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The Real Cost of Rhode Island Long Term Care Insurance

 

With the many different types of insurance on the market, many of which you are required to purchase, it is easy to disregard or put off the prospects of Rhode Island long term care insurance. You may even think it not necessary and simply an added expense. With economic times being what they are; the cost of long term care insurance is just something that is not within your budget: You think.  

The purpose of this article is to inform you of the real cost of Rhode Island long term care insurance. To understand the real cost of long term care insurance, it must be put into perspective with the cost of long term care.

 

Rhode Island Long Term Care Insurance: The Chances of Needing Long Term Care

You may be one of the many who believe that the chances of needing long term care are slight, especially if you are under the age of 65. While it is true that those under the age of 65 are less likely to need long term care, it is not uncommon for younger individuals to require extensive long term care services.

Take a look at some of these recent statistics concerning the likelihood of needing long term care.

 

  • 40 percent of those requiring long term care are between the ages of 18-64
  • 20 percent of those over the age of 50 will require long term care within the next year
  • Couples 65 years of age have a 75 percent chance of one member needing long term care

 

At any age you can be stricken with a debilitating illness that will require you to have the assistance of others for the performance of daily activities. At any age you can be the subject of an accident that disables you for an extended period of time.

 

Rhode Island Long Term Care Insurance: Types of Long Term Care Available

There are several different types of long term care that you may need and that is covered by a Rhode Island long term care insurance policy. The type needed will depend upon the severity of your disability, the friends and family that can assist you and your personal preference.

 

  • Home Care
  • Assisted Living Facility
  • Nursing Home

 

Home care is the cheapest and the least invasive. If you have relatives to help on occasion and your disability is not terribly severe, home care is your best option. A nursing home requires the most care and is the most expensive. Severe disabilities, especially cognitive will generally require a nursing home. An assisted living facility falls somewhere in between the two, though it can still be very expensive.

 

Rhode Island Long Term Care Insurance: The Cost of Long Term Care

Long term care costs are rising, and rising dramatically. Each year, the cost increases anywhere from 7 to 10 percent and there seems to be no slow down in site. The current average cost of long term care in Rhode Island is:

 

  • $19 hour for home care
  • $105 per day for an assisted living facility
  • $251 per day for a nursing home

 

You can easily pay out over $40,000 per year for an assisted living facility and over $100,000 for a nursing home. It is expected that the cost of one day in a nursing home in 2018 will reach $500. Figures such as these may make you rethink the idea of not needing Rhode Island long term care insurance.

 

Rhode Island Long Term Care Insurance: The Cost of Long Term Care Insurance

Now comes the time to discuss the cost of a Rhode Island long term care insurance policy. The premiums for a long term care insurance policy will vary greatly due to many variables. The most significant variables will be your age, health, marital status and cost of long term care in your area. Here are some more figures for you to consider.

 

  • Age 55: $723 per year or $60.25 per month
  • Age 65: $1,364 per year or $113.67 per month
  • Age 75: $5,330 per year or $444.17 per month

 

These figures are the average costs of standard policies for married individuals and include inflation protection, which is necessary with costs skyrocketing. As you can see, buying early is the key. You can lock in your rates by purchasing early and have the protection in place. 

 

Rhode Island Long Term Care Insurance: Shopping Around for the Best Rates

You can find rates even lower than those shown above. Buying early and keeping yourself in good health are essential to saving money on Rhode Island long term care insurance. In addition, don't discount the importance of shopping around.

Shop around using online long term care insurance rate quotes and you will quickly find that one insurance company may charge much less for the same insurance. Spend about 20 minutes getting at least five rate quotes from reputable Rhode Island long term care insurance companies and you will save money on your premiums.

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