Can You Afford Long Term Care in Virginia?

Like residents of other states, most Virginians are hesitant to buy a long term care insurance (LTCI) policy because they are not sure if they will need it. They constantly ask themselves what happens if they don’t get to use their policies. They never stopped to ask if they can deal with Virginia long term care costs. Anybody who cannot afford today’s cost of care will never be able to afford it. Those individuals who always defer their long term care (LTC) plan will never get around to having one and shall eventually wind up using up all of their financial resources to pay for expenses incurred a nursing home or in an assisted living facility or at home. Virginians who refuse to look into the array of plan options that have been laid out before them probably have no idea of the real cost of care. Perhaps, if only they knew that a year’s stay in a nursing home would cost them $77,380, they’d be on their feet taking their future health care needs more seriously. Virginia’s cost of care is higher than its neighboring states. The average annual costs of nursing homes in Virginia are 14% higher than Tennessee’s. Assisted living facilities in Virginia are 25% higher than those in North Carolina. Meanwhile, Virginia’s in-home care is 5% higher than Kentucky’s $40,040. Virginia Long Term Care Costs Without a clear LTC plan, families in Virginia are bound to go impoverished in less than a year of spending for care. If you’re a resident of the state and you plan to remain as one even after retirement, you should be in the process of working out an LTC plan already. If your choice of planning platform is a long term care insurance (LTCI) policy, you should have requested quotes from leading insurance firms already. Now if you’ve made up your mind that you’re having reverse mortgage in the future, tell your spouse and children that they can start looking for a new place to live in because the moment that you die, the house goes, too. If you’re thinking about turning to Medicare, you ought to know that hospitalization would be a prerequisite for admission. After being confined for three consecutive days in a hospital Medicare will take you in but you’ll need a recommendation from your physician as passport for the said program only covers the LTC expenses of those who need medically necessary care. Too much requirements so you’d rather be on Medicaid? If so, you can start spending down your assets as Medicaid was never designed for those who live in comfort. Now if you go for the Virginia Long Term Care Partnership that would be a different story. This is a type of LTCI policy which offers dollar-for-dollar asset protection and thus allowing policyholders to apply for Medicaid assistance once their benefits have been exhausted. Unlike normal circumstances, you don’t have to comply with Medicaid’s spend-down rule if you are a partnership policyholder so you get to protect the total amount of your assets which is equivalent to the benefits which your policy has paid out to you. With the Partnership Program of Virginia long term care costs can be met head-on without hurting your finances. Contact a licensed LTCI representative in Virginia to learn more about the provisions of a partnership policy.