Maryland Long Term Care Costs Increase at a Fast Rate

Based on the results of a survey which was conducted by leading long term care insurance (LTCI) companies, Maryland long term care costs are increasing at a faster rate than the national average.

Their calculation shows that the national average cost of an assisted living facility only grew 6% in the past six years while Maryland’s rose 6.2% within the same period. At present, the median annual rate of a one-bedroom assisted living facility in Maryland is $39,600 according to Genworth Financial’s 2011 Cost of Care Survey.

For one to be able to maintain in this type of long term care (LTC) facility for three years, which is the average length of time that people would usually require care, he must have at least $118,800 put away or $500,000 as LTC costs are projected to increase fourfold 20 years down the road.

On the other hand, nursing homes in Maryland charge $89,972, on average, for a private room. Semi-private rooms are neither cheaper at $82,855. Just like receiving care in an assisted living facility, anyone who plans on acquiring skilled care in a nursing home should be able to put away a good sum of money, perhaps not less than $1,000,000 as this happens to be the most expensive LTC facility.

It appears though that only a handful of Americans would entertain the idea of entering a nursing home since around 90% of them prefer to stay home and receive care from a home health aide if not their own family.

Maryland Long Term Care Costs Give Rise to Unpaid Care?

In Maryland, when one hears the word caregiver this usually pertains to an adult who provides unpaid care to a family member. Health care studies reveal that 50% of unpaid caregivers suffer higher levels of stress and heart diseases.

Forty percent of the total population of unpaid caregivers in the U.S, which is estimated to be more than 50 million, have confessed that they were left without a choice but to leave their jobs so that they can take care of their sick or frail loved ones.

Various government and private organizations in Maryland are working out programs that will benefit these unpaid caregivers in the health care and financial aspects. Informal caregiving does not only deprive an individual of pursuing his goals in the different areas of life; it also gradually depletes his nest egg especially if the person that he is caring for does not have a long term care insurance (LTCI) policy or any form of plan that will provide LTC coverage.

Given this reason, young Marylanders who are still active at work should study the different platforms that are available for LTC planning so that they don’t end up depending on other people and being the reason for their family’s misery.

The Maryland Insurance Administration has a list of insurance companies that are licensed to sell individual long term care insurance policies in Maryland. Take time to discuss your options with an LTCI agent as this is the first step to receiving quality care and protection from Maryland long term care costs.