Long-Term Care Costs Keep Rising, but There Is a Solution

By Steve Elliott | September 26, 2016 | Comments Off on Long-Term Care Costs Keep Rising, but There Is a Solution

Long-Term Care Cost Oceanside CA

Long-Term Care Cost Oceanside CA

Predictions held that the in-home care industry would be the number one job creator between 2014 and 2020, and possibly beyond. That’s because the Baby Boomer generation began retiring and the overall population of seniors in the United States was expected to increase as a percentage, based on the general population.

With more seniors reaching retirement age, it stands to reason that more are going to require increasing healthcare and support at home. That’s where home care comes into play.

In most situations, though, people who require some type of in-home care are only going to require it for a limited amount of time, whether it’s a few weeks or several months. However, there are also increasing numbers of seniors and disabled adults who require extended care and support, commonly referred to as long-term care.

Increasing costs.

When the Department of Labor instituted new rules that protect home care providers with regard to minimum wage and overtime pay, many agencies stated it was going to place added pressure on them to stay in business. Coupled with a decrease in Medicaid reimbursements, this has been playing out by adding even more pressure on the industry itself.

Private home care agencies that don’t require Medicaid reimbursements or don’t rely on it as a significant source of revenue have been increasing the cost of care, especially around the clock care and long-term care.

But it’s not just home care support that is impacted by increased costs. Nursing homes, assisted living communities, and independent living environments all cost more today than they did just a few years ago. That is expected to continue increasing, especially if more states begin imposing minimum wage requirements that are significant jumps from where they were this past year.

As these costs of labor increase, the cost of care is going to increase as well. Depending on the situation, long-term care could cost $30,000, $50,000, $80,000, or more every single year. Those are staggering numbers, especially when you consider the average median income for a middle-class family in the United States is just $48,000 per year.
How can you pay for that kind of care? A lot of people have a tendency to rely on the government and Medicaid services, but what if they don’t qualify? The best way to protect yourself and your loved ones is by considering long-term care insurance. It’s one more step in being responsible for yourself and your family into the future.

If you or a loved-one are considering Long-Term Care Insurance Costs in Oceanside CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.

Steve Elliott
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