Extensive Long Term Care Insurance

Nobody can tell you how to plan your future healthcare. Family members and friends can only express their concern by sharing pieces of long term care (LTC) related advice. In the end, you will still have the final say. In case you wind up wanting long term care insurance information, feel free to read on.

LTC is not like a commodity in the market although it may look like one as it is sold left and right by various insurance companies and brokers. LTC services are much higher in price than those pair of designer jeans that could cost around $150, or that ultimate grilled prime burger at Spago that is considered very pricey at $22. You’ll get to wear the jeans for a decade or two anyway, while you’re not going to have burgers every day for lunch, are you?

LTC services are said to be more expensive because once your condition qualifies for LTC, you have to receive care on a regular basis otherwise you’ll end up chasing a premature death.

Whether you would opt for the home care setting or LTC facility, you’ll be spending a huge chunk of your assets if you want to receive quality care. For a home health aide these days, you’ll need to shell out at least $19 per hour, as this is the national median hourly rate for this type of service.

People that require assistance with two or more activities of daily living usually hire a home health aide, but if they expect somebody to do the house chores then they pay an additional fee for homemaker services. At present the national median hourly rate for homemaker services is $18 and the scope of work covers meal preparation, house cleaning, and doing the laundry.

Long Term Care Insurance Information And Nursing Home Expenses

Once a person’s health condition gets worse and he starts to require intensive care, he has to be admitted into a nursing home. This type of LTC facility performs 24-hour monitoring on its residents, as most of them have come down to a terminal illness and thus the need for maximum health supervision.

At present, a day’s stay in a nursing home will cost $213 but nobody with a critical health condition stays for only a day. According to nursing home personnel the average length of stay of elderly residents is two and a half years. Meaning to say, they are spending approximately $194,362 which can wipe out anybody’s assets before his or her health has started showing signs of improvement.

Assisted living facilities are playing the same tune as nursing homes, although the rates of its services are a notch lower than the latter. Based on Genworth Financial’s 2011 Cost of Care Survey, a one-bedroom unit in an assisted living has a monthly rate of $3,261. This LTC facility basically offers the same services which you can get from home care.

Study your options from long term care insurance information and you’ll realize that the annual premium of a potential LTC insurance policy is by far more affordable than the costs of care which can threaten your finances in the near future.