Long Term Care Insurance Texas Companies, Quotes and Costs
Texas Long Term Care Insurance Review
This Texas Long Term Care Insurance Review explains long term care planning in the state of Texas. Here are the primary points discussed in this article:
- The risk of needing long term care
- The cost of long term care in Texas
- Types of long term care insurance
- What’s the best age to buy long term care insurance
- Texas Long Term Care Partnership Program
- How much does long term care insurance cost in Texas
- Long term care insurance companies in Texas
- Comparing Texas long term healthcare insurance quotes
Complete the form on this page to get Texas long term care insurance quotes. We’ll give you quotes and comparisons for the leading LTC insurance companies in Texas.
Texas Long Term Care Planning
Planning ahead for future long term care needs is a key part of retirement planning. Many people have had first-hand experience with a loved one who needed long term healthcare services. These experiences emphasize the reality of the financial and emotional stress when a loved one needs long term care.
A long term care plan can protect your retirement assets. Plus it gives you the peace of mind, knowing you can cover the cost of long term care if you need it in the future. Long term care insurance also protects your family from having to be caregivers. And it enables you to choose where you’ll receive any care needed in later years.
The Risk Of Needing Long Term Care Services
According to the U.S. 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.
Does Medicare Cover Long Term Care Costs?
Medicare is the federal health insurance program for people over 65 and for some younger people with disabilities. But Medicare does not pay for most long term care services. Specifically, Medicare does not pay for custodial care which makes up over 90% of long term care. An example of custodial care is when someone needs help with walking, bathing, eating, dressing and using the toilet. Custodial care is also what people need most when they have a physical impairment from a stroke. Or, due to cognitive impairment from dementia or Alzheimer’s disease.
Don’t make the mistake of thinking Medicare covers long term care costs. It doesn’t.
Types of Long Term Care Insurance
There are two types of long term care insurance in Texas:
- Traditional Long Term Care Insurance.
- Hybrid Long Term Care Insurance. This includes long term care annuities and long term care life insurance.
Each type has its specific advantages. One of our independent long term care agents can explain the differences to help you decide which is best for you.
The Best Age To Buy Long Term Care Insurance
Like most advisers, we recommend buying long term care insurance in your fifties or early sixties. The primary reasons for this recommendation are:
- The younger you are when you buy a policy, the lower the annual premiums.
- By the time you reach your mid sixties, you’re more likely to have a medical condition that makes you ineligible for a preferred-health discount, or makes it tough to get coverage at all.
- Even though you’ll have to pay premiums a longer period of time, you’ll typically pay less overall than someone buying at an older age.
So it almost never pays to wait. And, while you’re waiting, you’re uninsured. If an accident or illness happens causing you to need long-term care, you’ll have to pay out of pocket. We provide detailed long term health insurance quotes and comparisons specific to your age and health history.
Texas Long Term Care Costs
Genworth Financial conducts an annual study on the cost of long term care. Their 2018 Cost of Care Survey covers national long term care costs with over 15,000 long term care providers in 440 regions.
Texans need to know long term care costs, because it’s your local cost of care that tell you how much long term care protection you need.
