The Genworth Life Insurance Company has just released their 2014 State specific survey of long-term care (LTC) costs for home, community & facility care.
Because the Grand Canyon state attracts throngs of retirees, these costs are more competitive than other locales. Most policies will include inflation protection since these prices naturally increase as we get older. In Arizona, an assisted living facility average cost is $38,000 per year. This is the average annual cost, including those covered by Medicaid (called AHCCCS in Arizona). Fancier facilities requiring private pay can command $80,000 per year.
For those concerned about these costs and if they can afford it, we often recommend LTC insurance. Certain hybrid life insurance policies or a stand-alone LTC policy with premiums paid over a ten-year period have been the most popular.
If this is a concern for you and your family, ask us about this!
We welcome your comments or questions.