Preparing Maryland’s Elderly for the High Cost of Care
Maryland’s elderly population 65 years old and older currently makes up 12.3% of the state’s total population. By 2030 this senior group is expected to double and the state shall subsequently be confronted with a greater demand for long term care (LTC). State government agencies and Maryland long term care insurance companies are urging residents on getting themselves some level of coverage to protect themselves and their families from the impact of LTC costs on their finances.
Taxes and LTC costs are the biggest threats to people’s finances nowadays. Many Marylanders who are moving towards the age of retirement have no special plans as they intend to extend their working years and save up even more because they are afraid of the catastrophic effects which may result from LTC spending. Financial advisers, however, say no amount of work or saving will protect one from falling into the financial pit.
Although strengthening one’s nest egg is advantageous, it should not be done in hopes of receiving quality LTC. If you are looking at your savings account, retirement money and Social Security allowance as your main source of funds for in-home care or facility care, you will only frustrate yourself. It is only through a well thought out financial plan that you and the other residents of Maryland can acquire quality LTC and ensure your families of financial freedom.
There are various ways an individual can plan his future health care needs but the exact manner in which he chooses to work around will determine how his future will turn out. That said, it is very important for people to weigh their options carefully. Aside from discussing future plans with family members, consulting a professional LTCI specialist who is well-versed in the cost of care and varied solutions to people’s financial burden will come in very helpful.
Maryland Long Term Care Insurance
According to a study about LTC facilities, majority of Americans over 50 years old prefer to receive care in their own homes rather than be placed in an LTC facility. According to these senior folks, entering a nursing home is like abandoning your own family because you are literally forced into a new environment inhabited by strangers that you will eventually have to call family.
Nursing homes, they add, also lack that special warmth that is seemingly present only in their respective homes. This revelation makes it all the more clear that residents of Maryland need to have LTCI policies as these will serve as their passport to quality care and the key to their well-managed finances. Although they can freely acquire in-home care without LTCI coverage, it won’t take long before they use up their assets down to the last dollar.
Individuals who are currently receiving in-home care spend $45,760 annually for a home health aide but those who avail homemaker services, as well, fork out additional $44,044 every year. Add these numbers and you’ll get a total amount that is larger than an average Marylander’s annual income.
You are capable of protecting your health, family and finances. All you have to do is spare a little time to study the wide array of Maryland long term care insurance policies that have been laid out for you.
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