Michigan Long Term Care Costs Go Higher
Michiganians have been experiencing expensive long term care (LTC) since time immemorial, yet Michigan long term care costs shot up once more as what can be gleaned from Genworth Financial’s just released Cost of Care Survey.
No matter how high the cost of care is in your place, you can only expect it to go even higher owing to inflation. Michigan is one of those places that you wouldn’t want to receive care in because it does not offer much choices in terms of cost.
Perhaps those who are looking at community-based LTC facilities in Michigan will be glad to know that the median annual rates of assisted living and adult day health care centers have dropped by 4% and 9%, respectively. However, it’s public knowledge that 90% of Americans prefer to receive in-home care someday.
According to Genworth Financial’s nationwide LTC costs data, the median hourly rate of a home health aide in Michigan has stepped up from $19 to $20 which easily translates to $45,714 annually. Homemaker services, on the other hand, now cost $19 per hour or $42,625 annually.
Just like the residents of other U.S. states, Michiganians stress in-home care is their only option. Should they need to leave their homes someday to receive quality care, they say the farthest that they would go would be an assisted living facility and then they would go right back home after awhile. Nursing home care, they say, is absolutely out of the picture.
Despite the refusal of many people to enter a nursing home, the annual cost of private rooms in Michigan nursing facilities has increased to $87,600 which is a 2% difference from $85,775. This only proves that the quality of care provided by nursing homes is indispensable especially to individuals whose health conditions require round-the-clock medically necessary care.
How to Prepare for Michigan Long Term Care Costs
No one can tell when the next round of price increase for LTC services will take place. It’s like a storm that just attacks abruptly. The only difference is that everyone knows that he will need some level of LTC at some point in his life so he can gradually work out a plan that will protect his assets and family from the high cost of care.
Whether one decides to receive in-home care, community-based care, or enter a nursing home or continuing-care retirement community, he is bound to spend a substantial amount of money someday because LTC costs will continue to rise for as long as there are people in need of custodial care, medical care, rehabilitative treatment, and other types of health care that go on for a long period of time.
If you are not wealthy and you don’t think you will ever be in the future, it does not mean that you have no access to quality LTC. You simply have to start your LTC plan today even though you are decades away from the retirement age. At least you’ll get the opportunity to plan in baby steps.
Although Michigan long term care costs are prohibitive, you should not feel helpless. For as long as you have a fixed income and you’re in perfect shape, you are capable of planning your future health care needs.
Visit our website now if you’re wondering how much is your long term care insurance costs. We assure you, we’ll give you free long term care quote from and all the information you need about long term care.
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