Golden Horizons:Β  How Arizona Retirement Protection Enhances the Benefits of Long-Term Care

Retirement planning sounds nice but can be difficult to prepare for financially. It is not only about money, but also taking into account lifestyle. To be able to make a good choice about retiring in Arizona, factors need to be considered seriously:

Long-Term Care Benefits

Arizona offers many services to the elderly and disabled individuals who will potentially reap the Benefits of Long-Term CareΒ  through the Arizona Long Term Care System (ALTCS) :

  • Managed Care Model makes things easier for recipients of care.Β 
  • Entitlement to Services: nursing home care, home and community based services (HCBS), as well as care at home or in other settings such as adult foster care homes or assisted living facilitiesΒ 
  • Self-Directed Care Options: assistance programs other than ALTCSΒ  which offer more freedom:
  1. Agency with Choice – allows beneficiaries to share hiring, training & firing responsibilities of caregivers with the state
  2. Self Directed Attendant Care – another self-direction option available for participants in any ALTCS program
  3. NMHCBS Program – for those who don’t qualify for Medicaid
  • Eligibility Requirements: at least 65 years old; have an assessed need for skilled nursing facility level-of-care (SNF LOC) based on current health status
  • Services Covered by ALTCS
  1. Institutional Care: Nursing facility service(s)
  2. Home & Community Based Services (HCBS): Outpatient plus in-home combined together
  3. Medical Services: Doctor’s office visits and prescriptions (limited for people with Medicare)
  4. Behavioral Health Services: Mental health needs
  5. Preventative & Well-Care Services: Especially for children

ALTCS is an Arizona Medicaid program that provides long-term care services and supports to individuals who require nursing home level-of-care.

Retirement Protection in Arizona

Choosing the right location to retire is part of the retirement planning . Implementing strategies are also vital to protectΒ  hard-earned assets.Β  Thoughtful planning now can lead to a worry-free retirement later.

  • Arizona State Retirement System (ASRS): For more than 50 years, ASRS has provided retirement security to various public servants in Arizona. Various Key features of the ASRS include:

Lifetime Retirement Benefit – primary focus is on providing members lifetime income throughout their retirements.

Employer Contributions – Employers and employees contribute equally to each covered employee category, pooling contributions for benefit payments like lifetime pensions and LTDs.

Retirement Annuity Options – members may select from multiple annuity options designed to meet different retirement goals and income levels.

  • Protection of Retirement Assets in ArizonaΒ 

Under state law, all qualified retirement accounts held within this state shall be exempt property during bankruptcy proceedings, with no limit on the dollar amount protected provided such funds were established pursuant to federal tax laws.

  • Arizona Retirement Security Coalition (ARSC):

The objective of the Arizona Retirement Security Coalition is to protect those who are part of the Arizona State Retirement System, guaranteeing financial stability and shielding property from unnecessary risks.

The Ideal Retirement Destination

Arizona offers a compelling lifestyle for retirees, making it an attractive destination for those looking to enjoy their golden years. Here are some facts on this matter:

*Community Life & Social Activities: With 151 communities designed specifically for retirees, Sun City has various amenities like recreation centers with swimming pools, fitness centers, restaurants, golf courses and more.

*Weather: The β€œdry heat” of Arizona is indeed dry, however it rapidly cools after sunset.Β 

*Tax Breaks: Arizona tax system for seniors is quite appealing since their entire social security benefits become non-taxable.

*Recreation: hiking, golfing, and sightseeing in national parks.Β Β Β Β Β Β 

*Healthcare Services- excellent medical care facilities give peace-of-mind even long before reaching retirement age

Assets remain secure and provide for you throughout your golden years when your investment portfolio is diversified, when you explore insurance options and when you create a solid estate plan.

To help you review your options and secure your future, reach out to Pennington Wealth, PLLC, a financial professional in the Sun City.

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