What LTC Insurance Was LikeLong term care as a market has been on the continuous rise for the past few decades, and now, more than ever, there is an increasing demand by the day. Health issues do not go away with age as we know, on the contrary, things just get more complex. Due to greater longevity and increasing medical costs, prices have seen a steady increase and will continue to do so. What is worse is that while the price of the long-term care insurance coverage is going up, traditional policies only pay if you use long-term care. This is a situation that people in Maine will not tolerate, we demand more for our money.
Hybrid LTC Insurance as the SolutionIf you look at some of the traditional long-term care insurance rates in Maine, you will find that the numbers, according to surveys, look something like this:
- The monthly rates for assisted living facilities easily reach $58,000 per year.
- For semi-private rooms, nursing homes charge an hourly rate from $189 to $409, meaning the median annual rate reaches the $100,000 mark. For private rooms, the annual average cost of long-term care in Maine extends up to $107,000.
- Beginning at $16 per hour, home health aides can charge up to $34 at their peak. In annual median numbers, this translates to $51,000.