Genworth Financial, for example, publishes a long list of tariffs for long-term care (LTC) in different states. It will not be difficult to know how the current average hourly wage of an assistant home health in California, is the monthly rate of an assisted living facility in Alabama, the annual interest rate of a room in a private nursing home, Arkansas, and so on and so on.
The cost of care in your area is one of the conditions of safe long-term care (LTCI) application. Although not stated verbatim in the guidelines of the insurance companies that are always advised by financial planners to determine the cost of the installation of home care in our area is a mere indication of the importance of costs LTC in determining the components of an LTCI policy.
Living in Alabama, for example, not necessary to have a policy with a monthly benefit of $ 5,000, especially if you are home care and assisted living facility. With a maximum policy benefit of $ 3,000, you will live as the hourly rate an employee's health here at home, starts at $ 16, while the monthly rate of installation of a bedroom should not assisted living exceed $ 3,000.
While only those who have more than enough to devote to their desires and whims can afford to buy insurance for long-term care, there are many LTCI policyholders currently enjoy high-quality care despite life from modest means in the 80's. This is because they used the figures for the facilities long-term care in their area when they bought their policies LTCI.
This just proves that plans for long-term care are not just for the rich, but for the wise and disciplined.
Costing Long-Term Care in inflation
Reported that the prices of LTC facilities and home care will extend twice as regards prices, which are currently offered. This stretch of financial advisors and experts in the LTC will be held in 2026. It is 15 years, yet many of you would read, but if you expect to receive treatment when planning your budget of health today.
All it takes is simple mathematics. For example, today's seniors in Florida who receive home care pays a home health assistant $ 17 an hour to help them in their daily activities: bathing, eating, dressing, toilet, continence, and transferring from one point in the house the next.
If you are looking to receive treatment with the same setting in 2026, when the cost of care is increased two times portend, then you should calculate the hourly wage for home care of $ 35. After that, the clinch LTCI policy of 5% per year inflation protection, and you're guaranteed a solid and in the coming years.
On the other hand, if you're 50 now and looking for the 30 years before needing serious attention to multiply $ 17 by 4 instead of two as experts have warned of a quadrupling of long-term care costs will out within 20 years.
In the long-term care costs are really growing and the only way to win is to prepare it. Ask your insurance agent or a contract in your state Insurance Commissioner the full information about LTCI
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