Perhaps Cheap Jerseys From China , residents of U.S. states that are currently experiencing a rapid senior population growth should be asking themselves the above question because studies have revealed that long term care costs by state are mainly affected by the 65 and over population.
According to aging statistics, America ranks third in the world for percentage of population aged 65 and over. This is a clear indication that many Americans are going to live into their 80s and 90s, which is actually a good thing as it signifies a healthy nation, but the problem is that only about 10% of the country’s total population is ready to face the future costs of care.
Records of insurance companies show that only a handful of residents in different parts of the country have managed to secure long term care insurance (LTCI) which, according to most financial experts Cheap Jerseys , is the best protection against the constantly soaring long term care (LTC) costs.
According to Genworth Financial’s new Cost of Care Survey, the hourly rate of a home health aide is $19, on average, or $43,472 per year. Meanwhile Wholesale Nike NFL Jerseys , nursing home residents are currently spending $222 for a day in a private room or $200 for a semi-private room, which translates into an annual spending of $81,030 and $73,000, respectively.
Now let’s say only two members of a household is active in the workforce and they’re putting the youngest member of the family through school Wholesale Kids NFL Jerseys , what happens if the most senior household member would suddenly require long term care? Where will they get the money to pay a home health aide or an assisted living facility, let alone a skilled nurse should the care recipient’s health condition necessitate it?
That is not a rare scenario but a very common one that is why elder care specialists who are working for private organizations or government agencies that are inclined towards improving the LTC system never cease to remind everyone on the importance of having an effective plan for their future health care needs as this is the only way to beat the high cost of care.
Long Term Care Costs By State
The growth rate of a state’s senior population will have a huge impact on the health care system because there will be a greater demand for care providers. Now this should not pose any problem if all senior citizens are capable of paying for their LTC needs out-of-pocket but if they are planning to apply for Medicaid coverage then there is, indeed, a big problem in the offing.
Earlier this year it can be recalled that many U.S states saw a reduction in skilled nurses who are affiliated with Medicaid certified nursing homes because many of them felt that they are working so hard and for such a small salary. This event came after state Medicaid programs reduced LTC costs in nursing homes in compliance with the federal government’s instruction of restructuring the program’s nursing home eligibility process.
The restructure eventually paved the way for Medicaid’s Home and Community Based Services (HCBS) Waivers, and thus people who prefer to receive care in their own homes or in a community-based LTC facility may do so at a total cost less than or equivalent to that of nursing homes. To qualify for this Wholesale Youth NFL Jerseys , though, a person will be required to spend down his assets and income until these meet the financial requirement of Medicaid.
If you comply with that spend down rule, all those years of hard work and saving will be pointless as everything that you own ends up in estate recovery. Medicaid, however, is not a bad option if it is treated as a supplement to an LTCI policy under the Partnership Program Wholesale Womens NFL Jerseys , which was designed to curb long term care costs by state. To learn more about this, contact your trusted agent.
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Keywords: what is long term care insurance, long term care planning
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