Higher New York Long Term Care Costs
New York long term care costs are not as we know it anymore. The figures of all long term care (LTC) settings in this state have gone higher than they already are and these can be cited on Genworth Financial’s 2012 Cost of Care Survey.
In-home care, which is the preferred LTC setting of many New Yorkers, is more expensive now than last year. From $48,048, the annual cost for a home health aide has increased to $50,336 while homemaker services climbed to $45,760, a 2% increase from last year’s $44,616.
Meanwhile, the cost of assisted living facilities went up by 1% so instead of $43,920 residents will be paying $44,400 annually. Now if you think the median annual rate of a New York nursing home stayed flat because only a handful of New Yorkers are okay with the idea of entering this kind of institutional LTC facility, you’re wrong.
From $119,355, a private room in a nursing home in New York now costs $123,005 annually. Semi-private nursing home rooms, on the other hand, increased by 3% and so their new price tags read $118,625.
Perhaps this new information on New York LTC costs will serve as a wake-up call to individuals who remain uninsured. Obviously, it is only through a long term care insurance (LTCI) policy that they will manage to receive quality care as LTC costs in their place rise faster than in other regions.
New York Long Term Care Costs
Medicaid has obviously spoiled the people of New York in the area of LTC as it allowed them to experience generous LTC coverage. In fact, Medicaid has shouldered a bigger percentage of the state’s total LTC costs for so many years.
However, New Yorkers should start expecting some changes as Medicaid can no longer be the generous provider that it used to be since the federal government has instructed all U.S. states to cut back their Medicaid LTC expenses especially in nursing homes.
If you’re among those individuals who are hoping to experience what your grandparents and other elderly relatives were fortunate to receive from Medicaid, it’s time to erase this aspiration because you’re not bound to experience any of these in the years to come as New York’s Medicaid program is committed to lowering its LTC spending.
Besides, Medicaid was not really designed to provide LTC coverage for middle-class Americans. It is first and foremost for the poorest in society. If you have a lucrative career or business, why not come up with a personal LTC plan rather than depend on Medicaid later on?
If today’s LTC costs in New York are already damaging to its residents’ finances, what more when these double 13 years from now and subsequently quadruple in 2030 as predicted by financial advisers and LTC specialists?
Plan your LTC needs today and always remember that time is of the essence because New York long term care costs will continue to rise whether you are financially ready for it or not.
Visit our website now if you’re wondering how much is your long term care insurance costs. We assure you, we’ll give you free long term care quote from and all the information you need about long term care.
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