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Ohio Quarter

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Why Invest In Ohio Long Term Care Insurance

In the second quarter of this year, payments made to Ohio Medicaid certified nursing facilities were reduced by 5.8 percent, so it is not surprising to learn that only a handful of physicians are willing to accept Medicaid patients in need of Ohio long term care.

Ohioans who have already purchased a long term care insurance (LTCI) policy in preparation for their future health care costs say there is no reason to delay LTCI as its annual premiums are reasonably priced compared to the rates of long term care (LTC) facilities in the state.

According to them, if the last batch of baby boomers will buy their policies while they are in their 40s they will hardly feel the annual premium gushing from their nest egg. However, if they wait till they are closer to the age of retirement before clinching a policy which is tailor-made to their health care needs, it might be too late.

Insurance companies that sell LTCI can increase the premiums of their existing LTCI policies upon the approval of the state. The reason behind this premium increase is to ensure that premium rates balance with the yearly claims of policyholders, or else it could take long before insured individuals receive their benefits.

While one is young and not showing signs of any health disorders, he is advised to invest in an LTCI policy that will shoulder his future expenses in a nursing home, assisted living facility, or from in-home care.

Ohio Long Term Care Costs

At present, the average annual rate of a private nursing home room in Ohio is $76,650 while a semi-private room is around $69,350.

Nursing homes are primarily intended for those individuals whose health conditions require 24-hour monitoring. Patients, for instance, with diabetes, Alzheimer’s, stroke, and heart diseases should be supervised round the clock and thus the need to admit them in a nursing home.

Without an LTCI policy, it would be impossible to experience A-one nursing care in Ohio. Even if you are only considering an assisted living facility which has significantly lower rates, you still need financial support.

Who, after all, said that an assisted living facility will forever cost $3,325 per month or $39,900 per annum? Rates of institutional LTC facilities, in-home care, and community-based LTC centers will continuously increase along with the growth of the elderly population.

According the U.S. Census Bureau, the current population of elderly folks over the age of 65 will double in 2050, so can you just imagine how much LTC services will be by then?

To give you a hint, the cost of care is foreboded to double in 2015 so if you are anticipating care around that time at least you know now that $500,000 will not be enough for a two-year stay in a nursing home. Neither shall $41,367 suffice for in-home care expenses because this is only the current annual rate of a home health aide. If you are considering aging-in-place, you’ll need more in your nest egg.

Ohio long term care costs may not be as high as those in other states, but nobody can escape inflation except those who are financially sound.

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Is it true that no living person can be depicted on a U.S. Coin?

If so, how is it that Neil Armstrong is depicted on the Ohio Quarter?

Actually it is a law but has been broken quite a few times. When it suites the powers to be, congress okays an exception, or the law if ignored. There are a couple of commemorative 1/2 dollars from the 1930 that have a living person on them. In 1995 the special Olympics 1/2 dollar has a living person on it (Eunice Shriver). Clinton and congress oked that. It started back in the Civil War days with fractional currency, one of the big whigs had his portrait put on a note and that got Congress into a tiff so they passed a law. George Washington was adamant about having his portrait or any other person on a coin living or dead. He told Congress that under no circumstances should he be ever put on a coin. So in 1932 the government went against his wishes and there he is on a quarter.