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Living in Massachusetts requires more than one job especially if you’re single and without children. This is not an irony. It’s simply a statement that will prepare you for Massachusetts long term care costs. If you’re married, you’ll have somebody to share the phase of aging and the expenses that come with it. Who knows, you and your spouse might even consider buying a joint long term care insurance policy and subsequently get a huge discount. If you’re not married, or perhaps divorced, but with two or three children in your custody at least they will take care of you once you turn frail and incapable of performing the normal activities of daily living like eating, bathing, dressing up, walking, and transferring from one point of the house to another, among others. Now if you’re single and do not have much in your bank account except for a few thousand dollars, you better start thinking. Even if you’re 30 years away from your retirement years, you have to consider your options because in Massachusetts long term care costs are not a trivial matter. If you haven’t been keeping abreast of the latest news in the LTC industry, here’s a little information in bullets which might come handy to you: • LTC facilities will increase by twofold in 2026 and by fourfold in 2030 • Top LTCI providers have ceased accepting applications since the end of 2010, and looks more are to close down before the end of the year • LTCI premiums have increased up to 40% early this year • Medicaid has covered 49% of the total long term care expenses in the past year. If this goes any further, chances are the funds will dry up • You can’t qualify for Medicaid unless you are literally impoverished. To simplify this, economists stressed you have to beg to be able to eat and plead for a few minutes of shelter from the rain because you don’t have a home • Medicare will not cover your long term care expenses. It will only pay until your 100th day in a nursing facility These are LTC snippets which have been the cause of alarm for many aging folks. Now if you’re in Massachusetts long term care costs should be taken even more seriously. Did you know that the annual cost of home care in Massachusetts is already the equivalent of a private nursing home room in Kansas, Louisiana and Missouri, among other states offering more reasonable LTC facilities? You must have $56,628 set aside annually if you would need home health aide. If your condition gets any worse and eventually you’ll require a skilled nurse to monitor you 24/7, you must prepare $349 which is the daily rate of a private room in a Massachusetts nursing home. If you compute that on a yearly basis, you will get an annual median rate of $129,925. If you’re 10 years into your 60th birthday, you can start inquiring about your options on the field of LTCI. There are numerous insurance companies that offer great packages especially for young policyholders. Better be ready than sorry when premiums start to skyrocket again. Are you a resident of Massachusetts who needs long term care insurance? Check out CompleteLongTermCare.com to find more details on Massachusetts long term care costs and partnership information.
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