Perhaps everybody can see that Pennsylvania long term care costs are excruciating especially to those who only have their home and little assets to rely on. In fact, it won’t take long for a home health aide to start charging elderly and disabled Pennsylvanians $96 per hour.
Pennsylvania’s cost of care is frustrating its residents but it’s not like the government is not doing anything about it. Truth is, the Pennsylvania Department of Aging led by Secretary Brian Duke is preparing a four-year State Plan for Aging which will benefit Pennsylvanians past 65 years old.
The said plan is focused on improving the quality of care that is being provided to elderly people but until it has materialized every resident of the state should take the responsibility of planning his own LTC needs.
There are a lot of actors that affect the cost of care so it is not enough to base your plan on your current assets. Just because a private nursing home room currently costs $260 and your daily rate at work is $400 it does not follow that you can afford it. Mind you, the rates of nursing homes, assisted living facilities, in-home care, continuing-care retirement communities, and other long term care (LTC) settings rise every year.
One factor that affects the cost of care in Pennsylvania is the population. According to demographers, the state’s elderly population over 65 years old will double in 2030 which is basically the same time that LTC costs are projected to quadruple.
To be able to accommodate more senior folks in need of custodial and medical care, home health care agencies and LTC facilities have to bring in new beds, medical equipment, medical staff, caregivers, personal care assistants, and home health aides among others. Doing so will cost them a lot of money and thus explaining LTC settings have to increase their rates.
Planning Your Pennsylvania Long Term Care
Aside from rapid population growth and the increased demand for LTC facility care and home-based care providers, inflation also factors in the continuous increase of LTC costs.
Every year the cost of care increases 5% and this is actually the reason buyers of long term care insurance (LTCI) policies are encouraged to integrate a 5% annual compound inflation protection into their policies. This will keep the amount of their insurance benefits at pace with the cost of care.
While it is good to know that the government of Pennsylvania is working out something that will improve the health care system that is currently utilized for the elderly and disabled, it is not advisable to be complacent or overly confident with your future health care needs.
Remember that the federal government once had an ambitious plan for the LTC industry but it went kaput. You can only be certain of your future if you take up the reins of your personal health care plan.
Discuss the future with your family and what you should possibly do in the event you would wind up needing Pennsylvania long term care. Having your own LTC plan will definitely spare you and your family from financial turmoil.