Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Reviewed by Paul Martin
Paul Martin is the Director of Education and Development for Myron Steves, one of the largest, most respected insurance wholesalers in the southern U.S.
Updated октября 10, 2019
Save on Long Term Care Insurance
Our independent agents shop around to find you the best coverage.
By mid-adulthood, you’ve fully settled into grown-up life and are enjoying the routine of it all. It’s understandable that things like nursing homes might not even cross your mind at this stage.
But with nearly one-in-five Arizona residents now belonging to the 65 and older age group, long-term care costs are an important issue. Though possible health issues may seem far off in the distant future, it’s never too early to start preparing, just in case.
Long-term care is expensive, so many folks plan for it far in advance. For those wishing to take charge of the financial aspect of their future, fortunately there’s plenty of long-term care insurance options in Arizona.
Independent insurance agents are absolute experts in long-term care insurance and can help you find exactly what you need. But first, a briefing on long-term care insurance.
Basically a different angle of life insurance, long-term care insurance is a type of policy designed to help you prepare for the financial side of assisted living services and other medical fees when you get older.
Of course, you might not end up needing this coverage if you remain in good health as you age, so unless you’re already in poor health, it’s more of a “just in case” method of preparation. Setting money aside while you’re young and healthy can make a huge difference.
No one wants to think about the possibility of their health declining in the future or one day needing extra medical care, but if it does happen, having a financial cushion in place can at least help to soften the blow.
Having to pay out of pocket for increased medical costs after retirement can be extremely stressful, especially if you haven’t planned for it in advance. Long-term care insurance aims to help make this phase of life easier for the elderly.
It all starts with paying a regular premium. Long-term care insurance is often purchased by adults in their 40s who have watched their parents go through assisted living or paying other excessive medical fees.
They, in turn, become inspired to start setting money aside for themselves to use later in life. Once you purchase a policy, you’ll pay a monthly premium for a long period of time towards an eventual benefit payout if and when you need it.
Benefits kick in once you’re in need of long-term care. In other words, you’ll get your policy’s payout when you actually go into a nursing home or assisted living facility, or are diagnosed with an ailment that requires another form of long-term care such as continuous treatments and doctors’ visits.
Depending on your specific policy, you may receive a certain amount of your benefits daily, weekly, or monthly.
Long-term care insurance is very similar to a life insurance policy, with the difference being that you’re the one who gets the benefit payout — to use while you’re still alive.
Working with an experienced independent insurance agent is the best way to find a policy that’s set up in a way that benefits you as much as possible.
It covers pretty much all forms of long-term care that may be necessary in old age or following a particularly harsh health diagnosis. Long-term care insurance is set up to help in the event that you outlive the money you’ve saved up or find that maintaining your self-care becomes more expensive in your advanced years.
You can use your benefit payout to help with all kinds of medical costs, so we’ll check out a handful of the most common services and fees to apply coverage to.
It’s often said that life gets more expensive as you age. Unfortunately, this is often the case, especially if increased medical care is required. Luckily, those who plan ahead by purchasing a long-term care insurance policy can seriously help themselves with potential extra costs in their golden years.
Save on Long Term Care Insurance
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You would need it mainly to help pay for long-term medical costs once you’ve retired because Medicare won’t pay for everything. But really there are many reasons that might inspire you to look into long-term care insurance. Here’s a look at just a handful.
In addition, the costs of nursing homes, assisted living facilities, and other long-term treatments can be staggering.
Though more than half of surveyed American adults plan to rely on Medicare for their medical costs if necessary, sadly Medicare typically doesn’t cover assisted living expenses.
It’s important to keep this in mind when deciding whether or not to invest in a long-term care insurance policy, as well as the high costs of other long-term medical treatments and services.
Well, there are a lot of factors that can influence the cost of LTC, and they’ll depend on your specific health insurance company. But in general, you’ll likely be asked several lifestyle questions, personal profile questions, and whatever other information your insurance company feels is important for calculating your insurance benefits and premium.
Here are a few of the most common.
As with other forms of life insurance and even health insurance, premiums tend to be on the pricier side for folks who are generally considered to be less healthy and lead riskier lifestyles. Although it depends on many things, in general, the younger and more fit and careful you are, the lower your premium is likely to be.
Save on Long Term Care Insurance
Our independent agents shop around to find you the best coverage.