Texas Long Term Care Costs – 2018 (annual) |
||||
| Region | Nursing Home (private room) |
Nursing Home (semi-private) |
Assisted Living (private room) |
Home Health Aide (44 Hrs/wk) |
| Texas State Median |
$78,475 | $57,579 | $45,540 | $45,760 |
| Abilene | $78,475 | $55,663 | $46,410 | $43,472 |
| Amarillo | $70,080 | $57,488 | $44,400 | $48,620 |
| Austin Area | $88,330 | $63,875 | $62,280 | $50,336 |
| Beaumont Area | $69,350 | $53,655 | $46,800 | $41,184 |
| Brownsville Area | $122,275 | $61,685 | $41,667 | $34,320 |
| College Station Area | $62,963 | $57,123 | $47,940 | $48,048 |
| Corpus Christi | $94,170 | $63,875 | $35,700 | $44,044 |
| Dallas Area | $85,611 | $60,773 | $52,200 | $48,483 |
| El Paso | $84,863 | $58,400 | $27,000 | $36,608 |
| Houston Area | $83,950 | $61,138 | $46,350 | $49,192 |
| Killeen Area | $86,870 | $64,879 | $48,630 | $46,332 |
| Laredo | $77,745 | $59,221 | N/A | $34,320 |
| Longview | $59,313 | $47,450 | $37,200 | $48,620 |
| Lubbock | $82,490 | $59,495 | $38,400 | $43,197 |
| McAllen Area | $98,733 | $62,233 | $48,600 | $35,464 |
| Midland | $77,745 | $56,940 | $50,190 | $48,048 |
| Odessa | $75,435 | $56,210 | $55,260 | $50,222 |
| San Angelo | $73,913 | $52,378 | $53,400 | $43,472 |
| San Antonio Area | $73,000 | $56,575 | $47,700 | $48,048 |
| Sherman Area | $60,225 | $51,830 | $44,328 | $44,616 |
| Texarkana | $62,050 | $52,925 | $27,180 | $38,667 |
| Tyler | $73,000 | $51,100 | $45,600 | $45,760 |
| Victoria | $94,900 | $59,313 | $52,440 | $45,760 |
| Waco | $80,300 | $52,560 | $44,340 | $46,904 |
| Wichita Falls | $76,650 | $54,385 | $39,744 | $42,328 |
| Rest of Texas | $64,970 | $47,450 | $38,400 | $42,900 |
Texas Long Term Care Partnership Program
The Texas Long Term Care Partnership Program combines private long term care insurance with special access to Medicaid. The Long Term Care Insurance Texas Partnership program allows you to shield part or all your assets while still qualifying for Medicaid if your long term care needs extend beyond what is payable by your long term health insurance policy.
The long term care insurance companies are required by the Texas Partnership for LTC to offer specific benefits. This can help remove the guesswork when designing your long term care insurance policy. Section 6021 of the 2005 Deficit Reduction Act allows for Qualified State Long Term Care Partnerships. Texas Long Term Care Partnership policies are commonly referred to as Partnership Policies.
Texas Long Term Care Partnership Rates
A Long Term Care Insurance Texas Partnership policy will cost about the same as non-Partnership policies when designed with similar benefits. But, some mandated features of a Long Term Care Insurance Texas Partnership policy can limit flexibility in benefit design.
So it’s a good idea to compare a non-Partnership policy because a wider range of choices may be available and better for your situation. One of our licensed long term health insurance professionals can explain the differences.
Texas Long Term Care Partnership Reciprocity
If you buy a qualifying long term care insurance policy in another State under their LTC Partnership program, you will not lose your asset protection by moving to Texas. And The State of Texas will recognize accumulated asset protection for Medicaid qualification if you’re already receiving benefits from your Partnership LTC policy before moving to Texas.
How Much Does LTC Insurance Cost In Texas?
How much does long term care insurance in Texas? The answer: It depends on your age and health history at the time you buy the insurance. Typically, 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 (a deductible in days)
- Inflation Protection (if chosen)
We give you detailed long term care insurance quotes and comparisons specific to your situation.
Long Term Care Insurance Companies In Texas
Texas long term care insurance is available from several well respected insurance companies. We compare these companies to find you the best protection at the lowest cost. Here is a list of long term care insurance companies offering coverage in Texas:
|
Compare Long Term Care Insurance Costs and Options
Our 25 years of LTC planning experience will save you time and money!
One Stop Shopping
Compare Texas Long Term Care Insurance Companies, Quotes and Policy Costs. We’ll help you compare the companies and plan options side by side. We also provide detailed comparisons to the AARP LTC insurance offering.
Compare With an Independent Agent
We impartially shop the market of top-rated insurance companies and help you find not only the best rate, but the best company. We’ll supply you with rates, ratings, and reviews of the companies that sell these types of policies.