Living in Virginia requires more than a high paying job and a house. You need to have an effective plan to protect your finances and your family’s future against Virginia long term care costs.
Even though Virginia is the hometown of famous singers and bands apart from being responsible for the rich history of the South, this does not make its residents invincible to the continuously soaring cost of care.
Truth is, families living in this state are currently paying $77,380 annually for their loved ones who are receiving care in nursing homes based on the 2011 Cost of Care Survey of Genworth Financial. If it is this expensive today, just wait for the cost of care to double in 2025 and subsequently quadruple in 2030.
When that time comes, one’s retirement money that is worth half a million will be a thing of the past. So even millionaires will need to start planning their long term care otherwise they might outlive their wealth and there will be nothing left for their heirs.
There is no doubt that the cost of care in Virginia is threatening not only the middle-class but the rich as well. The poor are not magnified in this issue because they have Medicaid to help them out, only members of the middle-class have been partaking in Medicaid benefits for the past two years or so, and thus this federal health insurance program is experiencing difficulty in allocating budget to individuals and families with an income that is below the poverty level.
Revved Up for Virginia Long Term Care Costs
Only a handful of Virginians can confidently say they are prepared for the cost of LTC because they are armed with long term care insurance (LTCI) policies.
Although most Virginians understand the importance of having an LTCI policy, and acknowledge the fact that it can hedge their assets from the prohibitive rates of LTC facilities, they are still not doing anything to get their hands on this insurance product.
If you ask them why they are not doing anything to clinch a policy, they will simply say that they won’t be able to maintain the annual premium of a standard LTCI policy. They think it’s all right not to worry because Medicaid and Medicare will be around anyway.
What every Virginian has to understand is that Medicare does not cover long term care while Medicaid will require a person to spend down his assets first before it takes him in. And if ever it takes an elderly or disabled individual under its wing, he’ll have to make do with the services that the said program is capable of providing him especially now that it is under budget constraints.
Simply put, one has no right to make demands from Medicaid.
Perhaps finding time to discuss a potential policy with a licensed LTCI representative will change the perspective of Virginians. They probably do not know yet that they have options and it’s all a matter of choosing what will best suit their health care needs. As Virginia long term care costs go higher every year, it’s pointless to delay your plan so start it now.