The Eye-Opening Truth About Florida Long-Term Care: 8 Stunning Statistics

When we’re young and healthy, long-term care is usually the furthest thing from our minds. We aren’t planning for, or even thinking about, how much it costs to have around the clock care. The fact of the matter is that not only will many of us need long-term care once we are elderly, but debilitating accidents can also happen at any given age, requiring a premature need for care.

There are many facets to long-term care that the average person isn’t aware of; let’s take a look at some surprising statistics:

1) The cost of nursing home care is exponentially more expensive than you probably thought. According to Genworth Financial, the average monthly cost for a semi-private room in Florida is almost $7,500. That’s probably not the figure you had in mind when planning for retirement.

2) Health conditions like high blood pressure or diabetes are indicators that you might need long-term care in the future. Making sure to eat a healthy diet and exercising early in life will help keep complications from these conditions at bay.

3) Payment for long-term care comes mainly from two places. The Florida Health Care Association notes that nearly 40% of long-term care costs are covered privately, while the remaining 60% are paid for by Medicaid.

4) According to the Health Insurance Association of America, the year 2020 will see numbers of over 12 million people needing some form of long-term care. With this much demand, it’s logical that prices for care will continue to rise.

5) If you’re looking for a less expensive option for long-term care, it’s out there. Genworth Financial reports that in-home long-term care costs significantly less than going to a facility; their number estimates a cost of around $3,700 per month, though that number is still not exactly affordable for most people out of pocket.

6) Having your 65th birthday this year? If so, the FHCA states you are part of a demographic in which 70% of you will need some sort of long-term care. Planning for the expense ahead of time will ensure less stress for you and your family if and when the time for long-term care comes about.

7) Medicare probably won’t cover the bulk of your long-term care needs. Medicare Interactive, a resource for Medicare related questions, notes that only the first 20 days of your stay will be fully covered, and only after you have been hospitalized for three days, and after 20 days only a portion of your stay will be covered by Medicare and only if you are making progress in your rehabilitation. Any care beyond this time limit will need to be paid for by another resource.

8) The year 2026 will see huge numbers in our elderly population. The Florida Health Care Association notes that the population of those 65 and older will grow to almost 72 million. Again, it’s essential that you plan for long-term care well in advance due to it’s expected rising costs.

If you’re approaching age 65 or want to get a head start on long-term care planning, contact ProActive Legal Care Law Office today. We can help set up a plan so that your Medicaid and long-term care needs are met without having to sacrifice all your assets and the inheritance you plan to leave to your loved ones.

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