A survey released by AARP details the attitudes held by Texans age 50 and up regarding Long Term Care.
LTC Should be a Priority
According to the survey, 62% of Texans surveyed believe funding for Long Term Care in Texas should be increased. This comes at a time when the need for Long Term Care is increasing across the nation. 7 in 10 Americans over the age of 65 will need Long Term Care at some point, but only 1 in 10 seniors have a Long Term Care Insurance policy.
These numbers are disturbing to say the least when considering the impact that the lack of preparation for Long Term Care will have on our individual wallets and tax funded health programs. Although Medicaid is expanding in many states due to the Affordable Care Act, Governor Rick Perry made it clear that Texas’s Medicaid program will do no such thing until the system is reformed.
Medicaid in Texas
77% percent of those surveyed said it is “important” to improve the quality of care received in nursing homes. Because Texas has the 2nd lowest Medicaid reimbursement rate in the nation, quality of care in Medicaid services have been declining and businesses have been suffering. The Texas Senate made reforming Medicaid a priority at the end of March, when they passed a comprehensive overhaul of the program, allowing states more flexibility, expanding care, and saving millions of state dollars.
Jane Nelson, author of Senate Bill 7, explained that “this was a really complex bill and we had many advocacy groups and stakeholders that provided input.” The bill is still pending in a House committee.
Increased Funding Coming Soon?
While Medicaid programs are undergoing reform, funding is actually being decreased for the program as a whole in Texas. Besides, Medicaid is reserved for those with little or no income, so if you have a substantial amount of assets, you will not qualify. This makes it crucial to prepare for your Long Term Care needs.
Long Term Care Insurance is a sensible solution to protect your assets and prepare for your future. LTCI makes it so you don’t have to worry about the cost of a nursing home, which is currently averaging around $80,000 annually. You don’t have to worry about burdening your children or other loved ones with your needs for care. Long Term Care Insurance allows you to rest easy, knowing your assets are safe should you require care.
The Texas state government has joined forces with private insurers to create the Texas Long Term Care Partnership Program, which offers various Long Term Care Insurance plans for Texas residents. Read more about your options here.