Long Term Care Insurance for a Price You Can Afford

Texas is not running short of nurses, in fact they can be found in numerous nursing homes situated in all 226 counties of the state. You just have to be financially ready if you want to experience topnotch care in these long term care (LTC) facilities. If you can’t self-insure then you might want to consider a Texas Long Term Care Partnership plan.

Similar to other states, the cost of care in Texas is beyond the means of its residents. What’s even more excruciating is thinking about the state’s future LTC costs as these are expected to quadruple sometime in 2030.

At present, elderly Texans who are receiving care in nursing homes are spending a total of $180,675 for a three-year period of care. Taking into account the 5% annual inflation, this number can increase to $189,708.75 next year and then to $199,192 in the year after that, and even higher for subsequent years.

Other LTC settings such as assisted living facilities, adult day care health centers, hospice care, and even in-home care follow the same pattern when increasing its LTC costs. By the time we get to 2030, financial advisers and LTC experts said the cost of care will be four times higher than it is today.

Every Texan is advised to intelligently secure himself with a good LTC plan, otherwise he will lose everything that he currently has and is about to have. One of the best plans that will help people get by the cost of care in Texas is a long term care insurance (LTCI) policy but the sad truth is a big percentage of the state’s population remains uninsured.

Everyone has his own reason for not buying a policy. Most Texans either find this product too expensive or stubbornly stick to the belief that the government will do something to help them should the time come that they would need LTC.

Government Can Help Those with Texas Long Term Care Partnership Plans

To encourage people to plan their future health care needs, private insurance companies in Texas have partnered with various state government agencies that are constantly looking out for the welfare of the elderly. This collaboration resulted in the Texas Long Term Care Insurance Partnership Program, which is a more affordable type of LTCI policy.

Individuals who buy a Partnership qualified LTCI policy can enjoy asset protection even as they apply for Medicaid assistance in the future after having used up their benefits. Medicaid would normally require an individual to spend down his assets up to a certain amount if he wants to receive financial assistance for his LTC. In other words he has to be very poor before Medicaid would lend him a hand because this health insurance program is primarily for poor families and individuals earning an income below the poverty line.

With a Partnership qualified policy, the insured individual can apply for Medicaid to receive ongoing care while protecting a portion of his assets which is equivalent to the amount of benefits his policy has paid out to him.

To find out how you can qualify for a Texas Long Term Care Partnership plan, contact a legit LTCI representative in your area.