Texas Long Term Care Insurance
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When it comes to your future care, it’s important to know and understand about long-term care  insurance planning.  It’s important to ask questions. Information helps you and your loved one make informed decisions regarding your options for care, when you’ll need it most.

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Long Term Care Insurance – Start Planning

Would you take a road trip without planning your route?  Planning for your future health care needs also requires careful planning.  Texans are living healthier lifestyles and living longer.  Many of us will be fortunate to live to our hundredth birthday. At the same time, our healthcare needs or risk of injury will also increase.

Relieve your children or other family members from the burden of providing for your long-term care. The trend toward senior healthcare is heading toward “aging in place” or receiving care in your own home. Care-giving may challenge the emotional and physical fortitude of loved ones. Make plans for your care before you need it.

A long-term care insurance policy should be part of your long-term financial plan that not only reduces the cost and burdens of healthcare as you age, but also protects your Texas assets and financial security.

What are the Odds I’ll need Extended Care Coverage?

If you’re like most people, you take your ability to dress, bathe, and feed yourself for granted. However, there may come a day in your future when you need help doing exactly that. According to governmental studies, nearly 70% of individuals over the age of 65 will require some type of long-term care or home health-based services.

Why take the risk? Plan ahead. Prepare for the unexpected. Whether you need one year of care or five or more years of care, a long-term care policy purchased today may save you tens (or even hundreds) of thousands of dollars in the future. Don’t take chances. Long-term care planning now will help alleviate emotional and financial stress in the future.

Long Term Care Insurance Cost – What’s the Best Age to Buy?

 The simple answer is, right now.  The younger you are when you purchase a long-term care insurance policy, the cheaper your premiums are, plain and simple. The longer you wait, the more chances you’ll be rejected for unacceptable health. For example, your chances of rejection for a long-term health care insurance policy increase as you age:

• Age 50 to 59 – 14%
• Age 60 to 69 – 23%
• Age 70 to 79 – 45%
• Age 80+ – 80%

Start planning now to give yourself more options regarding coverage. Don’t put it off until it’s too late. Purchasing a long-term care insurance policy sooner rather than later will offer reduced costs, more discounts, and more options in customizing your policy.

What are the Most Important Questions to Ask?

Where do you start with a long-term care insurance policy? What type of questions should you ask to make sure that a policy meets your needs? For example:

• Do you want to eventually obtain care in an assisted living facility, or at home?
• How much does long-term care cost in my city?
• Do you plan to retire where you live now or move to a different state?

When considering a long-term care policy, determined the questions you want to know about it. For example:

• Do you or your spouse currently have a health or medical condition?
• Do you take prescription medications?
• If you’re still working, do you currently have some type of long-term care insurance through your employer?

Ask yourself this – do you have enough money or health insurance coverage to cover the cost of care or recovery following a car accident, injuries caused by a Texas natural disaster, or need for long-term care? Most people don’t.  Ask questions now so that you don’t have to guess later.

Does Medicare Cover Long Term Care in Texas?

Many seniors who obtain Medicare benefits mistakenly believe that Medicare benefits cover the cost of long-term care and home health care costs. This isn’t true. Medicare coverage for long-term care or long recovery scenarios is woefully restricted.

The same goes for Medicaid. Medicaid is a state and federal funded welfare program designed for individuals with extremely limited financial resources or low income. The coverage offered by Medicare and Medicaid services in every state is slightly different, but funding for long-term care and home-based care scenarios is nearly non-existent.

Yes, veterans may benefit from federal programs offered by the Veterans Administration, but only under some circumstances, and depending on your demographic.

Carefully research your Medicare policy and become familiar with exactly what benefits are offered and which are not. Don’t leave yourself unprotected in the one aspect of care that costs the most -and that Medicare services don’t cover.

Long-Term Care Insurance is especially Important for Texas Women

The simple answer is that women generally live longer than men. Most of the time, it’s women who care for a sick or disabled spouse or family member. As a result, many women are injured in the care-giving process. Because women live longer, they’re more likely to spend their senior years living alone. The  majority of residents in nursing homes are women. Unfortunately, more women than men are also diagnosed with forms of dementia such as Alzheimer’s.

There is a vast disparity between benefits of long-term care insurance policies paid to single women rather than single men (41% to 12%). Nearly 70% of long-term care insurance benefits are paid out for care to women.

Buy Long Term Care Insurance, but I Might Never Use?

Think about it – you pay homeowner’s insurance, car insurance, and health insurance, so why wouldn’t you pay for insurance that will guarantee costs of health care as you age?

Do you really want to take the financial risk of not protecting yourself from the cost of skyrocketing health care costs as you age? Today, the largest long-term care insurance claims often exceed $1 million. What can long-term care insurance do for you?

• Reduce your risk of financial ruin
• Reduce the risk of your children or loved ones having to provide, financially, physically, and emotionally for your own care
• Enable you to receive care at home
• Allow you to choose an assisted living or nursing facility – not the other way around
• Return of premium options and combined life insurance and annuities (offered in some policies)

You’ve come this far protecting yourself and your family against the unexpected. Don’t stop now.

Does Long-Term Care Insurance Provide Home Care?

Absolutely! Unlike other medical policies or even Medicaid, a long-term care insurance policy enables you to receive qualifying care in your home environment. That reason alone is one of the most important for many. If you have long-term care insurance, you have the option (depending on your condition and prognosis) of remaining at home for care rather than the necessity of being moved to a skilled nursing facility.

How Much Coverage Do I Need?

 Every scenario is different. Talk to your insurance provider about coverage and premium costs. Most long-term care policies can be customized to meet your specific needs. Cost for your policy depends on a number of factors, including your age when you apply for and purchase a policy, and the types of coverage and options you choose.

To get you started, consider these factors:

• How much does long-term care cost in your area or where you want to retire?
• Does the policy include inflation growth options or protection?
• Consider “shared care” – an option that allows a couple to link their policies together in order to share benefits

Most people (approximately 70%) purchase long-term care policies that offer a 3-5 year benefit period. However, some purchase policies for under two years of expected care, while others may purchase policy benefits that last up to 10 years or even your lifetime.

What’s my Next Step?

 How do you get started? Call your local long-term care insurance agent or other financial professional and tell him or her that you need information about long-term care. Make a list of questions to ask over the phone or when meeting your agent in person. Common questions include:

• What benefits are included in different policies?
• What are coverage costs?
• Do I qualify for any discounts?
• Can I customize a Long-term Care policy to meet my needs?
• Can I add things to my policy at a later point in time?

Remember that it won’t cost you a dime to find out about long-term care insurance. You are under no obligation to purchase or make a decision on any policy when contacting an insurance agent.

Prepare now and protect yourself, your spouse or your family from the fear and uncertainty of your future health and its associated health care costs. Protect your financial security and avoid the mental, emotional or physical stress of providing care for yourself or a loved one by planning ahead.

Todd L. Dearth – Author