More People in Minnesota at Risk of Long Term Care
Residents of Minnesota are living longer than most people. The state’s elderly population, in fact, currently comprises 12.9% of its total population. This should call for a celebration but what’s the point of celebrating when very few senior Minnesotans have managed to work out a Minnesota long term care plan?
Eighteen years from now the youngest member of the baby boomer generation will finally retire and it’s just going to be a matter of another 10 years before he will potentially require long term care (LTC). What is he supposed to do to afford a home health aide who charges $104 per hour? This is the future that we’re talking about and according to financial experts and LTC professionals the cost of care will increase fourfold by 2030.
At present, so many families in Minnesota are struggling to keep their elderly loved ones at home despite costly in-home care services. Only 2% of Americans past the age of 55 have given their nod to nursing home care while the rest prefer to stay in their houses and receive care from family members or a home health aide if they can afford one.
Unfortunately, only a handful of Minnesotans can afford professional caregivers and so informal caregivers are predominant in Minnesota. This is strongly discouraged by LTC specialists and the government because informal caregiving can put the health if not lives of many untrained caregivers on the line.
Professional home health aides and licensed nurses had to undergo a strict training program prior to launching their careers in the LTC industry because the nature of their profession can take a toll on their health.
Preparing for Minnesota Long Term Care
Even though Minnesota is one of the most expensive states for LTC, its residents should not feel hopeless because anyone can plan his future if only he would put his heart into it. What’s absolutely impossible is self-insuring because many people who resorted to this died poor and their families were left to pay their neck-deep debt.
Members of society who are still active in the workforce and decades away from needing LTC services should start planning their future. They don’t have to fork out money right away, but somehow looking at their options will lead them to something valuable which will shield them and their families from irreparable financial problems.
Stories of people who lost everything that they’ve worked so hard to own to those years of LTC should teach the next generation the essence of planning. Experts on the field of LTC said time and time again that no amount of work or savings will prepare an individual for the high cost of care. Everybody needs to come up with an effective financial plan to prevent LTC costs from damaging their lives.
If you need help with your Minnesota long term care plan, pick up that phone to reach a licensed long term care insurance specialist or you can opt to reach him online.
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