Are You Financially Fit to Age in Vermont?
Unless you own three houses which you can easily sell in the market and have a nest egg worth a billion, you ought to come up with a plan that will serve as a sure-fire asset protection apart from ticket to your preferred Vermont long term care (LTC) settings.
Aside from its maple syrup farms and vineyards where the tastiest wines are sourced, Vermont is also famous for its high property taxes so if you plan to grow old in this state you have to be either a billionaire or a good planner.
Billionaires, however, have their life stories and their net worth printed on Forbes magazine so assuming you’ve never been featured in this world-renowned publication, you should be in the process of finalizing an LTC plan.
According to Vermonters, growing old in their place is very expensive because apart from the cost of their LTC needs there’s the cost of living to consider. One cannot count on his retirement money or Social Security monthly allowance if he’s eyeing Vermont as his retirement destination. If he will stubbornly insist that his assets are enough to cover all of his needs in Vermont, he will definitely end up with Medicaid.
Now, Medicaid in Vermont is not a bad thing especially if you are considering in-home care or a community-based LTC facility. However, if you are genetically predisposed to a serious health condition which will require 24-hour nursing home care someday, you’re better off with a personal plan because Medicaid has restructured its eligibility process for nursing home services in Vermont.
Preparing for Vermont Long Term Care Costs
Families of senior Vermonters who are receiving care in nursing homes are spending $105,000 annually, on average, for a private room.
Although most of the residents in Vermont prefer to receive care at home, there are certain health conditions that cannot be addressed by caregivers or home health aides as these require the expertise of medical practitioners such as licensed doctors and nurses.
Vermont has first- rate nursing homes but if you are not financially equipped you will only last a year or less in this type of facility. At $3,700 a month, assisted living facilities in Vermont cost less than nursing homes but unfortunately they do not address medical conditions, too.
Assisted living and in-home care are somehow related to each other as both focus on the provision of custodial or personal care. An elderly or disabled person has the option to receive medical care at home in the event that he acquires a debilitating health condition but this will cost a lot of money.
To be able to receive medical care at home, one has to spend a chunk of money for home modification, a process that one has to consider if he wants to age in place. This is necessarily done prior to the installation of medical equipment and safety structures that will ensure the comfort and protection of the in-home care recipient.
To protect your family and assets from the high costs of Vermont long term care, start working on your LTC plan today.
Are you a resident of Vermont planning to buy long term care plans? Research various long term care quotes available in your state.
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