Long-term care prices have once again gone up. This is crucial information if you have not bought a long-term care policy to protect your independence.
A recent study released by MetLife Mature Market Institute is a major eye opener for many people, whether they are 65-years-old or younger. There is something to be said for planning for your future health care, and when you read figures like this it is a motivator to check into long-term care insurance. It is your own personal protection and will help you maintain an independent lifestyle on your own terms.
This report revealed that:
– Pricing on a semi-private room is now $214 per day (up 4.4 percent over 2010)
– Assisted living apartments are $3,477 per month (up 5.6 percent over 2010)
– Adult day care services jumped 4.5 percent
– Costs for a home health aide stayed constant at $21.00 an hour
– Costs for a homemaker stayed constant at $19.00 an hour
The report talked about national averages, but did highlight with regional differences, which are an enormous shock. For example, if you wanted an assisted living apartment in Washington, D.C., the highest price in the whole country, you would be shelling out $5,757 a month. If you are asking yourself where you would get that kind of money, it would be a very relevant question.
What is the government going to do about it? They have already pulled the plug on long-term care insurance, citing the inability to find a plan with a reasonable premium. Other than that, they seem to be silent about what they may have, if anything, as an alternative resource.
There may be some good news on the horizon in the form of a slightly higher federal tax deduction in 2012 for those who do happen to have private, long-term care policies. According to the statistics, there are only 8 million out of the 40.3 million seniors that have long-term insurance, which is a pretty dismal figure. Of interest might also be that some states have been known to give credits or deductions on state taxes. Certainly this is not a lot to bank on, and does not address what the 32.3 million will do without long-term insurance.
The bottom line is that it is not only the government who wants to get out of health insurance for older citizens; it is also the insurance companies. They no longer want to take the risks of insuring a high-risk individual. This is not to say that there is not long-term health insurance available for you, because there is. Instead, make sure you get it early and choose a policy that suits you well, so you are paying for something you may use when the time comes. Do not leave long-term health insurance to chance. This is your opportunity to secure insurance that will help you keep your independence on your own terms.
Evan Tunis is with Next Exit Retirement. To learn more about Boca Raton long-term insurance or West Palm Beach long-term care insurance visit http://www.nextexitretirement.com.