Long Term Care for Florida’s Elderly Folks

Florida’s elderly population is increasing faster than the national average so there is definitely a need to contain the Florida long term care costs lest the state’s economy gets worse.

According to the data of the U.S. Census Bureau, Florida’s senior population 65 years old and older is 18% of the state’s total population which is over 19 million. Nationally, the population of this age group is only 13% of the country’s total population.

Florida’s elderly population should not actually be an issue but it is because only a handful of Floridians are ready for the costs of LTC. Others do not want to entertain in their heads the possibility of requiring LTC. If not that, they just refuse to plan their future health care needs because it will require them to pay out a chunk of money which they can use on other things.

By 2030, the cost of care is expected to be four times of what it is today according to financial planners. Without a clear LTC plan, Floridians could risk losing whatever it is that they’ve worked hard to acquire.

Can you imagine paying a home health aide $85 per hour to assist you or a loved one with his activities of daily living (ADL) which can range from eating, bathing, dressing, use of the toilet, continence, and transferring from the bed to a chair or vice versa? Right now you might say that is excessive but 18 years from now that is going to be the actual cost of care.

Florida Long Term Care Costs

In 2030, the population of Florida’s senior citizens 65 years of age and older will grow to 3.2 million and if all these are going to rely on Medicaid for their LTC needs, it won’t take long before the funds of this federal and state health insurance program dries out.

Private nursing home rooms in Florida cost more than $87,900 annually on average while semi-private rooms charge $80,616 yearly. Floridians, however, prefer in-home care or probably assisted living and would only entertain the idea of receiving care in an institutional LTC facility when their health condition has gotten worse already. Meanwhile, an in-home care recipient pays a home health aide $21 hourly or $169 daily to assist her with her ADLs.

Receiving care in Florida will definitely require you to spend a big amount of money so it is important to consider a good LTC plan while you are young and making good money.

Right now long term care insurance (LTCI) policies are highly recommended because these do not only guarantee more options for care, it also protects people’s assets from the being wiped out by LTC costs.

Even if you start saving up for your LTC needs at the age of 30 it won’t do you any good because every year inflation impacts the prices of various products and services. Florida long term care costs should be dealt with accordingly.

Get in touch with a licensed insurance agent who is authorized to market and sell LTCI policies.