Price Difference of Long Term Care Costs by State

In planning one’s LTC insurance plan purchase, it is important for him to know about the long term care costs by state because the prices and rates vary depending on the exact location that the individual would prefer to receive his policy incentives.

This should be included in the planning stage of the individual when it comes to his LTC plan purchase. If he finds the rates in his area quite expensive for him, then he might want to consider transferring to another area or state where the amount is cheaper and more affordable. By doing this, he can save enough amount of money for his other personal needs.

However, one cannot inquire about the prices now if he does not have the intention of buying an LTC insurance plan immediately. This is because the LTC costs in all states may differ and increase from time to time, so it is hard to give approximate values to the interested parties.

It is found out that almost every year, the LTC costs increase rapidly, which makes even the insurance people surprised and as a result, they are left with no choice but to sell and offer more expensive LTC insurance plans to the public. So this means that the present long term care costs by state may not be a good basis of how much it would cost a person if he will buy his insurance plan 20 years from now.

To date, the state of Alaska offers the most expensive LTC expenses in the country. An individual who wishes to avail of a private room in a nursing home in Alaska would need to shell out a whopping $230,000 annually just to be able to receive treatment from this facility. If he opts to stay in a single bedroom occupancy in an assisted living facility, he might need to pay for almost $70,000 a year, which is still higher than the rest of the other states.

Remember that this amount is based on the present costs in Alaska and may still get higher as the years go by. If a resident of Alaska does not buy an LTC insurance now, he would definitely have a hard time paying for his LTC needs in the future.

On the other hand, the states of Missouri and Oklahoma are two of the states with the cheapest and lowest LTC costs being offered now. An individual who lives in either of these two states will only need to pay $54,000 a year if they want to stay in a private room in a nursing home in their states or pay only an average of $35,000 per year if they prefer a single occupancy bedroom in an assisted living facility.

The nursing homes in Alaska are triple the price of the same facility that can be found in Missouri and Oklahoma, proving that the rate indeed vary depending on the location of the person.

Check out the websites of your insurance providers to know more about the varying long term care costs by state and plan your LTC purchase now before it’s too late!

Cheska Felbaun - About Author:
Cheska Felbaum shares her expertise on long term care insurance. You may also find information on long term care costs by state.

Article Source:
http://www.articleside.com/insurance-articles/price-difference-of-long-term-care-costs-by-state.htm

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