Are Arizona Health Insurance Long-term Care Plans Affordable?
Not many people realize the importance of a long-term care plan until it is too late
. This plan is not only for seniors. In fact, rates are lower if you buy in your 50s. It is an undeniable fact that all of us are getting older and may need some assistance in the long run.The cost of having a long term care insurance policy is no joke. It can be pretty expensive simply because long term care is very costly. Private nursing home rooms can reach $70,000 and up to $80,000 dollars per year. That can take a huge toll on your finances if you're going to shoulder the out-of-pocket costs alone.
Long Term Care Arizona Health Insurance Is Within Reach
If before, having an Arizona health insurance long term care policy seemed like a luxury, this is bound to change in the months to come. Recently, the Senate Appropriations Committee passed a bill that would make long term care health insurance more affordable for middle-class families.
House Bill 2713 was sponsored by Rep. Steve Farley, D-Tucson, which would allow residents of Arizona to set aside money in a tax-deductible savings account to pay for long term health care costs. It would also allow tax deductions for long term care Arizona health insurance premiums. However, it must still pass the Senate before it can be signed into law by Gov. Jan Brewer.
According to Farley, the bill was aimed at families in the middle class "because they aren't poor enough to qualify for government assistance for long-term care yet aren't wealthy enough to pay for the care outright." HB 2713 would really help them get the long term care they need and deserve without paying top dollar. Farley added that long term care can cost you an average of $80,000 annually.
This legislation will provide middle-class families better options when it comes to long term care. One common misconception of people is that long term care is covered by Medicare. But this is not the case. Medicare only pays for short term stays in nursing care facilities. It does not cover long-term accommodations and the nursing care assistance that you need with your activities of daily living such as bathing, dressing and eating.
Farley is familiar with this type of situation and knows it can be very difficult for families to pay for long term care. He has experienced it first-hand with his mother. His mother had dementia and spent three years in a nursing home care facility. He added that the legislative fiscal memo estimated the bill would cost the state roughly about $8 million. Both parties agreed with Farley's proposal that HB 2713 would encourage people to set aside money to pay for their future health care needs.
Not all of us might experience the problem of paying for long term health care, but it is something that each of us will have to go through with our loved ones. While this bill is not yet a law, there's something you can do to handle Arizona health insurance long term care premiums.
Get a long term care Arizona health insurance plan at an early age. It is a good idea to get it before you are diagnosed with dementia or Alzheimer's. This will get you lower premiums than getting it at a later stage.
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