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Phoenix Arizona Long Term Care Insurance
Why You Need to Know About Phoenix Arizona Long Term Care Insurance!
Residents of Arizona pay for health insurance, auto insurance, homeowners insurance, and life insurance. Household income, already stretched thin, is enough to pay for house, food on the table and car. You might even be lucky enough to save some for retirement. There are also miscellaneous expenses such as toiletries, clothes, entertainment, and maybe even a movie or two. If you have kids, we won’t even mention the costs associated with raising them.
The average household budget is already stretched to the limit. So how can you afford more insurance?
A lot of life is about planning. It’s a good idea to plan for the future. That’s why it’s important to consider Phoenix Arizona Long Term Care Insurance carefully. Your budget may be tight. How much does it tighten if you are too sick or injured to work?
There is a product that pays for expenses associated with nursing homes, assisted living facilities, and home health care (calling nurses).
Phoenix Arizona Long Term Care Insurance
Injury or illness can cause anyone of any age to need long-term care. But often we think about long-term care for the elderly. The cost of a private room in a nursing home is quickly approaching $70,000 a year. The average length of stay in a nursing home is more than two years. That’s a lot of money.
For most of us, we want to pass money down to family and children. We worked hard to own a home and eventually paid off our mortgage in full. We put money into an IRA or 401k and hope it grows substantially.
It is because of these assets that we should consider purchasing long-term care insurance as early as possible. LTC insurance was very expensive in our old days. Premiums are locked in at the age you buy, so it’s best to consider buying in your 50s and 60s, not later.
People who buy Arizona Long Term Care Insurance in their 50s will typically pay less than those in their 70s, even though they’ve been paying premiums for much longer. That young man just locks in a much lower premium (although premiums on LTC policies may go up).
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