Long Term Care Plan for Rhode Island

Unless you are poised for Rhode Island long term care, all of your resources shall definitely be wiped out by the prohibitive costs of nursing homes, assisted living facilities, and in-home care.

According to the 2010 data of the U.S. Census Bureau, Rhode Island’s total population is 1,052,567 and 14.4% of this number is made up of elderly people who are 65 and older. These senior folks are reportedly more susceptible to chronic illnesses especially those from the age of 85 and older who are expected to grow 46% up to 2030.

As Rhode Island’s elderly population grows so will its cost of care. At present the median annual rate of a nursing home in the state is $105,667 but 19 years down the road financial experts and long term care (LTC) specialists say $500,000 will only be enough to cover a year’s stay in a nursing home.

In the previous years Rhode Island had spent 90% of its Medicaid funding on nursing homes particularly for elderly residents who are receiving long term care. Since the restructure of the Medicaid program, however, the state had to cut down on Medicaid spending and discharge the elderly people from nursing homes and send them back to their homes or move them to a community-based LTC facility where they are now receiving care.

Although a bigger percentage of residents in Rhode Island who are over the age of 50 prefer to receive in-home care someday, those who have already experienced nursing home care prior to the restructure of Medicaid feel that they are now being short-changed on care since in-home care and assisted living facilities are not capable of providing the level of care that they have been receiving before from institutional care.

Unfortunately, that’s how it really is with Medicaid that’s why LTC experts have been advising everybody time and time again to plan and invest in their future health care needs.

Prepare for Rhode Island Long Term Care Costs

Many senior folks in Rhode Island ended up on Medicaid mainly because they thought it is the best option for LTC. In reality, it’s the other way around since this federal health insurance program was primarily intended for indigent families and individuals who are earning a monthly income that is below the poverty level. Simply put, it does not care if you need specialized care for as long as it covers your LTC expenses without exceeding its budget. .

What’s more, you need to spend down your assets until you’re practically relying on food stamps for your daily meals before you become eligible for Medicaid. If you don’t care about losing your self-worth, pride and independence then Medicaid is perfect for you.

Nobody is questioning the cost of care in Rhode Island because it’s obviously high and higher it’s going to be in the succeeding years, but it’s not something that should overpower you. Can you afford $105,667 every year for a private nursing home room or would you rather shell out $1,000 or $3,000 for your policy’s annual premium and receive up to $1, 000,000 in benefits assuming that you went for a policy with a compound inflation protection?

Plan your Rhode Island long term care very carefully with your family and if you need help a licensed LTCI agent is just a call away.