The costs of long-term health care have gone up consistently for decades. With changing demographics, medical advances, and longevity, costs should continue to increase as the demand for care increases in the decades ahead.
The world is getting older, and Rhode Island is leading the way. Rhode Island has the highest percentage of people aged 85+ in New England. Rhode Island has the third-highest percentage of adults aged 85 and older in the United States.
60+ Population Increasing in Rhode Island
According to the 2020 Rhode Island Healthy Aging Data Report, there are 243,523 Rhode Islanders who are aged 60 and older, a 23% increase from the previous report issued in 2016. This is a large number of people getting older and facing, at some point, the need for help with daily activities or supervision due to memory loss.
In the last ten years, the cost of in-home care has increased by almost 40% in Rhode Island and is continuing to soar each year. As the cost of long-term care continues to increase, people need to understand how to prepare to pay for the care they will need in the future,” said Sheri Kennedy, the owner-operator of Amada Senior Care in Rhode Island.
The LTC NEWS Cost of Care Calculator shows the average cost of long-term health care services higher than the national average. Costs vary depending on location, be it in the major population centers like Providence, Cranston, Warwick, and Pawtucket areas or smaller communities like Charlestown, Hope Valley, or West Greenwich.
LTC NEWS Cost of Care Calculator for Rhode Island – Click here to use calculator.
Most Extended Care Deliver at Home
Most long-term health care is delivered in the home. There are many quality home care providers available in Rhode Island; however, you want to be sure the agency hires and trains the best people to provide the proper care for your loved one.
Adult day care centers have become a popular way in Rhode Island to keep a loved one in their home longer. During the day, the person gets dropped off where they receive the attention they need, meals, and social activities. They return home at night.
Assisted living facilities are less institutional and have also grown in popularity and price variations. The costs of assisted living can vary dramatically depending on the amenities and the amount of assistance the person requires.
Some assisted living facilities offer memory care, but stand-alone memory care facilities exist. Nursing homes remain the most expensive type of long-term care, and those costs are more costly in Rhode Island than the national average.
Reverse Mortgages Can Help for Some People
Reverse mortgages are available in Rhode Island and can offer a way to fund either Long-Term Care Insurance or the care itself, depending on the situation.
Long-term care services are increasing in cost every year. The demand for care is also growing with an ever-aging population in Rhode Island. Planning for the future change in health, body, and mind has become an essential part of retirement planning.
Rhode Island Participates in Long-Term Care Partnership Program
For many families, affordable Long-Term Care Insurance provides the guaranteed tax-free benefits to pay for quality care, including in-home care that most people will prefer.
There are several types of available plans in Rhode Island. An experienced Long-Term Care Insurance specialist can assist you in navigating the many choices to match you with the best coverage at the lowest cost.
Rhode Island participates in the Long-Term Care Insurance Partnership Program that offers additional dollar-for-dollar asset protection. The Rhode Island Office of Healthy Aging has many resources for older people in the state.
Preparing for the costs and burdens that longevity brings us will help make for a more successful retirement. The consequences of long-term care impact income, assets, lifestyle, and legacy. Family caregivers face tremendous stress and anxiety.
Planning helps give your family time to be family. Experts suggest researching options, including Long-Term Care Insurance before retirement, ideally in your 40s or 50s.
The fact is we experience many changes in our health, body, and mind as we get older. These changes will often lead to a need for long-term health care. The costs are staggering and adversely impact income, assets, lifestyle, and legacy.
For many American families, affordable Long-Term Care Insurance is the solution. You can safeguard your savings as you reduce the stress and anxiety otherwise placed on your family.
You Must Health Qualify to Obtain Coverage
The underwriting criteria are different with each company. You will have to answer some health questions even to obtain accurate quotes. You ideally want to get coverage when you enjoy good health. If you are already receiving care in your home or if you live in a care facility, you would be ineligible for coverage.
Seek Help of a Qualified LTC Specialist
A Long-Term Care specialist can help you determine your eligibility based on your health history and other factors. Most financial planners and general insurance agents are not knowledgeable about underwriting, features, benefits, federal/state partnership programs, policy design, and claims.
Find a qualified specialist by clicking here.
LTC NEWS Cost of Care Calculator
Your research should include finding the current and future cost of long-term care services in the area you live – or plan on living in the future. Use the LTC NEWS cost of care calculator by clicking here.
Other research tools are available, including the Ultimate Long-Term Care Insurance Guide. Review the guide by clicking here.
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