Long Term Care Insurance Arizona Partnership Rates & Providers
Arizona Long Term Care Insurance Partnership Program
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).
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.
Arizona Long Term Care Planning
The cost of long term healthcare is one of the greatest risks to savings and a secure retirement. Thus, long term care insurance is one of the most important financial planning tools for Arizonians.
Long term healthcare services include nursing homes, assisted living facilities and home health care. These costs are a primary factor in long term care planning because they tell you how much long term care insurance protection to buy.
Long Term Care Costs in Arizona
Genworth Financial, a Fortune 500 company, surveys long term care costs on a national, regional and local level. The Genworth 2017 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 – 2017 (Annual)
|Region||Nursing Home (private room)||Nursing Home (semi-private)||Assisted Living
|Home Health Aide
|Lake Havasu City||$88,695||$70,445||$39,300||$44,044|
|Sierra Vista Area||$86,323||$80,848||$44,100||$50,336|
|Rest of State||$76,650||$64,240||$36,000||$45,760|
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)
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.
How to Buy 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:
Request Arizona Long Term Care Insurance 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.