Expensive Rhode Island Long Term Care

Are you a resident of Rhode Island or are you moving to this state for good

? If so, beware of the very high Rhode Island long term care costs which are projected to step up even more come 2030.

According to long term care (LTC) experts, the rates of LTC facilities in Rhode Island are shooting up as if aiming for something unreachable so residents try to chase it and hold it down but to no avail. Many of them still ended up with Medicaid.

Turning to Medicaid is not a good idea at this time since its funding cutback will only subject you to limited care. Though the health care reform has been churning out programs to ease the financial discomfort of the public, it is not wise to rely solely on any of these programs. They should only serve as a backup while your first option should be an intelligent LTC plan.

Based on the projections of financial experts and LTC professionals, the cost of care in the country will rise fourfold in 2030 so when that time comes residents of Rhode Island with a nest egg of $500,000 will only be capable of paying a years stay in a nursing home.

At present, Rhode Islanders who have loved ones in private nursing home rooms pay out on average $105,667 every year. Residents of the Providence Area pay out more money as the average nursing home rate in their place is $114,975.

Apart from nursing home rates, the states in-home care rates are rising very fast, too. In fact, according to Genworth Financial the rate of a home health aide in Rhode Island has increased 2.5% a year over the past six years as opposed to the 1.4% increase nationally over the same period.

Meanwhile, the national annual median rate of an assisted living facility is $39,135 but in Rhode Island its a whopping $50,550.

Rhode Island Long Term Care

Despite being a small state, Rhode Island has a very high cost of care because the total population of its elderly makes up more than 15% of its total population. Although majority of Rhode Islanders prefer in-home care, which is the preferred LTC setting of most Americans, most of them have wound up in nursing homes due to chronic illnesses.

Since the reduction of Medicaid funds, however, every state including Rhode Island had to redesign its Medicaid program to ensure that its beneficiaries needs shall not be compromised.

Rhode Island has successfully enforced the Medicaid-financed home and community-based care for Rhode Islanders who are receiving nursing home care. Simply put, Medicaids LTC beneficiaries in nursing homes were sent back to their homes or to a community-based LTC facility of their choice but continued to receive care via Medicaid.

Now if you are still on the planning stage, why would you want to receive care in this fashion? Its just like eating a half-cooked meal which can later upset your stomach. To be ready for higher Rhode Island long term care costs, now is the best time to consult a licensed LTCI agent who represents major insurance companies that market LTCI policies.

by: Beatrix Lewis

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