Facility Care in Michigan Higher Than National Average
The cost of long term care in Michigan is increasing faster than the national average especially in long term care (LTC) facilities. Individuals who are anticipating care 20 years down the road must have a concrete financial plan to ensure themselves of quality care and their families of financial security because when that time comes a year of care in Michigan will cost close to half a million.
Check the 2011 Cost of Care Survey of Genworth Financial and there you’ll find that the cost of assisted living facilities in Michigan has had a 12% annual growth in the past six years as opposed to the national annual growth of 6% for the same period. So even if the average annual cost of a one-bedroom assisted living facility in Michigan may seem lower at $36,000, Michiganians should not be too confident because in just a year or two this number can rise to $40,000 taking into account the state’s speedy annual growth rate.
Long term care, regardless of where you live, is expensive. Unless you are earning half a million a year, it would be impossible for you to sustain your LTC needs so you definitely need to come up with an effective plan. However, the cost of LTC in Michigan is extraordinarily higher as the elderly population in this part of the country is growing at an inexplicable rate.
By 2030, the population of senior Michiganians who will require care will be twofold and thus explaining why the cost of LTC facilities will shoot up. Nursing homes, assisted living facilities, continuing-care retirement communities, and even home health care agencies will need to buy new equipment, beds, and hire additional staff so that they can accommodate the new batch of elderly folks who will need care.
Long Term Care in Michigan
However expensive the cost of care in Michigan is, people should not deprive themselves the right to receive quality care. To make this possible, they should start planning for it while they’re young and healthy because they are still capable of making decisions.
Most residents of Michigan prefer in-home care over facility care and the government strongly encourages this. In-home care promotes the independence and welfare of the elderly., it allows them to think and make simple decisions. However, nobody can be completely sure of what may befall him health care-wise unless he was born with a preexisting condition.
There is no other way to know the level of care that you will need in the future except through a licensed physician. As a matter of fact, it is highly recommendable to have your health examined by a doctor whom you have known since your childhood for he definitely would know your health history.
Once you have determined the level of care which you might need in the future, study the overall cost of care where you live specifically in the LTC setting which is designed for your health care needs. The cost of long term care in Michigan is very broad so you have to go over it per area.
To get an extensive data on the cost of care in your area of residence you can get in touch with your long term care insurance (LTCI) agent as he is equipped with complete information
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