Are you getting older? Of course you are! Most of us don’t want to think about needing care as we age but we should. Current healthcare, including Medicare and Medicaid, does not typically include provisions for extended care. That’s where long term care insurance can help you or a loved one get the care you need.
What is long term care insurance?
Long term care insurance covers in-home care for people with disabilities, chronic illnesses, or other conditions where care is needed on a daily basis. Services covered are those typically not covered by health insurance, Medicare, or Medicaid.
What does health insurance cover?
Employer based healthcare often covers at least part of a short-term hospital stay but generally doesn’t cover longer term or in-home care. Medicare covers shorter term nursing home stays or in-home care but not in all cases. If you or a loved one needs care over the course of weeks, months, or longer, consider long term care insurance.
What is ALTCS?
Long term care insurance can be obtained through employers or organizations at group rates, individual plans, and state partnership programs.
ALTCS is Arizona’s plan offered through Medicaid to medically and financially eligible Arizona residents who are older, blind, disables, or have a developmental disability.
- If you have assets, you will be required to spend them before you can qualify for ALTCS.
- Home care and choice of facility are not options for ALTCS insureds.
- Veterans can use Aid & Attendance for in-home care.
Considerations for purchasing long term care insurance include:
- Age and Health: The younger and healthier you are, the less the insurance will cost. If you wait until you are sick, it may cost significantly more or you may not qualify.
- Support System: If you have friends or family who can take care of you long term, ask if they would and then ask yourself if you’d want them to take care of you. It may come to a point where you need professional care offered in a nursing care facility.
- Investments, Savings & Estate Planning: When was the last time your investment portfolio or estate plan was reviewed? A financial advisor can help you save and invest for your future care and an estate attorney can review your plan to determine if long term care insurance is right for you.
For questions about long term care insurance, investing for retirement, and saving for extended care, please make an appointment with Shanna Tingom of Heritage Financial Strategies at 480-397-1184.
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