
Florida is one of, if not the favorite destination of retirees because of its warm, inviting climate. Here, senior folks can enjoy outdoor activities and they see no reason to fear the possibility of being frozen. Simply put, the weather of Florida is ideal for the bodily needs of the elderly but can the same thing be said about their LTC needs?
Florida is famous for its expensive LTC facilities especially the nursing homes. Perhaps the fact that nearly 20% of its new residents are elderly individuals accounts for the high cost of care in this state. Isn’t it the law of supply and demand explains that if demand goes up so does the cost if the supply does not increase? Right now, nursing homes are cramming to bring in new nurses and equipment so that they can accommodate new residents.
Florida’s nursing homes charge a daily rate of $230 for a private room and $210 for a semi-private room according to Genworth Financial’s 2011 Cost of Care Survey. Financial analysts say most Floridians often cover their LTC expenses with their personal resources at the onset of care but later on they gradually work on their application for Medicaid. Nobody is capable of self-insuring today or 50 years from now because LTC costs are expected to reach its all-time high sometime in 2030.
Preparing for Florida Long Term Care Costs
If you plan to retire in Florida 30 years from now or so, you should start thinking up a plan that will help you cover the cost of care which you will possibly need. You can resort to Medicaid if you wish but doing so is like putting your health, wealth, and life on the line.
Before you can qualify for Medicaid you have to meet its income and asset requirement. Meaning to say, you shall be asked by the state to spend down your income and countable assets up to a certain amount. Suppose you’ve accomplished this and managed to get in, Medicaid won’t ask you which nursing home do you prefer. In the contrary, this federal health insurance program can put you in a nursing home that is situated miles away from your home because the facility’s daily rate falls into its budget.
If you want to have a choice someday, you should consider a personalized LTC plan. Identify your LTC needs and the LTC facility or setting of your choice. In addition, study the cost of care in your city or neighborhood so you can effectively estimate how much you’ll need to cover your future health care expenses.
Aside from sparing yourself and your family from high Florida long term care costs, an excellent LTC plan will also keep you away from mediocre LTC facilities where elderly abuse is rampant.
Find out the latest CLASS act updates and get free long term care quote when you visit CompleteLongTermCare.com now!
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