Long Term Care Insurance Arizona Partnership Cost & Companies
Arizona Long Term Care Planning
Long term healthcare services include nursing homes, assisted living facilities and home health care. The high cost of long term care services is one of the greatest risks to Arizonians savings and a secure retirement. Many people have had first-hand experience with a loved one who needed long term care services. These experiences underscore the reality of the financial and emotional stress when a loved one needs long term care.
A long term care plan can protect your retirement assets. Plus it gives you the peace of mind, knowing you can cover the cost of long term care if you need in the future. Long term care insurance also protects your family from having to be caregivers. And it enables you to choose where you’ll receive any care needed in later years.
Does Medicare Cover Long Term Care Costs?
Medicare is the federal health insurance program for people over 65 and for some younger people with disabilities. But Medicare does not pay for most long term care services. Specifically, Medicare does not pay for custodial care which makes up more than 90% of long term care. An example of custodial care is when someone needs help with walking, bathing, eating, dressing and using the toilet.
Custodial care is also what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease.
What is The Risk of Needing Long Term Care?
The U.S. Department of Health and Human Services reports that about 70 percent of people over age 65 will need some type of long term care services during their lifetime. The need for long term care services does not only affect seniors as 40 percent of people currently receiving long term care services are ages 18 to 64.
Types of Long Term Care Insurance
There are two types of protection for long term care needs:
- Traditional Long Term Care Insurance.
- Hybrid Long Term Care Insurance. This includes long term care annuities and long term care life insurance.
Each type has its specific advantages and one of our independent long term care agents can explain the differences. Complete the form on this page to request long term care insurance costs and comparisons specific to your situation.
The Best Age To Buy Long Term Care Insurance
Like most advisers, we recommend buying long term care insurance in your fifties or early sixties. The primary reasons for this recommendation are:
- The younger you are when you buy a policy, the lower the annual premiums.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
- Even though you’ll have to pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket.
Long Term Care Costs in Arizona
These costs are a primary factor in long term care planning because they tell you how much long term care insurance protection to buy. Genworth Financial, a Fortune 500 company, surveys long term care costs on a national, regional and local level. The Genworth 2018 Cost of Care Survey analyzed long term care costs of more than 15,000 long term care providers in 440 regions. The results of this study are one of the best indicators we can share with our clients.
Arizona Long Term Care Costs – 2018 (Annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private)||Assisted Living
|Home Health Aide
|Lake Havasu City||$91,250||$73,000||$42,000||$45,760|
|Sierra Vista Area||$87,600||$82,125||$45,600||$51,480|
|Rest of Arizona||$82,125||$73,000||$40,800||$48,048|
Arizona Long Term Care Insurance Partnership Review
The Long Term Care Insurance Arizona Partnership is a special program for Arizona residents. It’s provided by the Arizona Long Term Care System (ALTCS) in conjunction with private long term care insurance companies. The insurance policies provided under this program are “Partnership policies”.
Insurance companies providing Partnership for Long Term Care policies are required by the Arizona Partnership for Long Term Care program to offer specific benefits. This rule is to help consumers choose their long term care insurance benefits. Long Term Care Insurance Arizona Partnership policies also provide Asset Protection when determining Medicaid eligibility (medicaid spend down) under the Arizona Long Term Care System (ALTCS).
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in Arizona? The answer: It depends on your age and health history at the time you buy the insurance. Practically speaking, the younger and healthier you are the lower the cost. Your long term care insurance premiums will depend on the following benefits you choose:
- Benefit Period
- Daily Benefit
- Elimination Period
- Inflation Protection (if chosen)
Complete the form on this page to request long term care insurance costs and comparisons specific to your situation.
Long Term Care Insurance Arizona Partnership Rates
Long Term Care Insurance Arizona Partnership rates are like other policies when designed with similar benefits. The mandated features of an Arizona LTC Partnership policy may limit flexibility in policy design. Thus, it’s best to compare with a non-Partnership policy because a wider range of choices may be available, and more suitable, depending upon personal circumstances. For example, choosing a higher Daily Benefit instead of mandatory Inflation Protection may be better for older individuals.
Arizona also honors LTC Partnership policies purchased in other states. This State Reciprocity allows your asset protection to move with you if you move in or out of Arizona. One of our Arizona long term care insurance agents can help analyze your situation and make appropriate recommendations. To request rate quotes and information, just fill out the form on this page.
Finding The Best Long Term Care Insurance in Arizona
Long Term Care Insurance Arizona Partnership policies are offered by a limited number of long term healthcare insurance companies. Our independent agents represent several carriers and specialize in long term care insurance, making them your best source for comparing your options. All Arizona long term care insurance agents and brokers must maintain a certificate of training required by the State of Arizona to sell Partnership policies. Here are some of the insurance companies offering Arizona long term care insurance:
Get Long Term Care Insurance Arizona Quotes!
We’ve specialized in Long Term Care planning solutions since 1990. Our independent LTC agents give you professional, unbiased advice to help you decide if Long Term Care Insurance is right for you. We shop all the major long term care insurance companies in Arizona and give you:
- Price comparisons customized for your specific needs from respected insurance companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others.
- Benefit comparisons of each insurance company’s policy. This side-by-side comparison shows the similarities and differences of each plan.
- Financial stability reviews of each long term care insurance company’s financial ratings, asset base and claims paying experience.