Speedy Increase of Kentucky Long Term Care Costs

Kentucky long term care costs have heightened the concern of Kentuckians about their future in respect to health care. They should then start looking into their options for a good long term care plan lest they be subjected to the continuously increasing long term care (LTC) costs. According to LTC fact sheets the rates of assisted living facilities and nursing homes in Kentucky are increasing faster than the national average cost. At present, the average annual rate of a private nursing home room in Kentucky is $74,825 while a semi-private room is $67,525. These given figures may, however, go up or down depending on the area where one lives or plans to receive care. For instance, those living in Louisville may be required to pay a higher rate for a nursing home’s private room as the average cost of a nursing home in this city is $80,242 annually, while those in Elizabethtown fork out $71,358 annually for the same type of LTC facility. Meanwhile, the median monthly rate of assisted living facilities in Kentucky is $2,948 or $35,370 annually. For an elderly or disabled Kentuckian to receive assistance with his activities of daily living (ADL)namely eating, bathing, dressing, toileting, continence, and transferring from a professional home health aide he has to shell out $20 an hour or $160 for eight hours of service. By just looking at these numeric figures you can be dumbfounded and you’ll even wonder why LTC costs should be so high. Going to the core of the issue though will make you understand that increase in the cost of care is triggered by the fast-growing number of people that require care. Who Can Afford Kentucky Long Term Care Costs? Anybody with a long term care insurance (LTCI) policy, over $2,000,000 in assets or resources, or an inheritance that is worth billions can stop worrying about their future health care needs because they will definitely be able to receive coverage. If you’re wondering why people with less than a billion won’t be able to afford to pay their LTC expenses out-of-pocket, the answer is very simple. Beginning 2030 the cost of care is projected to increase fourfold so if you’re only expecting to receive $70,000 or less from your employer upon retirement, this will not be enough to foot your LTC expenses. Though reverse mortgages is also an option it was not encouraged here because you won’t be able to get anything out of it other than LTC coverage. Wouldn’t you want to preserve all of your assets so that your children or other heirs can benefit from them afterwards? With a reverse mortgage you will die empty-handed because your home will automatically go to the lender or the person who had helped you receive quality care. With an LTCI policy you can put aside your retirement money and defer your Social Security income until you’ve used up all of the benefits stipulated in your insurance policy. Kentucky long term care costs just like those in other parts of the country will continue to increase but this should not be a reason to give up on your goal of growing old in comfort and financial stability. That can happen but before you can realize it start working on an effective LTC plan today.