Long-Term Care Costs Outpace Medical Inflation Rate
Posted on October 26th, 2011 by Em-Power ServicesBloomberg Businessweek is reporting that the average cost for assisted living rose 5.6 percent to $41,724 this year, compared with a 5.2 percent increase last year.
The report comes from data contained in a report by MetLife’s Mature Market Institute released this week. That report found the cost for a private nursing-home room increased 4.4 percent to $87,235 a year and adult day services climbed 4.5 percent to $70 a day. Home health-aide service was unchanged at about $21 per day.
Of particular concern is that the report finds that this year’s increases are greater than previous years. A MetLife representative noted that, “the state of the economy, combined with rising health-care and energy costs, are having a significant impact on long-term care rates… Long-term care rates continue to outpace the medical inflation rate.”
Federal Government options for supporting the costs associated with long-term are limited. The Obama Administration recently decided not to move forward with a public long-term care financing option called the Class Act. Medicare covers only short-term nursing and home health services.
“This is why the employer is central in the long-term care equation,” noted Em-Power Services President Doug Ross. “Without long-term care insurance, future retirees are going to face a financial crisis where they spend all of their savings and retirement to pay for long-term care.”
An employer that offers group long-term care insurance as a benefit can help employees protect their savings and retirement. It’s estimated that one of two people age 65 and older will require some form of long-term care. The average length is three years, and costs can exceed $250,000.
Many states offer additional tax deductions for employers who offer long-term care insurance as a benefit.
Tags: Financial planning, group long term care insurance, Home health care, Long-term care planning strategies, LTCI, Nursing home insurance, Paying for nursing homes | Filed under: Retirement, Uncategorized
Years ago, people never bothered about long term care or thought about it. As parents aged, they often relied on their children to care for them. Today, most parents do not want to burden their children with their care in their old age. And people are living to a remarkable old age as well. This is one of the reasons why you should consider long term care insurance.
there are number of factors why long term care is very expensive. but the issue is it’s causing a lot of anxieties and despair among Americans who find LTC services unaffordable.
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