Planning for Long Term Care in New York
New York long term care costs are torturous but if you live in this state and plan to grow old here, the only way that you can bravely face its very high cost of care is through a well thought out plan such as a long term care insurance (LTCI) policy.New York long term care costs are torturous but if you live in this state and plan to grow old here, the only way that you can bravely face its very high cost of care is through a well thought out plan such as a long term care insurance (LTCI) policy.
New York''s median annual rate for a private nursing home room is $119,355 but the rates of nursing homes in the bigger cities are higher. Brooklyn, for instance, is the second largest city in the State of New York and the rate of a private nursing home room here is $131,400 while in-home care in this area is relatively smaller than the median cost.
Home health aide service in Brooklyn has an hourly rate of $20 while the median hourly rate for this form of long term care is $25. So if you plan to receive in-home care in New York someday, Brooklyn is probably a place that you can consider budget wise.
Meanwhile, if you are contemplating entering a nursing home in New York in the future Kingston and Manhattan do not have the friendliest rates for this type of LTC facility. Semi-private rooms of nursing homes in Kingston and Manhattan have annual rates of $123,322 and $162,425, respectively, according to Genworth Financial''s 2011 Cost of Care Survey. The annual rate of private nursing home rooms in Manhattan is the same as that of semi-private rooms while Kingston''s private nursing home rooms have been compelling its residents to fork out $129,564 every year.
If you think the current LTC costs of New York are too much to bear, wait till they skyrocket to $500,000 a year 20 years from now. This projection was made by financial advisors and experts on the field of LTC.
According to the U.S. Department of Health and Human Services the present elderly population 65 years of age and older is expected to double in 2030 and thus explaining the projected large increase in New York''s cost of care.
To be able to afford the price tags accompanying each LTC facility or in-home care service, you have to start assessing your future health care needs. According to experts your family''s health history is a major factor that you should consider for your LTC plan.
New York Long Term Care Costs
New York happens to be one of the U.S. states with a high, if not the highest, Medicaid spending last year and a greater percentage of this expenditure can be attributed to acute care.
If your family''s health history reveals that you are at risk of acquiring an acute illness, it is wise to consult your doctor about the LTC setting that you will likely need in the future.
People with an acute sickness usually end up in a nursing home but aging in place is possible, too, for as long as you are financially equipped to have your home modified and installed with the necessary communications and medical equipment.
Indeed, New York long term care costs will continue to go up and trying to fight it will just be a waste of time and energy. Plan instead and enjoy your life ahead.