As an estate planning attorney, I am often asked about how to protect assets from the government if long term care is needed. Long term care is expensive. Long term care insurance is an excellent alternative to having to spend down almost all of your assets to qualify for Medicaid or AHCCCS. Policies vary so you need to talk to a financial planner who works with long term care insurance.
The number one fear of many Americans, particularly retirees, is running out of money before they die. This is understandable, given the volatile economy and the specter of nursing home costs. Although you cannot control the economy, you can protect your hard-earned assets from the cost of round-the-clock care in a long-term care facility. In fact, you may insure the option to have your long-term care provided in your own home, but only if you obtain such coverage through a proper long-term care insurance contract while you are insurable.
Regardless, if you wait too long, your options may be very limited. In a worst case scenario, you could end up depleting your assets.