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Every year, the figures of long term care facilities are increasing and this is bewildering so we can’t help but wonder what the real basis of the upward motion of long term care costs is. According to the records of leading LTCI providers, a private room of a nursing home used to cost $198 daily five to six years ago but would range from $206 to $216 these days. An assisted living facility which required a monthly fee of $1,600 has skyrocketed to $3,000++. Even home care services are now offered at a price unthinkable way back. Astonishing as these long term care costs may seem at the back of my head a voice is asking, what am I so surprised about? It’s been six years! True, in that span of time so many things have happened. We’ve experienced economy recession, bouncing back and picking up where we left off. To be able to accommodate the increasing number of individuals in need of long term health care, LTC facilities naturally have to bring in additional equipment and this would require more expenditures. To be able to recover from their expenditures, they naturally have to slightly increase their rates. However soaring are the prices of LTC facilities, a person’s Long Term Care insurance costs will not solely depend on this. There’s his health condition to begin with. Every person that requires long term care services is not capable of performing two or more of his activities of daily living without assistance from another person. Perhaps this resulted from an accident or simply old age. Regardless of the reason of a person’s inability to live independently, he has to pay the amount of expenses that he could possibly incur from Long Term Care costs. For instance, there’s this very young man who fractured his spine in a car accident and was advised by his doctor to see a physical therapist (PT) in hopes of getting him to walk again. At 38, this person does not have a long term care insurance policy, in fact it was the farthest thing from his mind prior to the accident which subsequently broke his spine and hindered him from doing the usual activities of daily living. So he goes to a PT and was told that he should undergo therapy twice a week in order for his condition to improve. Upon being informed of the therapy session’s hourly rate which is $170, the poor guy was taken aback, as he can’t afford $340 a week neither can be pay $19 an hour for homemaker service, and put nothing on the table for his family. Instead of taking the advice of his doctor, this man lived with pain relievers thinking it would be suffice for the pain to subside and better his condition. Days and months went by, the man’s wife and daughter relied on the money in his bank account and sold the car which they bought brand new a year ago for their daily needs. As for the man, he solely relied on Medicare and Medicaid for therapies and other medications. The young man’s condition totally depleted his family’s assets not to mention left them with a future that is uncertain. ------------------ Complete Long Term Care is a resource website where you can find everything you need to know about Long Term Care insurance and some useful tips on how you can save on your Long Term Care insurance premiums.
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