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Long term care facilities are expensive today and there’s no chance for these to get any cheaper in the coming years; expect a speedup of rates instead according to economists. The only way you can spare yourself from the soaring rates of long term care services is by getting equipped with long term care quotes. Talk to your insurance agent, broker or whoever is going to provide you with LTCI quotes and let them know your exact plan for long term custodial care. What you will be getting will actually depend on where you want to receive care and for how long you will need it. For their security, some people have opted for an LTCI policy with lifetime coverage but this will cost so much in annual premiums. Don’t pressure yourself to get into the same deal if you think you can’t afford it. Each LTCI policy is tailored to a specific individual’s needs. Perhaps others require lifetime LTC coverage because aside from custodial care they also need a skilled nurse to monitor their health 24/7 especially if they have been diagnosed with a serious type of illness. If you’re one of those people with a very healthy lifestyle, rest assured that you’ll only be needing assistance in the activities of daily living and that probably won’t happen until your 90th birthday. While you’re 50 and still active at work, this is the best time to scout for the ideal LTC facility in your area. If you are contemplating staying at home and hiring a home health aide to assist you in walking, bathing, dressing, and other activities of daily living, the average hourly rate of one is $19. On the other hand, if you think you might consider staying in a private room in a nursing home for about one year, the current annual rate of a nursing home is $77,745. Meanwhile, an assisted living facility is currently at $3,261 per month, which is equivalent to $39,132 a year. These numeric figures are only good for the next couple years because financial experts predicted a twofold increase in 2026 then five years thereafter LTC facilities will cost four times more. Long Term Care Quotes and Future Cost To ensure you get an LTCI policy that will remain competitive even 30 years down the road, your insurance agent should provide LTCI quotes that are based on the future cost of LTC services. For instance, if you are aware that you’ll need to spend roughly $221,920 annually beginning 2051 once a benefit trigger occurs and qualifies you for long term care, you can start saving a chunk of your earnings right now rather than have only $50,000 left in your savings account later on. Why not slash your grocery expenses and your budget for caprice so you can regularly put aside 60% of your monthly salary? By gathering long term care quotes, you don’t only prepare your future custodial and health care. It shall also help get you financially organized. Visit CompleteLongTermCare.com to read tips on how to save on long term care insurance premiums and details on CLASS Act provisions.
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