Arizona Long Term Care Insurance
This page covers important long-term care information for residents of Arizona, including the average cost of long-term care (LTC), the costs of LTC insurance, popular companies offering LTC insurance in the state, and information about Arizona’s Medicaid and state partnership programs.
Paying for Long-Term Care
Long-term care is expensive, and the costs associated with it can add up quickly. It is important to keep these costs in mind as you plan for your future long-term care needs, even if you don’t end up purchasing a long-term care insurance policy. To help give you a better idea of the expenses you may face, below we have listed average prices for commonly used long-term care services in Arizona.
Average Costs for Common Long-Term Care Services in Arizona:
- Nursing Home (private room): $250 (Daily)
- Nursing Home (semi-private room): $210 (Daily)
- Assisted Living Facility (private room): $3,500 (Monthly)
- Home Health Aide (X hours/week): $18 (Hourly)
The Costs of Long-Term Care Insurance
The cost of long-term care insurance is impacted by several factors and can vary greatly from policy to policy and person to person. How much you pay will change depending on the amount of coverage you select, the maximum amount of benefit the policy will pay per day, the maximum number of years (typically measured in days) that the policy will pay out, and the total amount that will be available through the policy. The length of the elimination period and the types of services covered by the policy will also influence the cost, as will optional extras such as inflation protection. Other, less-obvious factors can play into a policy’s cost as well. To learn more, please see our article on the subject.
- Average Yearly Premium for an LTC Insurance Policy in Arizona: $
- Average Daily LTC Benefit Purchased in Arizona: $144 (per day)
State Partnership Program
Partnership programs are three-way collaborations between the state, the federal Medicaid program, and long-term care insurance companies. Arizona’s version of the program is called the Long Term Care Insurance Arizona Partnership. Policies issued as part of the program are required to meet certain federal and state standards. They also help protect your assets from the spend-down requirements of Medicaid by allowing you to qualify for Medicaid coverage with a larger-than-normal amount of assets. The specific amount typically varies based on the total benefits paid out by your policy.
Rates for policies qualifying under this program do not differ significantly from those of non-qualified policies offering similar benefits. However, the regulations and requirements that must be met for a policy to qualify under this program also mean that these policies have less flexibility than many non-partnership policies. Because of this, it is still a good idea to shop around and look at non-partnership policies in addition to policies that qualify under the program.
The Long Term Care Insurance Arizona Partnership program also offers reciprocity, meaning that if you purchased a partnership policy in a different state and then moved to Arizona, your assets will remain protected.
If you can’t afford a long-term care insurance policy or your coverage window ends but you still require care, Medicaid is a viable option. Medicaid is the federal and state health insurance program for people with lower incomes and can be used to cover services such as nursing homes and visiting nurses. The income requirements for Medicaid are typically handled in one of two ways. Income cap states require that your income be at a certain level when you first apply for Medicaid, while non-cap states will allow you to spend your assets down over time. Arizona is an income cap state.
The branch of Arizona Medicaid dedicated to long-term care is known as the Arizona Long Term Care System (ALTCS). This program is designed to help disabled persons and seniors on fixed income afford the care they need. Applications to receive benefits through ALTCS involve a financial assessment as well as a functional and medical assessment. It typically takes 2-3 months to be approved after the application has been submitted.
Companies Offering Long-Term Care Insurance in Arizona
Arizona residents have several long-term care companies and policies to choose from. Popular long-term care insurance companies in this state include Genworth, Mutual of Omaha, TransAmerica, and MassMutual. Please take a look at our articles on these insurance companies and others to learn more about their histories, reputations, financial strength, and the policies they offer.
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