<script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js?client=ca-pub-3297454850587592"
crossorigin="anonymous"></script>Long term care is expensive and it is only going to keep getting more expensive. The benefits of long term care insurance is essentially having the income to afford necessary long term care, whether it’s at a nursing home facility or at home care. And assisted living services providers, such as a place for mom, anticipate that at least 70% of people over the age of 65 will need long term care assistance with daily activities.
Because of rising long term care costs, the State of California is working on a way to address the costs of long term care – which is by implementing long term care insurance programs state wide.
As a matter of fact, Washington state has already implemented long term care insurance law. The way that Washington state set up this program is by requiring employers to collect a percentage of an employee’s wages through payroll deductions. Fortunately, employees are allowed to opt out of the law only if they have purchased private long term care coverage. You can read more about that here.
And, there are at least 12 states considering long term care insurance programs. So what does that mean? It means that if you live in one of the 12 states, then you need to start shopping around. And for those of us that do not live in a sate that is considering to enact a long term care insurance program, then it’s time to consider getting long term care coverage.
Remember, long term care costs (as well as taxes) are only expected to rise even higher!