Cost of Care in Kansas Continues to Soar

In 2011, Kansas long term care costs rose at an unexpected rate and exceeded the national average by 7% over a six-year period. Fifty percent of women 65 years old and beyond this age require long term care in Kansas, while one-third of men over 65 qualify for it. Most of them are receiving in-home care which currently costs $21 per hour against the national median which is $19. Kansans who are receiving custodial care at home, like assistance with their activities of daily living (ADL) namely eating, dressing, bathing, use of toilet, and transferring among others are forking out as much as $3,409 every month. Meanwhile, those who are in assisted living facilities are paying out $3,518 monthly for practically the same set of services except that this rate also includes meals, housecleaning, laundry service, and transportation to and from doctor appointments. Don’t you ever wonder how individuals on the receiving end of LTC manage to foot their bills considering that most of them are already retired? According to experts on the field, there are different ways to finance one’s LTC. The first and without a doubt the most effective way is through a long term care insurance (LTCI) policy. Another way is by self-insuring but this won’t get you too far. With a comprehensive policy, an individual who has satisfied the benefit triggers can receive care anywhere she wants. Most people would normally prefer in-home care in the onset of care but in the long run, as their condition worsens, they agree to nursing home admission. Nursing home care is the most expensive type of care as the annual rates of most nursing homes exceed the average American’s annual income. At present, the average national cost of a nursing home is $77,745 but in Kansas it’s relatively lower at $56,297. Kansas Long Term Care Costs LTC studies performed in Kansas have revealed that the cost of in-home care in this part of the Midwestern is increasing faster than nursing home costs because the demand for home health aides and homemaker services has stepped up. Before LTC costs in Kansas increase four times in 2030 it is important for everybody to secure a good plan. Without a properly assessed LTC plan, everybody’s assets can be eaten away so easily by the unthinkable cost of care. As mentioned earlier, an LTCI policy is the best hedge against the cost of care and this has been proven many times in the past. Still, not many people are convinced, or perhaps they choose to ignore the benefits of this insurance product because they dread the amount of premium which they shall be required to pay. It could be that they have read somewhere the price of a specific policy can range from $3,000 to $7,000, but they missed the line that reads “for those who purchase later.” LTCI is really expensive and unaffordable for those who consider it at older ages such as 65, 70 or 75. That is why if you seriously want to protect your finances in the future while receiving quality care, you have to invest in a policy early on in life. Now if you would insist stubbornly that your Social Security and Medicaid will be enough to cover Kansas long term care costs, that is your prerogative. After all, both programs are frequently mentioned by financial advisors; only they are not recommended.