Massachusetts Long Term Care Policy Costs & Information
The people of Massachusetts consider health care costs as one of the top health issues that the state needs to address. Long Term Care costs have steadily risen in the past five years.
Senior citizens in Massachusetts are spending tens of thousands of dollars a year for home and community-based care while those of them who are currently residing in nursing homes are forced to pay six figures a year.
The stateâ€™s going hourly rates for home health aide and homemaker services are $25 and $23, respectively.Â Residents of nursing homes, on the other hand, have to fork out $350 every day or $127,740 a year for a private room.
Genworth Financial, a major global insurance carrier, released its findings on the current median cost of Long Term Care in Massachusetts.
|Region||Homemaker Services Hourly Rate
|Home Health Aide Hourly Rate
|Assisted Living Facility Monthly Rate
|Nursing Home Daily Rate
|Nursing Home Daily Rate
|Rest of State||n/a||$27||$6,400||$367||$400|
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Care costs are continuously increasing over the years and residents do not have enough retirement savings to meet the expenses. In fact, only 25% of baby boomers in Massachusetts believe they are prepared for retirement.
Many turn to state funded programs as lack of financial security overwhelms many caregiving families in Massachusetts. In 2000, one in every five adults age 65 and above depended only on Social Security for subsistence. Without Social Security, almost half (47%) of the senior population would have lived below the federal poverty line from 2000 to 2002. This resulted to heavy dependence on public funding for Long Term Care needs.
Residents of the state who are approaching the retirement have to seriously plan their future and they are strongly encouraged to look into their Long Term Care Insurance policy options, as these will spare them from facing bankruptcy due to expensive long term care services.
Massachusetts has a Long Term Care Insurance program that is actually different if not totally unique from others as it allows senior folks who need care to use their benefits for home and community-based care. Should they enter a nursing home later on, they will be able to protect their homes from MassHealth estate recovery.
Although the sales of Long Term Care insurance policies have increased over the years, many still rely on public funding.
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Massachusetts Long Term Care Insurance References
- House No. 1004. An Act Relative to a Long Term Care Partnership Program. 2007. The Commonwealth of Massachusetts.
- Section 4. Senate No. 575.
- Long-Term Care Report 2002. The Massachusetts Senate.
- Divided We Fail. Key Findings in Massachusetts. 2008. AARP.
- State-Specific Data From The Genworth 2010 Cost of Care Survey.