A recent report ranked Texas as the state with the worst nursing homes in the country, causing people all across the state to rally in support of improving the many long term care facilities in the Lone Star State.
As many people fight to find quality nursing homes and improve the standard of care statewide, others are turning to different solutions to receive their long term care.
Long term care brings about a lot of changes, physically and emotionally. Whether you need care from a recent surgery, a fall, stroke, or Alzheimer’s or another form of dementia, transitioning into long term care can be stressful. Moving into a facility can add to this stress if the patient is reluctant to leave the comfort of the home they have lived in for years.
Fortunately, nursing homes and assisted living facilities aren’t the only care setting available for long term care patients. In-home care has become increasingly popular over the years, for obvious reasons. Receiving care in your own home retains a sense of normalcy that moving into a facility typically can disrupt. Rather than completely changing your life, you can stay where you are happiest and feel most at ease.
There’s no denying the cost of long term care in Texas is exceedingly expensive, and the majority of people can’t afford to pay out-of-pocket. According to Genworth, one of the top long term care insurance providers, the median cost of in-home care in Texas is $41,184 annually. Even 1 year of care can substantially impact your retirement savings and leave you in financial disarray. Long term care insurance provides a way to safeguard against this risk by protecting your assets from the cost of care and providing the option of in-home care.
Facing the Cost of Care
While none of us really know if we will ever need long term care or not, the fact is, the risk of financial fallout associated with the cost of care is too severe to ignore. This fact has become more apparent to the Baby Boomer population, many of whom are currently dealing with the care of their aging parents.
An important key to purchasing this type of insurance is buying the right amount of coverage at the right time. Applying for a policy when you are in your 40s or 50s will help you save a substantial amount of money compared to if you wait to apply until your 60s. This is because age and health both play a large role in what premium rate you are assigned. Texans in good health are likely to qualify for a discount from the top companies.
Long term care insurance policies from the top companies typically offer the option of in-home health care, instead of facility care. This care, which is substantially cheaper than facility care, can help you avoid exhausting your policy as quickly and keep you happier during your time of care. Some companies even offer home modifications and installation of emergency response systems to keep you as safe as possible in your home environment.
Be sure to work with an independent agent who has experience with the top providers and can help you determine whether or not your chosen policy offers in-home care. If you are interested in learning more about a policy, request a quote and we will contact you shortly.