Arizona Long Term Care Insurance

Arizona Long Term Care Insurance

We buy auto insurance, car insurance, and life insurance. Now we also need to buy something called Long Term Care Insurance?

Long Term Care Insurance explained

Should you become sick, ill, injured or unable to care for yourself in any number of ways, you may need to go to a nursing home, assisted living care facility, or receive home care from a nurse or nurse practicioner.

That’s long term care and it can happen to anyone, at any age.

But typically, we buy Long Term Care Insurance for our “older” years.

The odds are great (about 50%) that you will need some sort of LTC. If you are married and both of you reach age 65, the odds increase to 75% that one of you will need LTC assistance.

So what’s the big deal?

It is projected that a private room in a nursing home costs about $65,000 per year, and much higher in some areas. The average stay is about 2 years, raising the cost to about $130,000.

And the costs are steadily rising.

If you are someone who has assets, saves for the future, and has a goal to leave money (an inheritance) to loved ones when you pass, long term care could easily derail those plans.

What are my options?

Medicare – covers approximately 10% of LTC needs. That is because it pays a limited amount for a limited length of time. If you are waiting and hoping Medicare will provide all your LTC needs, you will be disappointed.

Medicaid – is for the poor. If you have assets (yes, that includes money or savings), you will have to spend those first. Once you have exhausted your personal assets you then can go onto the government care under Medicaid.

Medicaid is about the worst option, especially for those who have worked a lifetime to leave what they have to family and loved ones.

Self-Insure – This is similar to the above example where you believe you have enough assets to cover future LTC needs and expenses.

The Best Option

Buying an Arizona Long Term Care Insurance policy can provide protection and protect your assets at the same time.

The best option is to purchase a policy as young as possible (usually for those age 50 or more) and while you are in the best health possible.

While in good health you can possibly qualify for a Preferred rate.

If you have health issues, it does not mean you cannot qualify. It only means you may have to pay a higher premium. Do not let that dissuade you. Getting a quote will not cost you a dime.

Why Buy Long Term Care Insurance?

1) Give yourself control. If you need to use your long term care insurance policy, you and your family has control over where you stay and the type of care you receive. Keep in mind that a private room in a nursing home costs upwards of $65,000 per year today. That cost is expected to rise substantially in future years. Can you afford to pay for it out of your own assets?

2) Protect your assets. Without a LTC policy you have to spend your own money. With a LTC policy the insurance company is responsible. Put the risk back with the insurance company, not on you.

3) Leave your inheritance to your loved ones, instead of spending it in the final years of your life on LTC costs.

4) The government has its hands full right now figuring out things like Social Security. The baby boom generation has now begun to retire. At some point the government will have to face a nation needing long term care coverage but a population that largely is without the insurance to pay for it. Don’t be one of those caught in the middle. If you are at least 50 years of age, ask us for a quote.

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