Fri. Sep 17th, 2021
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What does the average Florida long term care cost? How much does a Florida long term care insurance policy cost? The cost for long term care insurance policies varies with the state, and it is different for each person in the United States. In the state of Florida, the cost has a lot to do with the place of living and the demographics of the population living in a particular area. It is essential to understand that the cost will not be the same for everyone and that people in Florida should get quotes from many different companies to make sure that their rates are being calculated accordingly.

The Cost Of Long Term Care In Florida

Long term care is one of those variables that will always change. In the state of Florida, many people are living with what their long term insurance companies are paying, mainly because Florida is a senior citizen-state. Based on the 2006 MetLife Mature Market Survey of Nursing Home Costs, the average amount of money a person will pay daily for a private room in a nursing home is an estimated $200. Although it is not the most expensive state, Florida is in the middle range, and it is not cheap to live in a nursing home in the “sunshine state.” This survey also examined the state of Florida into three regions (Jacksonville, Orlando, and Miami) and came up with estimated figures on how much money it would be the cost of long term care in each of the areas.

Jacksonville: The Northern of the three cities examined gave terrific results. The rates in this city were the cheapest ones (if that’s what you want to call them). For home health care (Average hourly), the average amount was $16 per hour. For a person to live in a nursing home, they would have to pay an estimated $184 a day! And the people living in assisted living facilities will have to pay a staggering $2,567 a month!

Orlando: The city that makes all your dreams come true because of Disney World saw the second-highest rates. For a person living in Orlando that required home health care, they would be required to pay $16 an hour as well. The average nursing home day went up past the $200 mark ($210 to be exact), but the assisted living facility price fell to $2,379 per month. You can find health insurance orlando fl on web easily.

Miami: The southernmost city in the survey saw the rate of home health care fall to only $14 an hour. They ranked second behind Orlando in nursing home costs with $214 per day and were the most expensive when it came to assisted living facilities with an estimated $3060 per month!

As you can see the long term care industry in the state of Florida is not very cheap, and experts predict that rates will go up in the future all over the United States, making it even more expensive to insure people for long term care everywhere in the country!

Tips For Finding Cheaper Florida Long Term Care Insurance

Although as seen in the market previously for FL long term care insurance is not a very cheap one, there are many ways in which people can save a lot of money without having to drop coverage.

  1. Ask for Discounts:There are many discounts out there that will allow a person to lower their long term care insurance needs. These discounts, however, vary from state to state and from company to company. Because of this reason, you must ask the company about discounts before assuming that they have them. You can also look at the company’s website because many companies list all the eligible discounts on their online page.
  2. Bundle Insurances:These might not work for everyone because there are people out there that only have one type of insurance and some others that have coverage with companies that only give away a particular kind. For all the people however that have more than one insurance policy (auto, long term care, life, health, homeowners) and that know that their insurance company offers other kinds of insurance this might be of use. If you put all your insurance needs under a single company, you can save up to 10% of the regular cost for merely being what companies call a “right customer.
  3. Extend your Waiting Period:The waiting period in the long term care insurance world refers to the amount of time that a person must pay out of pocket expenses before the actual long term care benefit from the company kicks in. The waiting periods vary by companies, but some of the most used ones include a 30, 60, and 90 day periods. You will pay a lot less if you select a more extended waiting period because the cost to the insurance company will be less. However, only do this if you can afford it!
  4. Customer Guides:Your shopping process and the cost of your long term care insurance can be helped when you read through these guides. The reason for this is that they take accounts of people that have lived through buying a policy and know the industry. This, along with a pleasant shopping experience, will allow you to save quote the money.

Expected Future Long Term Care Costs In Florida And Across The US

As said before the long term care insurance industry has been on the rise for quite some time now, and there seems to be nothing stopping it. This is simply the case because the medical industry is expensive, and hospitals, nursing homes, and assisted living facilities can be costly to handle. Nevertheless, let’s take a look at the future prices that experts predict in the long term care insurance industry if costs were only to rise 10% annually. This information is according to the research by the MetLife Market Survey of Long Term Care.

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