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.
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 |
Medicare does pay for most 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
Like most advisors, we recommend buying long-term care insurance in your fifties or early sixties for the following reasons:
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.
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:
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.
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 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:
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
About the Author: Mike Berger
Reviewed by: Craig Matesky