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.
Fifty five is the best age to get a policy for paying nursing home benefits. This age will still get a decent price and will not require the person to pay into the policy for an excessive amount of time. Underwriting the policy at fifty five has proven to be statistically the best balance between price and premium over time.
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.
The policy also protects the mental health of the family. Family members will often try to avoid placing a loved one in a nursing home by trying to take care of them at home themselves. There is a common sense of guilt that family members struggle with when putting a loved one in a nursing facility.
This is normal, but the reality is that nursing homes are actually more humane on everyone involved than home caring by family members. The realities of personal hygiene, feeding, bathing, and general prolonged interaction with an incapacitated family member has proven to be very stressful and emotionally traumatic for the family and for the patient.
Ultimately, the long term care policy protects the financial resources of the estate and the family members and avoids situations that damage the mental well being of the patient and the family. The best nursing care available can be had with the right policy and completely paid for as well. Read more about: long term care insurance Arizona
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.
Fifty five is the best age to get a policy for paying nursing home benefits. This age will still get a decent price and will not require the person to pay into the policy for an excessive amount of time. Underwriting the policy at fifty five has proven to be statistically the best balance between price and premium over time.
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.
The policy also protects the mental health of the family. Family members will often try to avoid placing a loved one in a nursing home by trying to take care of them at home themselves. There is a common sense of guilt that family members struggle with when putting a loved one in a nursing facility.
This is normal, but the reality is that nursing homes are actually more humane on everyone involved than home caring by family members. The realities of personal hygiene, feeding, bathing, and general prolonged interaction with an incapacitated family member has proven to be very stressful and emotionally traumatic for the family and for the patient.
Ultimately, the long term care policy protects the financial resources of the estate and the family members and avoids situations that damage the mental well being of the patient and the family. The best nursing care available can be had with the right policy and completely paid for as well. Read more about: long term care insurance Arizona
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3 comments:
Nicely presented information in this post, I prefer to read this kind of stuff. The quality of content is fine and the conclusion is good. Thanks for the post.
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Great post. I feel like the site it references is a good place to get some information as well.
Check out more at wwww.azlongtermcare.org
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