With a Little Help from Long Term Care Insurance Information
Planning one’s health care is not easy especially if you only have enough in assets and modest bank savings. However that being the case, you are still capable of securing your future health care and medical needs. How? Check out reliable long term care insurance information.
Leading providers of long term care insurance (LTCI) never cease to provide updates on the cost of long term care in different parts of the country. As of this writing, Alaska still happens to be the most expensive state to grow old.
Today’s Alaskans receiving care at home spend $59,000 for homemaker services and $60,600 for a home health aide who spends a maximum of six hours a day to assist them in their activities of daily living such as toileting, bathing, eating, dressing, continence, and transferring from the bed or chair to any part of the house.
According to the regularly updated records of Genworth Financial, Inc., one of the industry leaders, other residents with critical health conditions that require 24/7 monitoring are currently spending $227,760 annually for a private room in an Alaska nursing home. Since the average stay of nursing home elderly residents is two and a half years, they will be required to spend a total of $569,400 in that span of time.
Without an LTCI policy that will help you shoulder your future health care expenses, just imagine what could happen to you if your total assets upon retirement amount to $500,000 and you have to shell out more than these figures for a two-year period nursing care.
Equipped with Long Term Care Insurance Information
Although it was said before that not everybody can afford an LTCI policy, if you’re still working and earning a fixed monthly income you can definitely afford one.
Even if you’re not earning so much from your present job, say a little over $1,000, it is possible to put away a small amount every month until you manage to produce the aggregate amount of your annual premium. This is just a little technique that will make premium payment less burdensome for you.
It is better to make small sacrifices as you work on filling your pool of policy benefits than suffer the dreaded increase of LTC costs 15 and 20 years down the road.
Financial advisers and health care professionals were neither smiling nor in joking mode when they informed the nation a twofold increase in the rates of LTC facilities is happening in 2026, while a fourfold increase is expected to take place in 2030.
If you have not or will never consider purchasing an LTCI policy integrated with an inflation protection rider, thinking your family can take care of your future needs, be ready to plunge and get trapped in the mud of LTC costs with your loved ones.
You’re not the only one who’s going to benefit from your long term health care plan. Refer to long term care insurance information courtesy of your insurance agent or state insurance commissioner to better understand who else will benefit from your LTC plan and how.
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