Michigan Long Term Care Exceeds National Average
To be able to receive care in Michigan you will need a lot of money. You can consider it as the retirement hub of the rich as the cost of care in this state has exceeded the national average. If you’re a resident of this state whose annual income is not even close to half a million, then you should look into a Michigan long term care insurance policy as this is definitely your only salvation.
At present, families with loved ones in nursing homes are trying their best to put up $85,775 every year so that they can cover the annual expenses of their sick relatives. Unfortunately, one has other things to consider apart from long term care (LTC) costs like mortgage, taxes, food, and miscellaneous. Say you are earning $90,000 a year and $85,775 would go to the nursing home expenses of your parent or spouse, what will be left to spend on other essentials?
It is definitely not reasonable to rely on your nest egg for the cost of LTC. You need to think of a good plan which will help you finance your LTC because whether you’re going to acquire care from an assisted living facility, nursing home, or a home health care agency you will have to spend a chunk of money in order to get quality care. It is also important to discuss the matter with your family and convince them especially your parents to work out a plan as LTC costs are expected to quadruple in less than 18 years.
If you seriously think that you will go far with your nest egg, retirement money and allowance from Social Security, give it a year then watch how all these disappear before your eyes.
Protection Your Health and Assets with Michigan Long Term Care Insurance
Although an age-old cliché, health is wealth is worth living by especially these days as people are living longer. Demographers say baby boomers are expected to live into their 90s, some even into their hundreds. They are, indeed, the luckiest generation but unfortunately not all of them feel that they are lucky because they are already on the receiving end of mediocre LTC services.
Before people retire, they are advised to plan their LTC because if they wait to leave their longtime jobs before working on their LTC plans they will naturally find it financially draining. This is especially true for those who are considering to buy an LTCI policy because they have to maintain an annual premium. It’s ideal to fund your coverage while you’re active at work so that as money goes out every year, a new set comes in. Now if a retired person would buy a policy, he can only turn to his retirement money, savings, and minuscule Social Security allowance which will not be enough for years of premium payment.
If you’re 10 years away from turning 60, now is the best time to straighten out your priorities and hopefully you would consider the offerings of a Michigan long term care insurance policy, as it happens to be the best LTC plan to date.
We have all the information you need about CLASS act and we also give away free long term care quote.
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