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Your expenses for receiving long term healthcare

Your expenses for receiving long term healthcare

Long term healthcare is one of the most essential healthcare requirements of a human being. Most of the people who are residing in the United States generally opt for such a service. This article informs about Long term healthcare and the average expenses (monthly/daily), which an individual spends for it at present. It also informs about the different aspects on which long term healthcare relies on. Accompanied with relevant research data, this article will surely guide people in estimating their future expenses (approximately) for Long term healthcare services.

Many of us are often in the requirement of long term healthcare services, but it does not signify that you will need to spend an amount of money from your own pocket to anyone in order to offer it. There are a majority of the people who require assistance, obtain long term healthcare at absolutely no cost from their family members or their friends generally at home. Researches have been conducted recently among more than 50 people and 90% among them stated, that they desire to be the primary caregiver in case their partner or spouse requires long term healthcare.

However, many of the caregivers who are not paid either requires putting their feet up occasionally or has to remain engaged in their jobs (permanent posts or freelance duties), which averts them from performing the role of a caregiver during the entire day.

Three aspects on which long term healthcare relies

If you compensate money to anyone to give help with ADL's, then the usual expenses for long term healthcare relies on 3 aspects. These are:

  • The common degree of prices in your area of the nation
  • The exact expense tariff in return of the services you require
  • The time limit for which the requirement for care persists

An average estimate of the expenses for long term healthcare

On the year 2005, in the month of August, as per the studies conducted by MMI (MetLife Mature Market Institute), the average expense per month for booking a semi private room in a nursing home varied from a minimum of $3,000 in Shreveport, Los Angeles to a maximum of $9,250 in New York City. This means that if a patient needs to stay in such a room of a nursing home, then the annual expenditure for such a service amounts to a sum of $36,850 in the city of Shreveport to about $112,400 in New York City.

The MMI also conducted an investigation on the covered expenses of Assisted Living and Home Health Care. In the month of August (year 2005), the minimum average base tariff per month for an Assisted Living resource amounted to $1,650 in the MS Area (specifically in Jackson), whereas the maximum cost was perceived in the CT. area (specifically in Stamford) at a sum of $4,300.

In the month of August (year 2005), the minimum average tariff per hour for a home healthcare assistant amounted to $12 at Shreveport, whereas the maximum cost was perceived in Rochester (MN) at a cost of $23. However, in case you require a home healthcare assistant on a full time basis, then the charges will amount to a tariff varying from $288 to a sum of $552 for each day. When the rates are estimated on a monthly basis for a home healthcare assistant, the tariff varied from $8,640 to a sum of $16,550. This was also reported keeping in view of the surveys, which were conducted by the MetLife Mature Market Institute.

It must however be kept in mind that similar to the normal healthcare expenses, the long term healthcare expenses are also soaring up day by day in a stupendous manner. Even if you compare this rate of growth of expenses in the field of healthcare with that of the inflation rate, then you will find that the former's rate of growth is faster than that of inflation. It is an alarming thing to imagine that if a person stays in a nursing home for 4 years or exceeding that; then it would lead to an expenditure of an amount varying from $200,000 to a sum of $450,000. A price, that is hard to afford by a person with limited budget. So if you are not able to pay such a price from your side and even not able to enroll for a Medicaid policy, then you are left with no other option but to purchase a long term healthcare policy.

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