In early 2014, LTC Tree’s Analytics department found that Long Term Care costs in Ohio vary less than in 36 other states. Cost of care in Ohio ranges from a high in Columbus of $87,000 for a private nursing home room all the way to $12,870 for Adult Day Health Care in Cleveland.
How to Plan
If you’re considering Long Term Care planning, there are several important factors to consider personally in addition to just the cost of care in your area. Many consumers look at Long Term Care Insurance as a hedge. You may buy a policy and never use it, so it often makes sense to partially insure your risk. For example, rather than buying a policy that pays the full $7,250 monthly cost of care, a resident of Columbus may buy a policy that pays $4,500 monthly, with the idea that it will take a large bite out of the Long Term Care cost and supplement other income coming in monthly.
Without knowing the cost of insurance premiums, it’s hard to know how much insurance is too much. Build some exact quote comparisons by calling us at 614-902-3900 to speak with an Ohio State licensed independent insurance agent.
Cost of Care in Ohio by City
Where Will I Need Care?
According to industry statistics, a large portion of Long Term Care claims start in the home. Anyone who’s helped put a parent in a nursing home can probably attest to the fact that dad or mom could have used some help at home prior to entering a facility. The issue is, too many families are broadsided by the whole universe of Long Term Care. Children have their own lives to attend to, and suddenly are removed from their daily routines to help their parents, who may not have planned for LTC at all.
75% of Long Term Care Starts In-Home.
With so many Long Term Care claims starting at home, it’s not surprising that 65% of claims end in the home as well, meaning that if you have an LTC insurance policy, the odds that you remain at home the entire time you’re on claim are actually pretty high. Only when your situation escalates to needing more intensive Assisted Living or Nursing Care would it make sense to leave the home.
Many Long Term Care Policies Cover Non-Agency Caregivers
Ask your insurance representative whether the company they are recommending covers “non-agency” caregivers. Not all policies sold in Ohio will allow for this, and it may be important to you. Home Health agencies play an important role in helping their clients find trusted caregivers, but you want the flexibility to choose virtually any licensed provider regardless of their affiliation with an agency. This simple fact alone can help keep your Long Term Care costs down.
How Will You Pay?
With the cost of care averaging around $50,000/year in Ohio, it’s important to consider which assets you’ll liquidate to cover the cost of Long Term Care. With economic cycles being unpredictable, many Ohioans find it sensible to protect themselves from the high risk of needing Long Term Care with a modest insurance policy.