Dread Long Term Care Costs

New York is recognized as a fashion haven. New cuts and designs for clothes, footwear and accessories are culled from the ideas of this state’s unparalleled fashion designers. Unfortunately, its high-end fashion industry does not serve as a gauge of the financial stability of New Yorkers as most of them admitted that they fear facing New York long term care costs.

Whoever buys bags worth $252 apiece, a pair of shoes for $190 and a jacket for $300 can obviously afford to self-insure, but who are these people? Most probably they are showbiz personalities who earn millions per TV or silver screen project.

What about individuals who maintain an eight to five job and don’t receive compensation close to a million dollars? How are they supposed to deal with the soaring cost of care in the country?

Financial advisors have only one answer and that is to secure a private long term care insurance (LTCI) policy. This product pays for care received in a nursing home, community-based long term care (LTC) facility, and even in-home care. Its price, however, will depend on the person’s age at the time he actually buys his policy.

In the LTC industry, it is believed that younger LTCI policy buyers can enjoy low premiums, while those who have reached the age of 60 and have started to manifest pre-existing conditions are usually charged with a higher premium.

Still, there are many ways to cut back on the premium of a policy and New Yorkers should learn about this so they won’t run away at the mere mention of long term care insurance.

Resolving New York Long Term Care Costs with LTCI Policies

New York can be found on the list of U.S. states with the most expensive LTC facilities.

At present, the average annual rate of a private nursing home room in New York based on Genworth Financial’s 2011 Cost of Care Survey is $119,355. So if you’re going to stay in this type of LTC facility for three years, you’ll have a total spending of $358,065.

Assisted living facilities and in-home care cannot be considered any consolation because their rates are too high for comfort, too. Families with loved ones in assisted living facilities pay out $3,660 every month on average. Residents of Albany pay more as the average cost of assisted living centers in this city is way higher at $4,227 per month or $50,724 yearly.

In-home care in Albany is also more expensive than the state’s median cost of care. For a home health aide to assist an elderly resident with the activities of daily living (ADL) namely eating, bathing, dressing, use of toilet, managing continence, and transferring, the latter has to fork out $209.

New Yorkers dread LTCI premiums but not as much as New York long term care costs which will increase fourfold come 2030. Uninsured residents are advised to study the cost of care in their area and consult an LTCI representative while they are physically fit. Should they wait another year, they might not qualify anymore and thus they would risk losing everything which they have worked so hard to acquire.