Florida Loves Long-Term Care

annuity think tankEarlier this week, two bills were proposed in the state of Florida that could make it easier for long-term care carriers to do business.  Right now, when an insurance carrier files marketing materials in a state, the regulators have 30 days to review those materials before they can start being used.  With the introduction of House Bill 675, and Senate Bill 648, insurers would be able to start using long-term care materials as soon as they are filed.  What does that mean for residents of the sunshine state?  Well first off, education.  Most people can’t comprehend the cost of LTC, or even see why it’s necessary.  According to Florida’s Health Care Association, the average cost of a private room in a nursing home is $256 a day, or $93,440 a year!  If you wanted to share a room, and go semi-private, you’re looking at $223 a day, or $81,395 a year!  The average stay in a nursing home is 3 years.  You do the math if it’s one of your parents, or even you that have to enter one.  Being able to educate people on why it’s important to purchase LTC sooner than later, can help save thousands of dollars in the future. 

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