The Cost of Long Term Care by State

Long term care cost depends on several factors like the state you live in, your age and the type of long-term care services you will need. Even if the rates vary, the cost of long term care is still above than the average income of an American. 

A number of states in the Midwest and the South such as Texas, Nebraska, Iowa, Arkansas and Alabama have cheaper rates on skilled care facility compared to other states. In addition to this, the Southern part of the United States is also cheaper when it comes to home care services.

A lot of people will require this type of care sooner or later since according to the US Department of Health and Human Services, about 70% of Americans who are 65 and above will require long term care. Due the looming increase in long term care costs, it is imperative to plan for long term care.

You can view the annual cost of long term care by state here: http://www.infolongtermcare.org/long-term-care_information/long-term-care-costs-state/

Infographic on Long Term Care Facts

This infographic shows that people are living much longer nowadays. According to the latest research, 70% of people who are 65 and above will require long term care. Since people are growing older and living much longer, they will most likely require assistance in their daily living activities like eating, bathing, toileting and the likes. Long term care is costly nowadays and thus the need to prepare for this as early as possible. You can check out the infographic below.

 

Original Source: http://ageinplace.com/age-in-place-resources/long-term-care-facts/

Long Term Care Myths

There are still some people who have no idea how long term care works and how this can greatly affect their finances. It’s time to debunk these myths and understand how long term care really works.

Here are some myths about long term care and long term care insurance policy:

1. People generally won’t need long-term care. It is for people with illnesses only.
2. Long-term care means staying in a nursing home.
3. Long-term care costs can be easily paid out-of-pocket.
4. Medicare and Medicaid can pay for long-term care.
5. Long-term care is covered by health insurance.
6. You would only need long-term care when you get sick or old, therefore, that is the time when you should buy and pay for it.

Visit this website for a more detailed information on long term care myths.

How Long Term Care Insurance Works

Anna DeLeon Harrison purchased long term care insurance because she doesn’t want her sons to worry about paying for her future long-term care expenses. Another reason behind this is her previous experience when her late husband was battling cancer. She knows how the high cost of medical and long-term care can deplete a family’s funds. 

According to Kim Apt Beckham, a long term care agent with ACSIA Partners, it is recommended to look at coverage sooner than later because having coverage allows the people to have the option to age in place without liquidating their retirement funds. This is beneficial to people who will need round-the-clock care because health insurance and Medicare don’t cover long-term care.

You can find the original source when you click here.

Tips in Reducing your Long-Term Care Expenses

Long term care is expensive nowadays and its cost continues to increase every year. It is important to know how to save money when paying for nursing homes, assisted living facilities, home care and other long term care services in order to protect your assets and as well as your loved ones. You can also maximize your benefits without sacrificing your other financial responsibilities and your family’s needs.

Here are five tips that can help reduce your long term care spending:

1. Be the one to hire your own home-care professionals.
2. Take the tax breaks.
3. Assign who will handle the deals.
4. Use respite care.
5. Think about getting services in a long term care facility.

 Original Source:http://www.infolongtermcare.org/long-term-care_information/5-tips-on-lessening-long-term-care-expenses/