Florida Long Term Care Costs Continue To Increase Over the Years

It is hard for the public to immediately decide about getting an LTC plan or not because of the expensive monthly premiums that they have to pay if ever they plunge into getting one. However, for the residents of Florida, buying an LTC plan might be the only way for them to deal with the high Florida long term care costs that they might be given in the future.

The state of Florida is one of the states in the country that has the biggest LTC-related expenses nowadays, and the local government feels that it is about time that the public decides about their possible purchase of an LTC insurance that can assist them with the financial aspects while using different LTC services and facilities.

This is a good thing for the residents because they can plan ahead about their LTC purchase and they would have enough time to think about the different options that they can avail in order to get cheaper premiums without the need to sacrifice the quality and quantity of services that they can receive.

And when we talk about the costs of LTC care, the public must also be aware that the rates are increasing every year, which makes it more difficult for them to get LTC plans. The increase in costs averages from 8% to 12% annually, but this is not a fixed rate and therefore makes it harder for the insurance providers to offer affordable monthly rates.

To date, the Florida long term care costs is quite pricey for those who would need to get LTC services but do not have an LTC plan to help them with the expenses. This may result in getting fewer services than what they really need.

For a one-bedroom, single occupancy room in an assisted living facility, it was found out that there is a 6% five-year annual growth in the rates. If an individual opts to avail this kind of facility, he must shell out at least $35,000 to $45,000 a year, depending on the exact location that he wants to spend his retirement years and where he will receive his policy benefits.

Meanwhile, for a licensed homemaker, the hourly rates may vary from $20 to $32,or an approximate of almost $40,000 a year if they want to get this service. The rate has grown by almost 1% for five years, but it may get even higher in the next couple of years because of the growth in other medical costs.

For nursing homes, the daily rates may vary from $200 to a maximum of $950, which might require a person to pay a yearly rate of $90,000, again, depending on the area where the individual intends to stay or where the facility is located.

Dealing with the Florida long term care costs might be a bit hard for the residents so planning earlier will be a good idea so that they can have a rough estimate of how much they will have to spend so that they will no longer have to worry about their LTC expenses in the future.