home care cost

Home Care Costs in Ohio Lower than National Average

Ohioans looking at the cost of long term care may be shocked to find how expensive it is. Most people, regardless of the state they live in, are. Fortunately, costs of home health care in Ohio are lower than the national median cost. Despite the lower cost, few would call it affordable, which highlights just how crucial it is to plan ahead for long term care.

Home Care Wins in Public Eye

Long term care isn’t something most people spend their time thinking about it, and for good reason. Who wants to picture themselves elderly, frail, and in need of help just to get around? Not most people, I would imagine. But thinking about ourselves in this way can help us get a better grasp on our retirement savings and plan for future costs that we might otherwise not be prepared for. Long term care is a daunting subject, but Ohioans can help themselves by establishing a plan to cover the costs ahead of time.

If long term care is a subject people avoid thinking about, nursing homes top the list of dreadful thoughts. Truth be told, few people want to end up in a nursing home and many even say they would rather die than live in a nursing home. If long term care is inevitable, most people want to receive that care in the comfort of their own home, surrounded by their community and in a familiar environment in which they feel at ease. Preferring home care over nursing home care doesn’t make it happen, though. Wishful thinking doesn’t accomplish much, but taking action to set up the appropriate plans does.

Cost of Home Care in Ohio

The cost of home care in the state of Ohio runs at a median cost of $43,472 annually, according to the 2014 Genworth Cost of Care Survey. While this cost may seem astronomical to some, when you consider the fact that it is actually less than half of the annual cost of a room in a nursing home, you begin to see things in perspective and understand one of the many reasons people prefer home care. The median cost of home care in Ohio is less than the national median cost, which is currently $45,188 for a year of care from a home health aide.

The minimum cost of home health care is $13/hour, which ends up being just over $27,000 a year for care. The maximum cost of home health care is $31/hour, which can result in a year’s worth of care costing more than $64,000, based on a 40 hour work week. Ohioans are fortunate that their costs are on par, if not less, when compared to the national average. Despite the lower end cost, though, it’s still important to develop a plan to pay for that care. That’s where Long Term Care Insurance comes in.

Planning Ahead

If you are in your 40s or 50s (or older) and haven’t yet considered Long Term Care Insurance, now is the time to do so. It’s important to buy a policy when you are still in good health to help you obtain the lowest premium rates possible, so delaying the purchase will only increase what you pay.

We have compiled a list of tips to help Ohioans better understand the ins and outs of Long Term Care Insurance.

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