As a resident of Arizona, one of the most important decisions you’ll need to make as you get older is how you’re going to handle potential long-term care (LTC) expenses. Planning ahead and getting LTC insurance in Arizona can help ensure that you have the quality care options you deserve as you age. Increasing inflation and the unstoppable rise of healthcare expenses make an Arizona LTC policy essential. Not just because it helps pay for your care, but because it can help protect your personal assets from the high costs of assisted living, nursing home care, or even home care services.
Long-term support is typically excluded from Medicare and other standard health coverage asset considerations. Arizona’s unique programs, like the Long-Term Care Partnership Program, offer residents tailored options to prepare for future care needs.
Even though LTC insurance in Arizona is relatively common and easy to get, there are still some things to be aware of when it comes to coverage. Before an insurer can approve a policy, they will need to collect some basic information first, which will include:
Additionally, Arizona mandates specific inflation protection standards for Partnership policies, ensuring benefits keep pace with rising care costs.
Premiums for Arizona LTC insurance will vary, like any other policy type, along with the age, health, and coverage specifics. Here are some of the key factors that will be involved in pricing out your policy:
Understanding the costs involved is also incredibly important. You can’t plan for a comfortable level of LTC insurance coverage if you don’t know how much your long-term care is potentially going to cost. Take a look at some of the numbers:
These numbers should reinforce how important LTC insurance is in Arizona.
Residents of Arizona have several options for long-term insurance, plus some state-mandated consumer protections which include:
Arizona participates in the federal-state Long-Term Care Partnership Program, which allows individuals to purchase qualified long-term care insurance policies that help cover care costs while protecting assets. Also available is a national reciprocity agreement, allowing asset protection to follow policyholders who move to other participating states.
Arizona mandates specific LTC protections for consumers. For example, policies issues to anyone under 61 must feature compound inflation protection, and those sold to anyone 61 to 75 must include some level of inflation protection. On top of that, Arizona requires insurers to provide a 30-day free-look period, allowing policyholders to review and cancel their policy for a full refund.
If you’re considering getting an LTC policy in Arizona, remember to consider the following factors:
Every insurance company is able to provide unique pricing based on its cost structure and underwriting process.
While getting long-term care insurance in Arizona is certainly a financial commitment, but professionals like Lavine LTC Benefit can help you make sense of a sea of options. Reach out today to get started finding the policy that fits you best.
If you want personalized guidance for your insurance decisions, you can trust Lavine LTC Benefits to help you find the best solutions for your needs. We will be there at every step of your insurance journey to turn Long-Term Care Insurance into a benefit that will be of value to You and Your family. Reach out to us today to learn more.
Lavine LTC Benefits proudly serves clients in Washington State, Oregon, California, Colorado, Arizona, New Mexico, and Nevada.
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