Leading insurance companies offering long term care plans are urging the growing elderly population to secure insurance policies that will cover their future health care and medical needs.
Although it won't be till 2026 before costs of long term care (LTC) double as predicted by long term care experts, financial advisers say that's only like a year from now considering the unpredictable increase in rates of LTC facilities.
LTC facilities are exerting so much effort and spending a chunk of their funds to keep pace with the growing number of elderly folks who are expected to require care 15 to 20 years down the road. A big number of nursing homes need to bring in more beds and nursing staff so that they can accommodate new residents.
Many ugly things have been written about various nursing homes around the country and thus explaining why the management of every existing nursing facility would like to change the negative image that was painted of the industry.
According to health care data, nursing homes are spending approximately three to 20 million for new beds and skilled nursing staff to provide personal care.
With the massive expenditures for nursing homes equipment, it's natural for a rate hike to take place but here's the question at hand: Is the growing population of elderly individuals aged 65 and beyond capable of affording the new LTC rates out-of-pocket?
Experts on the field of LTC say the truth may hurt but the answer is no. Not even if they have assets that amount to a million because nowadays the gauge of one's wealth is based on billions.
Those with a significant amount of assets are advised to secure long term care plans that will not only guarantee full or partial coverage of their health care needs, as these will also ensure the protection of your assets from estate recovery.
Making a move today to secure your future is very important because in 2030 your millions will no longer matter. Rates of LTC facilities are expected to increase fourfold as foreboded by the experts. If you're planning to set aside half a million for LTC, that will only be enough for a year.
Nursing homes by then will cost $319,740 annually as these currently cost between $77,745 and $79,735 depending on your state of residence. If you're thinking about hiring a home health aide, expect to pay $76 an hour 20 years down the road.
Just thinking about the future cost of care is torturous already so what more if you get to the point of actually having to pay for it. Nobody stays young forever no matter how conscious and cautious you are with your diet and figure.
There will come a time when your bones will no longer be as strong as they are right now, your vision not as clear, and your mind not as sharp as it used to be.
If you've been taking good care of yourself for the past 50 years, you will consider coming up with effective long term care plans to preserve your self-worth.
