Why You Need To Learn About Phoenix, Arizona Long Term Care Insurance!
Arizona residents pay for health insurance, auto insurance, homeowners insurance, and life insurance. The already stretched family income pays for a roof over your head, food on the table, and a car payment. You may even be lucky enough to save some money for retirement. There are miscellaneous expenses like toiletries, clothing, entertainment, and maybe even a movie or two. We’re not even mentioning the costs associated with raising children, if you have them.
The average family budget is already stretched to the max. So how is it possible to afford even more insurance?
Much of life is about planning. And planning for the future is a very good idea. That’s why it’s wise to consider Phoenix, Arizona long-term care insurance. Your budget may be tight. How much stricter would you be if you were too sick or injured to work?
There is a product called that can pay for the costs associated with a nursing home, assisted living facility, and home health care (a nurse coming to your home).
Phoenix Arizona Long Term Care Insurance
An injury or illness can cause anyone of any age to need long-term care. But generally we think of long-term care for the elderly. The cost of a private room in a nursing home is rapidly approaching $70,000 per year. The average stay in a residence for the elderly is more than two years. That’s a lot of money.
For most of us, we want to spend money on family and children. We work hard to own a house and eventually pay off the mortgage on the house in full. We invest money in an IRA or 401k and expect it to grow substantially.
It is because of those assets that we should want to consider purchasing long-term care insurance sooner rather than later. LTC insurance is very expensive in our old days. The premium is set at the age you buy it, so it’s a good idea to consider it between 50 and 60, not later.
Someone who buys Arizona long-term care insurance at age 50 will typically pay LESS than someone who buys at age 70, even though they pay premiums for a much longer period of time. That younger person simply secured a much lower premium (although premiums can go up on LTC policies).