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TX Average daily benefit purchased: $ 142 per day.
The state of Texas has a population of about 26,000,000 people. This large number of people make Texas one of the largest users of Long Term Care services. This includes care in Nursing Homes, Assisted Living Facilities and Home Health Care. The US Census data shows, Texas has around 2.7 million people 65 years and up. This high number of seniors in the Lone Star State will increasingly need and use Long Term Care putting stress on families as well as public and private finances. In 2011 the total Long Term Care expenses in Texas was $11.2 billion.
The Texas Long Term Care Partnership program became effective in 2009. In summary, the Texas Long Term Care Insurance Partnership program is a joint partnership between the state's Medicaid program and the insurance companies. It was designed to give Texans an incentive to buy a Long Term Care Insurance policy and in the event a person needs care for a long period of time (usually 5+ years) their assets would be protected.
Long Term Care Insurance is an important retirement planning tool, and Texans have the choice of 13 great Long Term Care Insurance companies that can help protect their savings in the event they need Long Term Care services.
The state of Texas, like many states, has instituted The Texas Long Term Care Insurance Partnership program to tackle the problem of lack of Long Term Care Insurance coverage for its residents. This "crisis" in long-term care is a national phenomenon, however, and not specific to Texas. LTC Tree can provided you all of the information residents of Texas need to educate themselves about long-term care and prepare or "own" their future. Texas's population is aging and awareness of the need for Long Term Care Insurance remains low.
Long Term Care Insurance covers the cost of services such as nursing homes, in-home care and assisted-living care when one is unable to care for themselves and is not covered by regular health insurance and only by Medicaid if one qualifies, which can be difficult without exhausting all of your assets.
A recent study found that 7 in 10 Americans have made no plans for long-term care and many were not even aware of this type of insurance and what it covers. And, given that the Department of Health and Human Services estimates that 2/3 of all Americans will need long-term care at some point after they pass age 65, this does, indeed, constitute a crisis.
Americans are now at risk of having to exhaust their nest egg or rely on their children or other relative to care for them in retirement should they become unable to care for themselves. And, as the Texas site points out, "It is not just for the elderly, and it isn't just about nursing homes. It's about having the assistance you need during an extended illness or injury at any time of life."
Residents of Texas are able to assess their need and create their plan tailored to their needs in the Texas Long Term Care Partnership Program which is public-private partnership that offers individuals quality, affordable long-term care insurance and a way to receive needed care without depleting all their assets. Texas, like many states, aims to reward those who do their part in solving this "crisis" of Long Term Care Insurance by planning ahead, protecting themselves and their assets and "owning their future". Basically, it works like this: purchasers of partnership policies are eligible for Medicaid asset protection which means that "having a Texas Long-Term Care Partnership-qualified policy can help preserve some of the financial security you worked your whole life to build. That's because for every dollar that a Partnership-qualified policy pays out in benefits, a dollar of your financial resources will be set aside when determining if you qualify for Medicaid." This enables partnership policyholders to shield their assets should they need to apply for Medicaid as normally one is required to exhaust all assets before qualifying for Medicaid's long-term care coverage. Highlights of the plan include:
This feature is only available on Partnership-qualified long-term care insurance policies. Inflation protection is required if you are under 75 with most plans to ensure partnership status and make sure your coverage keeps up with rising costs. Tax qualification. You may be able to deduct part of your premiums from your taxes as a medical expense. Find out. State-to-state coverage Considering retiring in another state? See if you could receive resource protection if you needed to apply for Medicaid assistance in your new home state.
To purchase a policy in the Texas Long-term Care Partnership program contact us here at LTC Tree. You can start planning today for your future long-term care needs and securing all that you've worked so hard to achieve for your retirement by purchasing a Long Term Care Insurance policy. LTC Tree can assist you in finding a plan through the Texas Long Term Care Partnership Program that is right for you, no matter your age or financial status.
LTC Tree, the smart and easy way to shop for Long Term Care Insurance.
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