More and more people are contemplating about long term care plans due to the soaring rates of long term care services and facilities, but not 100% of these individuals have actually acquired a specific LTC policy already.
Over 60% of these people have secured for themselves an LTCI policy from various insurance companies that offer long term care plans. Perhaps the remaining 40% is still weighing their finances and their ability to maintain the premium.
Results of the surveys that were conducted by big insurance firms show 40% of the elderly in need of long term care earn a monthly wage that is considered below poverty level. The sad truth is, the older a person is when he applies for LTCI the higher is his premium. Premiums can range from $1,000 to $5,000 a year. No wonder the individuals that comprise the 40% would rather not avail LTCI anymore.
Unfortunately, without LTCI, it is going to be impossible for an elderly to sustain the expenses for his personal care needs and medications should the time come that he would require long term care. LTC costs are definitely soaring.