Financial Security With Maryland Long Term Care Insurance

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Marylands elderly population is growing at a fast rate surpassing the number of newborn Marylanders

. In fact, a nursing home research reveals that people who are 85 years old and older stay the longest in nursing homes. With the soaring cost of care though, most people cannot last a year in this type of long term care (LTC) facility without a Maryland long term care insurance policy.

As of this writing, the average annual rate of a nursing home in Maryland based on the 2011 survey which was conducted by Genworth Financial on LTC costs is $89,972. This is too far from the national average which ranges from $77,745 to $85,000.

Even the rates of assisted living facilities in the State of Maryland are shooting up and have actually increased 6.2 percent from its 2004 rates. At present, the average annual rate of a Maryland assisted living facility is $39,600 which is significantly higher than the national average which is at $39,135.

In-home care is not a better option either in terms of cost as it happens to be even more expensive than an assisted living facility. For a home health aide, a resident in Maryland will have to fork out $23 per hour. Home health aide services cover assistance in the activities of daily living (ADL) namely eating, bathing, dressing, toileting, continence, transferring or walking.
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Should an in-home care patient require a companion to and from his scheduled doctor appointments and in shopping, a home health aide will gladly oblige.

Meal preparation, housecleaning, laundry service, and doing errands are no longer in the scope of a home health aides job. These chores fall under the homemaker services, another type of LTC which an elderly or disabled Marylander can acquire at an hourly rate of $22.94 or $23.

It really takes a lot of dough to be able to acquire quality care in Maryland so without it, youre just left to perish.

Maryland Long Term Care Insurance to Cover LTC Expenses

Though Maryland boasts top of the line nursing homes, which are equipped with advanced medical equipment, and thus perfect options for chronic hospitals, not everybody in the state can afford the services that are offered in this type of LTC facility.

Perhaps, if one is contemplating paying his LTC expenses out-of-pocket he really cant afford any form of care in Maryland. Even if his retirement savings is $750,000 he still wont be able to afford todays cost of care and the one in the future.

Ones only saving grace is a comprehensive long term care insurance (LTCI) policy which will allow him to receive care in any setting. Aside from LTC coverage, an insured individual can also enjoy huge tax deductions from a tax-qualified LTCI policy.

Under the federal law, a portion of a policyholders LTCI premiums shall be treated as medical expenses and thus deductible from his income tax. Every year an insured Marylander can enjoy higher deductions for as long as he diligently pays the annual premium of his Maryland long term care insurance.

by: Roberta Mejia

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