Financing In-Home Care in Georgia
In most parts of the country, you will see that long term care facilities such as nursing homes, assisted living facilities, and continuing-care retirement communities cost more than in-home care but if you’re living in Georgia where there is an increasing demand for home care you need to have a Georgia long term care insurance (LTCI) policy to be able to finance it.
In-home care is the preferred choice of most Americans who are moving towards the retirement age as this type of setting will allow them to remain in their homes and in the company of the ones that they love. Unfortunately, the cost of in-home care in Georgia is shooting up so fast that before you know it, no family’s nest egg will be enough to cover one year of home care costs.
Georgians who are looking at the in-home care option are advised to consider planning their long term care (LTC) needs earlier. While others would usually start their plan at the age of 55 or 60, residents of Georgia will be better off working out their plans as early as the age of 45.
Do you think you can afford to pay a home health aide $17 an hour to receive assistance with your activities of daily living (ADLs)? Perhaps you would answer yes today especially if you’re earning $70,000 a year. What if the cost of care increases fourfold as what has been predicted by financial advisers, would you still consider self-insuring?
Mind you, experts on the field of LTC have given a heads-up on the anticipated cost of care 15 years from now but sadly, the government has yet to engage in talks for wage increase. Simply put, if you are considering your current income for tomorrow’s cost of care you’re only leading yourself to a financial trap.
Secure Your Future Needs with Georgia Long Term Care Insurance
Most people continue to stress that the cost of an LTCI policy is going to be financially burdensome that is why they would opt to self-insure should they need LTC someday.
Self-insuring may be one way to fund LTC but this is only an option for the well-off, those who are earning close to a million a year. If you are an average American whose life is completely dependent on his eight-to-five job you have to look at other alternatives. Now if you’re thinking of Medicaid, forget it especially if you want to have a say in the mode of care that you’re going receive someday.
At present, the average annual cost of a private room in a nursing home in Georgia is $63,875 but when LTC costs shoot up fourfold in 2030 anyone who will require care from this kind of facility will be paying $255,500 a year.
Long term care costs are unpredictable so try not to be too complacent about it. Companies that sell Georgia long term care insurance policies offer an array of options which are worth looking into. Doing so will spare you and your family from potentially falling into the financial hole.
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