The Current State of AffairsFor a long time, traditional long-term care insurance took up a significant portion of the Maryland long-term care insurance industry. It is acceptable to say that a small revolution is taking place in regards to protection products covering long term care. Health-based long term care insurance, whose shortcoming and downfalls have already been exposed countless times, are losing traction among not only the public, but insurance companies themselves. Now hybrid long-term care insurance plans are the sensible choice in Maryland. Capital Retention represents the most innovative and well-recognized national insurers, and we are here to help fit you with the best LTC policy for you and your family’s needs.
Why You Should Choose Hybrid LTCTaking a peek at traditional long-term care insurance rates in Maryland will show us that the numbers look something like this:
- The median cost for nursing home care in Maryland is $101,000 for semi-private rooms and $110,000 for the private rooms. The cost of nursing home services has been growing at a steady 5%.
- Home health aide services hourly rates begin at $11 and end with a maximum of $27. This amounts to around a $46,000 median annual rate in Maryland. The price has been stable over the past five years.
- Finally, the assisted living facility monthly rates for a single bedroom, single occupancy begin at $1,750 and top off at $8,950. This gives us a median annual rate of $47,000. The price is likely to grow, seeing how the last five years have shown an increase of 4% annually.