Purchasing a Florida long term care partnership policy is, indeed, the best way to plan your future healthcare needs as this offers more than just long term care (LTC) coverage. Without a definite plan, you’re going to find yourself at the receiving end of mediocre healthcare service. Florida boasts top of the line long term care (LTC) facilities that is why you won’t encounter problems in looking for a place to call your second home. You’ll find nursing homes and assisted living facilities situated near the beautiful beaches and just minutes away from the city’s shopping centers, strip of restaurants and hospitals. Aside from intelligently designed LTC facilities, Florida also happens to have the most conducive climate for elderly folks. This explains why it has become the favorite choice of people nearing retirement. There is absolutely a lot to enjoy in Florida but one has to remember that these don’t come cheap. This is especially true in the area of healthcare. At present, a resident in a Florida nursing home spends $83,950 yearly. Since majority of Floridians prefer home care, they spend $21 per hour or $41,184 annually for a home health aide to assist them in their activities of daily living (ADL) such as eating, bathing, toileting, dressing, transferring, and continence. Meanwhile, elderly folks who are living alone spend more on care as they regularly acquire homemaker services, too, which cost $20 an hour. Paying for LTC expenses out-of-pocket seems easy in the beginning but before the year is over, you will realize that your resources are dwindling down really fast. What’s more, the cost of care in Florida and elsewhere for that matter is not fixed. As a matter of fact, financial experts and LTC professionals have already projected a twofold increase in the cost of care come 2026, and a fourfold increase in 2030. Secure Your Future with Florida Long Term Care Partnership Policy While the government had difficulty encouraging baby boomers to come up with an effective LTC plan, it’s the opposite with generation x. Earlier this year, statistics showed a large number of young Floridians in their 30s have managed to secure comprehensive and facility-only LTCI policies. Their annual premiums range from $400 to $500 as opposed to $6,000 which senior Floridians aged 70 and older have to maintain annually. These young insured Floridians can enjoy a bigger amount of benefits when the day comes that they qualify for LTC because of the 5% compound inflation protection that was integrated into their policies. At 30, these youngsters barely have assets yet but if they manage to acquire countless properties in the future, they can exchange their existing LTCI policies for a partnership qualified policy to ensure the protection of their wealth. Policies that comply with the rules of the Florida long term care partnership program are tax qualified and these provide dollar-for-dollar asset protection. In other words, once you have exhausted your insurance benefits you can apply for Medicaid and keep the amount of your assets that is equivalent to your policy’s maximum benefit amount.
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