Long-Term Care Insurance Needs in Arizona
At Phelps LaClair, we’ve been helping families in Chandler, Mesa, and Gilbert plan ahead for more than 40 years, and through multiple generations. We understand elder law, tax law, and estate planning. And we’d like to shed some light on long-term care insurance needs in Arizona.
What is long-term care insurance?
Long-term care insurance is an insurance that helps to pay for the hefty costs of long-term care. It typically covers costs that are not paid by regular health insurance plans, Medicare, or Medicaid. Some of the expenses it will cover include home care, assisted living, nursing homes and hospice care.
Who needs it?
Most people think you have to be old to need long-term care. In fact, 40% of people receiving long-term care today are under the age of 64. The need for long-term care for the elderly is also increasing, because these days, people are living longer.
Some of the factors that determine whether long-term care is needed: the ability to dress, bathe, eat, use the toilet, and get in and out of bed without assistance. If several of these activities are beyond the ability of the individual, then long-term care is needed.
A good time to shop for long-term care insurance is between the ages of 45-55, while the rates are lower and your health is good. Don’t wait too long, though: long-term care insurance may no longer be available if serious health problems develop that could make you uninsurable.
What are the benefits?
In addition to the institutional coverages listed above, long-term care insurance can pay for live-in caregivers and private-duty nurses, thereby helping to reduce the family burden of giving constant care to aging relatives. In addition to paying out-of-pocket expenses, another benefit is that the costs of the insurance may be eligible for a tax deduction.
Long-term care insurance in your Estate Plan
When you consider long-term care insurance needs in Arizona as part of your overall estate planning, this insurance becomes a means of protecting your assets from being drained by extended health care as you and your spouse grow older. However, as important as long-term care insurance is, we feel that one of the best plans of protection is to transfer your assets into an Irrevocable Medicaid Family Protection Trust (MAPT). Phelps LaClair believes strongly that every estate plan should address future long-term care needs. Call us today so we can go over your plans to make sure you are doing everything possible to protect your future and to keep your estate solidly protected for your heirs. You may find that an Irrevocable Medicaid Family Protection Trust is just the right pathway for you and your family.