Why Long Term Care Insurance is a Necessity in Florida
Not buying a long term care insurance in Florida will not result in a penalty but in spite of this fact, Floridians should treat Florida long term care insurance a necessity because their state happens to have the highest percentage of senior citizens 65 years old and older.
The implication of a state’s fast-growing senior population in the long term care industry is bigger nursing home expenses as most Americans who require custodial care at the onset of their long term care (LTC) eventually end up requiring skilled nursing care.
The increased demand for health care services in Florida, particularly LTC, should not actually pose any problem to the government if only everybody takes responsibility for their LTC expenses. Unfortunately, it’s the government that foots the bigger portion of a nursing home bill every single time.
Medicaid is an overused state operated health insurance program which the government thought would hit the brink of a closedown when its aggregated amount of LTC expenses incurred in nursing homes reached a hundred billion dollars.
Since the federal government has cut back Medicaid funds for nursing home care, asset depletion will no longer grant an individual easy access to a skilled nursing facility. Medicaid now necessitates rigorous inspection of an individual’s health to see if skilled nursing care is essential to his LTC. So, anyone who wishes to avail nursing home care someday without passing through a series of inspections, interviews and verifications is advised to come up with his own personal LTC plan.
Florida Long Term Care Insurance
To find out which specific type of LTC plan is right for you, it would be best if you consulted an elder care specialist and a financial adviser. However, if you want to speak with someone who is well-versed in both elderly care and financial planning you’ll need a long term care insurance (LTCI) specialist.
An LTCI agent provides options for one’s LTC to spare him from the prohibitive cost that comes with this type of health care service. Through the guidance of this professional, a resident of Florida will be able to avail LTC coverage with the budget that he has allotted for this product.
There are important things that you have to take note of, though, to attain your goal of affordable coverage. Firstly, inquire about your policy options early in your life perhaps a 20 or 15 years prior to retiring. This will give you enough time to identify your future health care needs and to determine tomorrow’s cost of care. Aside from this, getting hold of an LTCI policy while you are still young and healthy will qualify you for a lower annual premium owing to preferred health discounts which LTCI companies only make available to the healthiest of applicants.
Florida’s residents who are 65 years old and over currently make up 17.3% of the state’s population but this percentage is expected to double in 2050. Don’t wait for the time to come when Floridians have to shove each other in order to get the last vacant room in a Medicaid certified nursing home.
Take time to study the features of a Florida long term care insurance policy and in the end you’ll be glad that you did.
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