Arizona Long-Term Care Insurance Planning
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- Traditional Long-Term Care Insurance
- Hybrid Life Insurance with LTC
- Long-Term Care Annuities
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Long-term care insurance is important to protect the future well-being of your family. By planning ahead, you can guarantee financial security and peace of mind by knowing you can:
✔ Afford high-quality care in the setting of your choice.
✔ Safeguard your assets for your spouse and other heirs.
✔ Relieve family members and friends from having to provide care.
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Compare my options >Did You Know?
Almost 70% of people turning age 65 today will need some type of long-term care in the future. The average length of time people need care is 3 years.1
One-third of people may never need long-term care, but 20% will need it for longer than 5 years. On average women need 3.7 years of care while men need 2.2 years.2
In 2024, the average cost for 3 years of long-term care in Arizona is $297,204 ($99,068/year). That cost is projected to be $591,375 ($197,125/year) in 2044.3
Understand Long-Term Care Costs
Long-Term Care Costs in Arizona (annual) – 2024 | |||
| Region | Nursing Home (private room) | Assisted Living (private room) | Home Care (44 Hours/week) |
| Arizona Average | $99,068 | $57,830 | $65,140 |
| Flagstaff | $122,990 | $77,576 | $55,492 |
| Lake Havasu City-Kingman | $92,804 | $53,264 | $52,849 |
| Phoenix-Mesa-Scottsdale | $96,022 | $58,097 | $70,301 |
| Prescott | $107,467 | $57,449 | $58,134 |
| Sierra Vista-Douglas | $104,404 | $57,830 | $59,455 |
| Tucson | $99,570 | $59,194 | $69,137 |
| Yuma | $94,908 | $61,683 | $60,913 |
Source: Nationwide Financial 2024 annual cost of care survey conducted by HVS, site accessed 4/17/2024
Does Medicare Cover Long-Term Care?
No, Medicare does not include coverage for long-term care, also known as custodial care.4 This type of care makes up over 90% of all long-term care services. Custodial care involves assisting individuals with activities like walking, bathing, eating, dressing, and using the toilet. These are the essential needs for those with physical impairments resulting from a stroke or cognitive impairments caused by dementia or Alzheimer’s disease.
Approximately 80% of care provided at home is from unpaid caregivers. More than half of this care involves help with personal care tasks such as bathing or feeding.5 And the need for long-term care extends beyond older adults. Currently, over 35% of people receiving care are between the ages of 18 and 64.6
When To Buy Long-Term Care Insurance
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
- The younger you are when you buy a policy, the lower the annual premiums.
- Even though you pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
- 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.
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.
How Much Does LTC Insurance Cost in Arizona?
Your Arizona long-term care insurance rates will depend on your age, health history, plan design and type of coverage selected. The following choices let you choose how much protection is right for your situation:
- Benefit Period
- Daily Benefit
- Elimination Period (a deductible in days)
- Inflation Protection (if chosen)
Ready to get pricing and suggestions?
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Arizona Long-Term Care Insurance Alternatives
These are the types of long-term care plans available in Arizona, depending on your situation.
Traditional Long-Term Care Insurance
- The most comprehensive long-term care protection for your dollar
- About half of all long-term care policies purchased (includes Arizona Long-Term Care Partnership)
- The broadest set of options
- Recurring premiums
- Learn more about Traditional LTC >
Hybrid Life Insurance with Long-Term Care
- A permanent life insurance policy that can be used during your lifetime if you need long-term care
- If care is not needed, your asset passes to your estate as a tax-free death benefit
- May build cash value and have a return of premium option
- Premiums will NOT increase and 1035 exchanges possible
- Learn more about Hybrid Life with LTC >
Hybrid Annuity with Long-Term Care
- A deferred annuity contract with a fixed interest rate and possible indexing for asset growth plus long-term care benefits
- If not exhausted paying for long-term care, the annuity will transfer to your estate
- Long-term care benefits are typically double or triple the value of the annuity
- Premiums will NOT increase and 1035 exchanges possible
- Learn more about Hybrid Annuities with LTC >
Short-Term Care Insurance
- Coverage for a year or less with the option of home health care only, facility only, or both combined
- Lower premiums than long-term care insurance and some policies available to age 89
- Simplified underwriting may be a good fit if you’ve been declined for LTC insurance
- No deductible option means benefits would be paid out as soon as you qualify
- Learn more about Short-Term Care Insurance >
Understand LTC Partnership Policies
Arizona Long-Term Care Partnership Program
Arizona Long-Term Care Partnership policies combine private long-term care insurance with Medicaid asset protection. Only Partnership policies provide this type of asset protection when you need nursing home, assisted living or home care.
The unique asset protection benefits of an Arizona Long-Term Care Partnership policy apply if your long-term care needs last longer than the benefits of your AZ LTC Partnership policy. For example, for every dollar your Long-Term Care Partnership policy pays in benefits, a dollar of assets is protected from the long-term care Medicaid (ALTCS) asset limit. The protected assets are also exempt from Estate Recovery in the same amount as the benefits paid by your Partnership policy.
Arizona Long-Term Care Partnership policy rates are like traditional policies. Still, we recommend comparing them to non-Partnership policies because you may find alternatives better suited to your needs. This includes hybrid long-term care insurance plans not available under the Arizona Long-Term Care Partnership Program.
Partnership Reciprocity
Reciprocity applies when you buy a Long-Term Care Partnership policy in another State and then later move to Arizona. Because Arizona has Reciprocity, you will not lose the special Partnership policy asset protection benefit by moving to Arizona. The State of Arizona would also recognize accumulated asset protection for Medicaid qualification, if you were already receiving long-term care benefits from your Long-Term Care Partnership policy before relocating.
Arizona Companies for Long-Term Care Insurance
Arizona long-term care insurance is available from the following insurance companies. We compare these Arizona companies to find you the right coverage for your situation at the lowest cost. Arizona companies for long-term care insurance include:
- Bankers Life & Casualty
- Brighthouse Financial
- Global Atlantic
- LifeSecure Insurance Company
- Lincoln Financial Group (MoneyGuard)
- Mutual of Omaha
- National Guardian Life
- Nationwide Life Insurance Company
- New York Life
- Northwestern Mutual
- OneAmerica
- Securian Financial
- State Farm
- Thrivent Financial
Compare Long-Term Care Insurance Options
Our Arizona LTC specialists offer objective guidance on a wide range of long-term care insurance products and strategies. Expect personalized service on topics such as:
✔ Choosing from a variety of long-term care insurance products
✔ Suggestions for the carrier best suited to your situation and goals
✔ Assistance with health qualifying for coverage
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About the Author: Craig Matesky