Several factors influence the cost of long-term health insurance, including where you live. The cost of treatment and service rates in your area also influences insurance premiums. Here’s a look at a few average costs for common long-term care services in Arizona.
Arizona Long Term Care Costs - 2018 Annual
| Region | Nursing Home (private room) | Nursing Home (semi-private) | Assisted Living (private room) | Home Health Aide (44 Hrs/wk) |
| Arizona State Median | $94,900 | $77,928 | $45,600 | $53,196 |
| Flagstaff | $100,375 | $93,988 | $61,170 | $48,048 |
| Lake Havasu City | $91,250 | $73,000 | $42,000 | $45,760 |
| Phoenix Area | $101,510 | $78,475 | $46,200 | $57,200 |
| Prescott | $100,375 | $82,125 | $45,300 | $50,336 |
| Sierra Vista Area | $87,600 | $82,125 | $45,600 | $51,480 |
| Tucson | $98,550 | $76,650 | $48,525 | $56,056 |
| Yuma | $93,075 | $73,365 | $43,500 | $50,336 |
| Rest of Arizona | $82,125 | $73,000 | $40,800 | $48,048 |
As far as the cost of long-term care insurance, that depends on several factors. The national average for singles aged 55 is $2,007/year, while married 55-year-olds pay an annual combined average of $2,466. Here are some average long-term insurance rates for Arizona’s capital, Phoenix.
| Phoenix, Arizona | ||
| Single male, age 40: | ||
| $68/month for a benefit amount of $2,500 | $95/month for a benefit amount of $3,500 | $122/month for a benefit amount of $4,500 |
| Single female, age 40: | ||
| $105/month for a benefit amount of $2,500 | $147/month for a benefit amount of $3,500 | $189/month for a benefit amount of $4,500 |
| Single male, age 55: | ||
| $90/month for a benefit amount of $2,500 | $126/month for a benefit amount of $3,500 | $162/month for a benefit amount of $4,500 |
| Single female, age 55: | ||
| $146/month for a benefit amount of $2,500 | $204/month for a benefit amount of $3,500 | $262/month for a benefit amount of $4,500 |
| Single male, age 70: | ||
| $171/month for a benefit amount of $2,500 | $239/month for a benefit amount of $3,500 | $307/month for a benefit amount of $4,500 |
| Single female, age 70: | ||
| $265/month for a benefit amount of $2,500 | $371/month for a benefit amount of $3,500 | $477/month for a benefit amount of $4,500 |
Clearly the cost of monthly premiums increases significantly with age, which is a big reason many long-term care policyholders first purchase coverage in their 40s to lock themselves into a much lower premium.
Married individuals also get a price break of up to $100 on monthly premiums, and possibly even more than that if their partner is already a policyholder or looking into their own policy.
So now that you’ve learned all about what long-term care insurance is, you might be wondering where to get it. Arizona started its own partnership for long-term care, simply titled the Arizona Long-Term Care Insurance Partnership program, in 2008.
The partnership program aids long-term care policyholders if their insurance benefits don’t fully cover their medical costs. Through this program, policyholders are able to protect their assets and still qualify for Medicaid.
As far as the top companies to purchase your long-term care insurance, fortunately for Arizonans, there are several to choose from in your state.
An independent insurance agent can help you get set up with the best insurance company for your unique needs. An experienced agent can also help you determine if you might benefit from joining the Arizona Long-Term Care Insurance Partnership program.
Be prepared with a list of your questions and concerns about long-term insurance policies before you connect with an agent to help the process run as smoothly as possible.
In order to get the protection you need and deserve, you’ll want to work with a trusted expert. Independent insurance agents will not only know where to find the best coverage and price, but also help to make sense of the fine print.
Consider your unique needs, then connect with an agent to help you take it from there. Have a list of your specific concerns and desires ready before reaching out to help the process run even more smoothly.
Save on Long Term Care Insurance
Our independent agents shop around to find you the best coverage.
Insurance policies can be complex, and searching through options can be confusing, time-consuming, and frustrating. An independent insurance agent’s role is to simplify the process.
They’ll make sure you get the right coverage that meets your unique needs. Not only that, they’ll break down all the jargon and explain the nitty-gritty so you understand exactly what you’re getting.
And when it comes time to file a claim, you’re not alone. Your agent will be right there to help guide you through every last step and get your life back to where it was. How great is that?
