As a long term care beneficiary, you need to handle your long term care expenses skillfully. The benefits from long term care come at a cost. You have to spend money so you can cope with aging, disability, or chronic illness. By valuing the importance of proper planning you can live with ease and with a peace of mind.
Devastating Long Term Care Expenses of Care Recipient
Stay in Long Term Care Facilities
Before anything else, choose the appropriate long term care facility for your demands and preferences. For example, stay in an assisted living facility if your chronic illness is relatively manageable.
Different types of facilities vary in costs. You spend $85,775 for one year of stay in a private room in a nursing facility. The monthly rate of residence in an assisted living facility amounts to $3,750. Facility rates differ among states, and even in specific areas within states. Your overall expenses in a facility also depend on fees for services such as caregiving.
Fees for caregiver services apply to you specifically if you rely on home care. Homemaker services cost around $131 daily throughout the US.
Services from home health aides have slightly higher rates than those of home care aides. Home health aides go through some medical training so they can assist chronic illness patients. They can help with administering medication and conducting health checks. Home care aides emphasize on custodial care procedures like assistance with moving care recipients from one place to another.
Long Term Care Insurance Premiums
If you are insured for long term care, you need to maintain your payment of premiums. Premium rates vary according to your age, your policy conditions, and your insurer.
For example, the annual premium rate for a given insurance policy is $1,325 to $2,550 if you are aged 55. You spend $2,605 to $4,935 every year if you are a 60-year old policyholder. Expect more expensive premiums if your policy has a longer benefit period and a shorter elimination period. Insurance companies across the country differ vastly in premium rates for their policies.
Download our free e-book Long Term Care Insurance and Retirement: 8 Essential Questions to learn more about how the policy works.
Prescribed medications are not exclusive to care recipients with chronic illnesses. Dementia patients need medications to improve cognitive performance. Long term care due to injuries requires medications for faster recuperation.
Senior citizens who depend on Medicare can save up to over $1,000 on medication costs. Despite this fact, medications are relatively costly. Check out the pricing to find cheaper medication.
Meals and Beverages
Expenses for long term care also include basic necessities. Buy meals and beverages with nutritional value to keep your body and mind in good health. As with medication, consider lower prices when shopping for groceries. Check out the nutritional value of food and drinks to make the most out of your purchases.
Preparing For Long Term Care Expenses
Long term care expenses can be devastating and that is why we encourage everyone to plan ahead. Stalling is not an option considering the cost of long term care facilities, long term care insurance premiums and other needs of care recipients are rising. The best time to start planning is now. So request for instant long term care insurance quotes online to compare policies and to find the best long term care policy that will cover your care expenses.