Home, auto and life insurance are the types of policies that most people are familiar with. These policies are very important but there is another type of insurance that can be even more essential. Long term care insurance can be a vital part of a persons financial planning, especially in states like Arizona and Florida which have a high percentage of elderly retired people. It is important to understand the basic concepts of long term care insurance Arizona to know why these policies are so important.
Simply put, no other type of policy can pay for extended nursing home costs. Medicaid can pay for it, but only when the person either has no money to begin with or has spent all their money on medical bills already. A standard nursing home costs around one hundred and fifty dollars per day. A good nursing home policy can make a huge difference in the financial well being of the families of incapacitated elderly people.
Ideally, an LTC policy will be purchased when a person is around fifty five years old. This allows the person to still get a competitive rate, but not be so young that they would be paying for the policy much longer than necessary.
Basically, these nursing home policies pay a set dollar amount per day for the nursing home costs. States such as Arizona require that polices sold there contain inflation protection that increases that daily benefit over time to compensate for inflation.
There are very significant emotional reasons for people to purchase long term benefits policies. Family members will often feel a sense of guilt at the prospect of putting a loved one in a nursing home. The typical reaction is to attempt to handle the person themselves at home.
The fact is, the nursing home is a better choice for everyone involved. The daily grind of attending to a relatives bodily functions, feed and bathing can be emotionally unhealthy for the family and for the patient.
That being said, the long term care policy is a tool to preserve the financial assets of a persons estate and the emotional health of the family members of the patient. A correctly written policy is capable of providing the financing to pay for the most expensive nursing homes available.
Simply put, no other type of policy can pay for extended nursing home costs. Medicaid can pay for it, but only when the person either has no money to begin with or has spent all their money on medical bills already. A standard nursing home costs around one hundred and fifty dollars per day. A good nursing home policy can make a huge difference in the financial well being of the families of incapacitated elderly people.
Ideally, an LTC policy will be purchased when a person is around fifty five years old. This allows the person to still get a competitive rate, but not be so young that they would be paying for the policy much longer than necessary.
Basically, these nursing home policies pay a set dollar amount per day for the nursing home costs. States such as Arizona require that polices sold there contain inflation protection that increases that daily benefit over time to compensate for inflation.
There are very significant emotional reasons for people to purchase long term benefits policies. Family members will often feel a sense of guilt at the prospect of putting a loved one in a nursing home. The typical reaction is to attempt to handle the person themselves at home.
The fact is, the nursing home is a better choice for everyone involved. The daily grind of attending to a relatives bodily functions, feed and bathing can be emotionally unhealthy for the family and for the patient.
That being said, the long term care policy is a tool to preserve the financial assets of a persons estate and the emotional health of the family members of the patient. A correctly written policy is capable of providing the financing to pay for the most expensive nursing homes available.
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