Arizona Long Term Care Insurance
May 20th, 2011 | 
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Are you prepared for the most expensive part of growing old?
The cost of a private room in a nursing home is fast approaching $200 per night.
That equates to $73,000 per year. Now, imagine your total savings & assets. At $73k per year, how long would you be able to sustain the financial effect of that amount of expenditure.
For those who need long term care on an extended basis, the very threat of bankruptcy becomes very real when faced with spending years in a nursing home. And your immediate family who is depending and relying upon those family assets are at risk as well.
If you and a spouse reach age 65, there is a 75% chance one of you will need long term care. At 50%, your odds are already high.
What is Long Term Care Insurance?
If you are hurt, injured or sick you may qualify for long term care. It does not happen only to “old” people. While you can have any one of those happen at any age, we typically think about long term care relative to seniors.
Long Term Care Insurance is not just nursing home care either. Some people move into assisted living care or receive home care by a licensed nursing practicioner. While both are very expensive, they cost substantially less than a nursing home.
What about Medicaid and Medicare?
Medicare pays about 10% on average of your long term care costs. If you go into your senior years expecting Medicare to provide all you need, you are going to be sorely disappointed.
Medicaid pays 100% once you are broke. How is that for a game plan? Without a long term care insurance policy you will be required to use your own assets and money until it is exhausted. Then, Medicaid kicks in. If you have dreams and goals of leaving money or an inheritance to a loved one, this route will bust those plans wide open and leave you and your surviving family very unhappy.
The Best Game Plan
Buy Long Term Care Insurance.
When should I buy Long Term Care Insurance policy?
You buy it if you are at least 50 years old and while you are in the best health possible, which is likely right now. The future will only bring health issues as we age. And you will save tons of premium if you buy it while slightly younger and in excellent health.
If you have had health issues, you can still apply. It costs zero to find out if you can qualify and what premium the insurance company is willing to offer you.
What about the Government?
The government has its hands full with issues like social security. The baby boomer generation has begun to retire. The number of workers supporting social security recipients is dwindling. At some point they might have to make adjustments to social security. That is an ongoing debate. Also at the time of this writing (early 2008), there is the ongoing military efforts in Iraq and Afghanistan that is requiring billions of dollars. On the home front, we have mortgage company issues they are still sorting out, and an economy that is wobbly. Factor in a massive deficit, and you would be wise to have a long term care insurance policy to protect yourself. America is still strong but we have lots of issues to figure out.
I would advise you to take control of your own long term care future. Buy a policy and be in control of your destiny, as much as you can.
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