Long Term Care Insurance Texas Partnership Companies and Quotes
Texas Long Term Care Insurance Partnership Program
The Long Term Care Insurance Texas Partnership Program is a special program combining private long term care insurance with special access to Medicaid. The Long Term Care Insurance Texas Partnership program allows residents to shield a portion or all of their wealth (assets) and still be able to qualify for Medicaid if their long term care needs extend beyond what is payable by their private long term care insurance policy.
The private long term care insurance companies are mandated by the Long Term Care Insurance Texas Partnership to offer specific benefits which can help take the guesswork out of designing a long term care insurance policy. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. The private long term care insurance policies sold in conjunction with the Texas Long Term Care Partnership are commonly referred to as “Partnership policies”.
Who Needs Long Term Care?
According to the Department of Health and Human Services, about 70 percent of people over age 65 will require some type of long term care services during their lifetime. However, the need for long term care does not only impact seniors as 40 percent of people currently receiving long term care services are ages 18 to 64.
Texas Long Term Care Costs
Genworth Financial conducts a comprehensive study on the cost of long term care on an annual basis. The Genworth Financial 2017 Cost of Care Survey encompasses long term care costs nationally and surveyed over 15,000 long term care providers in 440 regions. Long term care costs in the State of Texas are important for Texans to consider as the cost of care is a key indicator to how much long term care protection is needed.
Texas Long Term Care Costs – 2017 (annual) |
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| Region | Nursing Home (private room) |
Nursing Home (semi-private) |
Assisted Living (private room) |
Home Health Aide (44 Hrs/wk) |
| Texas State Median |
$72,635 | $54,750 | $42,000 | $45,760 |
| Abilene | $57,367 | $48,180 | $38,550 | $42,328 |
| Amarillo | $64,970 | $53,838 | $44,250 | $49,192 |
| Austin | $83,950 | $60,225 | $58,740 | $49,764 |
| Beaumont Area | $70,445 | $53,655 | $46,200 | $42,900 |
| Brownsville | $95,448 | $60,408 | $33,000 | $34,320 |
| College Station | $62,050 | $52,195 | $49,092 | $45,760 |
| Corpus Christi | $73,000 | $56,575 | $37,620 | $38,324 |
| Dallas | $83,220 | $55,663 | $45,300 | $48,048 |
| El Paso | $75,851 | $55,787 | $27,300 | $38,896 |
| Houston | $86,688 | $58,948 | $42,000 | $48,048 |
| Killeen Area | $77,380 | $59,313 | $40,980 | $46,904 |
| Laredo | $86,961 | $57,579 | N/A | $33,176 |
| Longview | $58,400 | $46,373 | $39,570 | $42,328 |
| Lubbock | $78,475 | $59,495 | $39,000 | $41,184 |
| McAllen | $96,360 | $62,963 | $46,800 | $37,752 |
| Midland | $71,540 | $54,385 | $48,600 | $45,760 |
| Odessa | $73,000 | $55,480 | $45,150 | $45,646 |
| San Angelo | $62,050 | $45,260 | $45,600 | $43,426 |
| San Antonio Area | $80,300 | $56,575 | $47,100 | $45,714 |
| Sherman Area | $51,100 | $51,100 | $39,240 | $42,282 |
| Texarkana | $60,225 | $50,005 | $31,200 | $49,192 |
| Tyler | $91,250 | $54,020 | $42,072 | $45,760 |
| Victoria | $88,513 | $63,875 | $60,300 | $47,751 |
| Waco | $67,525 | $52,925 | $17,376 | $41,184 |
| Wichita Falls | $62,415 | $49,275 | $33,720 | $45,760 |
| Rest of State | $59,678 | $47,268 | $36,900 | $43,769 |
How Much Does Long Term Care Insurance Cost?
How much does long term care insurance cost in Texas? The answer: It depends on your age and health history at the time you buy the insurance. Practically speaking, the younger and healthier you are the lower the cost. Your long term care insurance premiums will also depend on the following benefits you select:
- Benefit Period
- Daily Benefit
- Elimination Period
- Inflation Protection (if chosen)
Long Term Care Insurance Texas Rates
A Long Term Care Insurance Texas Partnership policy has premiums that are the same as non-Partnership policies when designed with similar benefits. It’s worth noting that the mandated features of a Long Term Care Insurance Texas Partnership policy can limit flexibility in benefit design. For this reason, it may be beneficial to consider a non-Partnership policy in some situations as a wider range of choices may be available and more suitable to a particular situation. An agent specializing in long term care insurance Texas coverage can advise you in this regard.
Long Term Care Insurance Texas Partnership Reciprocity
If you purchase a qualifying long term care insurance policy in another State under their Long Term Care Partnership program, you will not lose your asset protection if you move to Texas. The State of Texas will also recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits under your Partnership long term care policy before you move to Texas. The Long Term Care Insurance Texas Partnership program outlines all of the details on this page about state reciprocity of long term care partnership programs in Texas and other states.
How To Buy Texas Long Term Care Insurance
Texas Long Term Care Insurance Partnership policies are offered by a number of insurance companies. Agents representing Partnership policies offered by these companies must have a special certificate of training that is required by the State of Texas. Carriers we represent offering Partnership policies in Texas:
- Genworth Life Insurance Company
- John Hancock Life Insurance Company
- LifeSecure Insurance Company
- Massachusetts Mutual Life Insurance Company
- Mutual of Omaha Insurance Company
- Transamerica Life Insurance Company
- United of Omaha Life Insurance Company
Request Texas Long Term Care Insurance Quotes!
We’ve specialized in Long Term Care planning solutions since 1990 and will give you professional and unbiased advice so you can decide if Long Term Care Insurance is right for your situation. We shop all the major long term care insurance companies in Texas and give you:
- Price comparisons customized for your specific needs from respected companies like Genworth Financial, John Hancock, Transamerica, Mutual of Omaha and others.
- Benefit comparisons of each company’s policy. This side-by-side comparison will cover both the similarities and differences of each plan.
- Financial stability reviews of each long term care insurance company’s ratings, size and claims experience.
Texas long term care insurance specialists serving Arlington, Austin, Brownsville, Corpus Christi, Dallas, El Paso, Fort Worth, Garland, Grand Prarie, Houston, Laredo, Lubbock, Plano, San Antonio and all cities in the State of Texas.