Pennsylvania Offers More Long Term Care Options
Pennsylvanians have not always been as accepting of long term care discussions as they are today. Perhaps their interest to look into their Pennsylvania long term care options stems from the fact that they have more freedom now to choose where and how to receive care.
Long term care (LTC) in Pennsylvania is no longer just provided in nursing homes. In fact, these days more elderly residents of the state are receiving care in the comfort of their own homes. This does not mean, though, that nursing home care is a thing of the past as the state’s statistics for this particular LTC facility reveals an increasing number of residents requiring 24-hour care due to chronic illnesses.
According to the nursing home census of Pennsylvania as of 2010, female residents are 60% to 73% more than the male residents. Aside from senior citizens, lung and breast cancer patients comprise the overall nursing home population of the state.
Based on the annually conducted Cost of Care Survey of Genworth Financial, a leading provider of long term care insurance (LTCI) policies, the median annual rate of a private nursing home room in Pennsylvania is $99,280 which is 20% higher than the national average. Anyone who will require nursing home care unexpectedly in Pennsylvania will only use up all of his assets evidently in less than a year.
Even though the cost of semi-private rooms in Pennsylvania nursing homes are 8% lower than the private rooms, residents will still be compelled to fork out a chunk of their earnings. Indeed, nobody can ignore the fact that only the wealthy can afford to self-insure.
Americans with an average take-home pay have to work on a good LTC plan to avoid ending up in the most unpleasant financial situation.
Pennsylvania Long Term Care
So many regions in the country are currently faced with a shortage of LTC workers and Pennsylvania happens to be one of them. Research shows that the reason LTC providers are leaving for another field is inadequate compensation.
If you are currently considering Medicaid for your future health care needs, you better not. Medicaid is still on the road of financial recovery as it had spent many years shouldering more than half of the country’s total LTC costs.
Right now the said health insurance program is in the process of cutting back nursing home funds and thus explaining its new stringent eligibility process. You many not want to enter a nursing home but then again, you can never be so sure that you will never need it.
The fact of the matter is, only 2% of today’s elderly population is fine with nursing home care but the Department of Health and Human Services (HSS) says approximately 40% of individuals 65 years old and older will require this LTC setting at some point in their lives.
If you refuse to be among that 40%, start your Pennsylvania long term care plan today. Seek advice from a financial expert or better yet, contact an LTCI specialist to discuss a possible coverage.
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