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Statistics say that 70% of people the age of 65 and above will eventually need long term care at some point in their life. Since it has been widely known that the cost of long term care insurance and long term care itself is quite expensive especially when paid later in life, it is also important to know some ways to lessen your expenses even a bit. Apart from the age, health, service you will buy and the duration that you will need long term care, there are also the long term care costs by state to consider. Switching residences and moving isn’t really the answer to having lower costs for your long term care. You should know first the rates of the long term care services in different places and states before you even decide of relocating because you might be going for the higher prices of long term care and instead of saving more, you’re giving yourself much more to pay for. Though, at this point and time, there is no state that will offer you a very low price since a lot of people need long term care nowadays. Life is longer and people continuously need assistance for their lives to be easier and more comfortable. Because of that, prices of long term care services also raise as many people demand for it. For example, a huge number of people nowadays want to stay in their home for most of their life as much as possible. So they just receive their long term care in the insides and setting of their home for familiarity and comfort of its setting. According to Genworth’s study, as of 2013, the lowest rate for licensed home care is about $32,032 annually in Louisiana. However, if you are one of those people who will need nursing facility and different equipment for special cases, it would cost you much more than you have to in other types and services of long term care. You would have to pay for your stay in the nursing home, and the medicines and medications that you will have to take, and the treatments or processes that you will have to undergo to. From the Genworth’s study, the cheapest rate of a private room in a nursing home would be $55, 360 in Oklahoma. But, you should also know that the rates of long term care have been constantly rising throughout the years and the rates from now will certainly be higher by then. One good thing to avoid using up all your money for long term care is to take note of the information about long term care and start buying your long term care insurance policy early while you are still younger, and the prices are quite cheaper. It is also important that you know where you would stay or at least where you want to receive long term care in the future because long term care costs by state differ in huge amounts.
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