California is one of the states that have the most expensive annual care cost. According to Genworth’s Cost of Care in 2012, the cost of care in California ranges from $20, 020 to $93, 988. These numbers will continue to increase in the coming years so it is imperative to purchase coverage to avoid burning their pockets later on. But how much does long term care insurance cost in California?
Studies done a couple of years back brought back big numbers. Statistics would show that people between the age of 55 and 59 paid $794 to $8,824 annually. Those who are between the age of 65 and 69 have cost them $1,434 to $7,466 in a year. While those who are 75 years old and over paid between $6,733 to $13,039 annually.
The price range shows that age plays a huge role in determining the premiums of a California resident. Obviously, the earlier you apply for California long term care policy the lower your premiums will be. This piece of information is not just for sole purpose of informing residents of the cost of care and coverage but also to encourage them to apply for coverage.
Long term care policy provides residents the protection and comfort they need during their retirement years. Now that people have an idea how much does long term care insurance cost in California, it’s now time to explore their options.
California offers three types of policies to their residents and they are:
1. Residential Care Facility and Nursing Home Only – This type of policy is exclusive for skilled, intermediate and custodial care in assisted living facilities and nursing homes.
2. Home Care Only – As the name of the policy suggests, this covers respite care, hospice services, personal care, homemaker services, adult day care and home health care.
3. Comprehensive Long Term Care – This policy has a comprehensive coverage, a combination of the first two policies.
There is also a special partnership long term care program that ensures policyholders that their coverage will always be up-to-date and their other assets will always be protected. Aside from automatic inflation protection, there are also other special features that California residents would find very beneficial.
The cost of care continues to increase ever year. Its average increase rate is 5% annually. So hypothetically, a nursing home or assisted living facility that costs $50,000 annually can go as high as $100,000 annually 14 years from now. Without coverage, residents will have a hard time keeping up with the cost of care in California. People should take this seriously and plan their future as early as possible in order to avoid huge long term care expenses.
To those who are still asking how much does long term care insurance cost in California, it is expensive in nature and continues to increase each year. However, by exploring long term care options and choosing the right policy, residents of California can lower their premiums and enjoy a more convenient life in the future.
Keywords: what is long term care insurance, long term care planning
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