Most of us know someone who has needed long-term care services at one point or another. Whether it was a grandparent, friend, or simply an acquaintance, it isn’t hard to recognize that long-term care often has emotionally and financially devastating effects on families.
Too often, people assume that Medicare will pay for their long term care if something ever happens. When a real medical emergency arises, they find themselves scrambling to find a new plan after being told the truth: Medicare won’t pay for long-term care.
Preparing for the Cost
Americans are living longer and healthier lives, so more of us need care in our old age than in past generations, when life expectancy was much shorter and the standard of care was much lower. These days, people want and expect high-quality care, so creating a long-term care plan is essential to ensuring you receive the type of care you prefer.
The cost of long term care in Texas just about aligns with the national average, if not a bit lower, but it’s still far from affordable. In Texas, the median cost of a private room in a nursing home is more than $5,200 a month. Assisted living facilities in Texas are less expensive, but can still add up quickly, at a median monthly cost of more than $3,300.
Even just a few months of care in a facility can substantially reduce your retirement savings, which is why establishing a plan ahead of time is such a smart move.
Long Term Care Insurance Can Help
Many people think that long term care won’t ever happen to them, but something as simple as a fall can lead to the need for long term care, even if just for a few weeks or months. Preparing a method to pay for any such care helps reduce the stress and confusion that arises from trying to coordinate delivery of services.
Long term care insurance has provided millions of Americans with protection from the high cost of care, helping them shield their assets and have peace of mind that they will receive high quality care.
Long term care insurance policies help pay for the cost of care in a nursing home, assisted living facility, or even at home if the policy allows it. Though some companies have raised rates lately to align with the increasing health care costs, the price of premiums is still extremely low when compared to the cost of care.
If you are in good health, you can get a substantial discount on your rates. There are several top-rated companies that insure Texans and have excellent reputations in terms of claim payments. Read more about long term care in Texas or request a quote today.