Long Term Care Insurance in Texas

Did You Know?

Around 10.5% of our 26 Million People are aged 65 and up, contributing to the fact that Texas is one of the largest users of Long Term Care services.

With over 2.7 million seniors in Texas, the use of Long Term Care is only going to increase over time, putting pressure on both the public and private sectors to catch up with the quickly changing demographic. In 2011, $11.2 billion was spent on Long Term Care expenses in Texas alone.

Long Term Care Issues in Texas

Texas is one of many states taking steps towards ensuring its seniors are protected when the time comes. By creating the Texas Long Term Care Partnership, the state is proving its dedication to providing its citizens with the best resources possible.  The legislature even publishes an annual report on Partnership.  This partnership addresses the growing concern over the lack of Long Term Care Insurance in the nation and secures a stable future for its residents.

Long Term Care Insurance covers a variety of costs for different Long Term Care services including nursing homes, assisted living, and in-home care. Regular health insurance will not cover such expenses and when you are unable to care for yourself, these expenses soon become necessities.

Texas Long Term Care Partnership

In 2009, the Texas Legislature created a program called the Texas Long Term Care Partnership. It is a partnership in which private long term care insurance providers work together with state government agencies to provide Long Term Care education and policy options to senior Texans. This allows Texans a greater range of choices of Long Term Care Insurance policies that allow them to keep their independence and protect their assets.

Don’t Medicare and Medicaid Cover Long Term Care?

Medicare does not cover most Long Term Care expenses, and even when they do, it is only for a very brief period of time. Medicaid provides Long Term Care, but in order to be eligible for Medicaid, you must have essentially no income and no assets. What this means is unless you want to give up your house, your car, and all of your money, your Long Term Care won’t be covered by Medicaid.

Americans Shockingly Unprepared for Long Term Care Crisis

recent study showed us just how unprepared people are for Long Term Care services. With constant evolutions in technology and people living longer by the minute, Long Term Care should play a large role in a family’s financial planning.

Although a government study predicts 7 out of 10 people over the age of 65 will need Long Term Care at some point, only 1 out of 10 people actually have Long Term Care Insurance.
Another study found that 7 out of 10 people have made no plans for their Long Term Care and many were not even aware of Long Term Care Insurance or what it covered.

This obvious lack of education about Long Term Care will result in a record number of seniors being without Long Term Care coverage when they need it most. A lack of coverage often ends in relying on family members for care and in turn, those helping family members dealing with a large and unnecessary burden in what may be an already stressful life.

What Are My Options in Texas?

If you are a Texan who has realized the importance of securing Long Term Care Insurance, there are many different options for you to choose from.

The Texas Long Term Care Partnership is a public-private partnership that offers quality, affordable Long Term Care Insurance policies that include services they need and provide the peace of mind of knowing that your assets are protected. Texans have the ability to assess their specific needs and create a plan that is tailored to fit those needs.

By planning ahead and anticipating your Long Term Care needs before they come into play, you are retaining control over your independence, securing services that you will need later on down the road, and sleeping well at night knowing your assets will never be depleted to pay for your Long Term Care.

How Does the Texas Long Term Care Partnership Work?

Purchasers of Texas Partnership Long Term Care Insurance policies are eligible for Medicaid asset protection. That means “having a Texas Long-Term Care Partnership-qualified policy can help preserve some of the financial security you worked your whole life to build. That’s because for every dollar that a Partnership-qualified policy pays out in benefits, a dollar of your financial resources will be set aside when determining if you qualify for Medicaid.”

This unique dollar-for-dollar system allows Partnership policyholders to shield their assets if they ever need to apply for Medicaid. Protecting your resources is a key part in planning your retirement and Long Term Care. If you do not hold a Partnership policy, when the time comes to apply for Medicaid, you must exhaust all your assets in order to be eligible for Medicaid’s Long Term Care coverage.

Inflation protection is required with all Partnership plans to ensure that your plan remains viable and the coverage you receive keeps up with rising costs. Tax deduction as a medical expense is possible with some Long Term Care insurance.

Long Term Care Insurance is a crucial part of planning for retirement and Texans can choose from 14 great Long Term Care Insurance companies throughout the state.

Most Popular Long Term Care Companies in Texas
1) Genworth
2) Mutual of Omaha Mutual Care Plus
3) Mutual of Omaha
4) Genworth Privileged Choice Flex
5) Mass Mutual
6) Transamerica
7) Mutual of Omaha Mutual CarePlus
8) Northwestern Mutual TTQuietCare 2013
9) Mass Mutual, Signature Care MM-5002011
10) Prudential
11) MOO
12) New York Life LTCSelect Premier
13) Genworth – Priv choice flex
14) Transamerica TransCareII 2012

While Long-Term Care Insurance is still new to the general market, there is a large and increasing number of people that have seen the various benefits. Many people are taking the time to learn how this type of insurance coverage can help them plan for the future to ensure they have adequate care and can live their life to the fullest.

Call us at 1-800-800-6139 for a quote today.

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