{"id":2740,"date":"2020-09-16T09:49:14","date_gmt":"2020-09-16T16:49:14","guid":{"rendered":"https:\/\/www.jacksonwhitelaw.com\/altcs\/?p=2740"},"modified":"2024-01-03T09:22:40","modified_gmt":"2024-01-03T16:22:40","slug":"estate-planning-long-term-care","status":"publish","type":"post","link":"https:\/\/www.jacksonwhitelaw.com\/altcs\/blog\/estate-planning-long-term-care\/","title":{"rendered":"Estate Planning and Long-Term Care"},"content":{"rendered":"
Planning for long-term care is an essential component of estate planning. The cost of elder care can be substantial, resulting in financial, emotional and physical hardships.<\/p>\n
According to a 2021 Cost of Care Survey<\/a> that analyzed the costs of home care providers, assisted living facilities, and nursing homes, the annual cost for these services ranged from $48,000 to more than $100,000.<\/p>\n Fortunately for those in need of care, Medicaid and ALTCS benefits are available in Arizona but the application and qualification process is complicated. This guide is an introduction to the process of estate planning with respect to long-term care in Arizona.<\/p>\n Some people are able to build a nest egg over time to pay for their long-term care. Self-pay often requires many years of savings and even then, it may not be enough to cover round-the-clock care. Long-term care insurance is available to cover all or part of a person\u2019s long-term care if they are ineligible for Medicaid or the Arizona Long Term Care System (ALTCS). However, not everyone qualifies for long-term care insurance.<\/p>\n Long-term care insurance may be denied for the following reasons:<\/p>\n For those who are unable to self-pay or are ineligible for long-term care insurance, Arizona offers some public benefits that can help cover long-term care expenses.<\/p>\n Medicaid is a joint state and federal program that provides health coverage to people with low income. As of July 2018, there are 1,688,791 people covered by Medicaid\/CHIP, according to HealthInsurance.org<\/a>, resulting in a 42 percent reduction in the uninsured rate from 2013 to 2017. Medicaid covers a comprehensive scope of services, such as inpatient and outpatient hospital care, home health services, physician services, and x-ray and laboratory services. It also covers most long-term care services.<\/p>\nLong-Term Care Insurance<\/h2>\n
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Medicaid<\/h2>\n