What is Long-Term Care Insurance (LTCI)?
Unlike traditional health insurance, long-term care insurance is designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility.
Long-term care insurance policies reimburse policyholders a daily amount (up to a pre-selected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
Benefits of LTCI?
Roughly 1.4 million Americans are living in nursing homes today. Nursing home care is costly ranging from $10,000 to $15,000 a month when paid for privately. And did you know, Medicare doesn't pay for 'long term' nursing home care. Another good reason long term care insurance should be part of your financial plan.
There are many benefits of long term care insurance. The phrase "long-term care" refers to the help that people with chronic illnesses, disabilities or other conditions need on a daily basis over an extended period of time.
The type of help needed can range from assistance with simple activities (such as bathing, dressing and eating) to skilled care that's provided by nurses, therapists or other professionals.
(Texas Long Term Care Partnership Program)
Long term care is a type of personal care service you may need if
you become unable to care for yourself because of a prolonged
physical illness, a disability, or a cognitive impairment, such as
Long term care is different from traditional medical care that attempts to treat or cure illnesses. Long-term care helps you maintain your current lifestyle, but it may not improve or correct your medical problems. Care may be provided at home or in a hospice, adult day care center, nursing home, or assisted living facility.
Texas Long Term Care Resources
Care Partnership Program
Texas created the Long Term Care Partnership Program as an incentive for Texans to plan for their long-term care needs. The partnership is a joint effort between private insurers and the state. Insurers must follow state and federal guidelines to sell partnership policies. Partnership policies have an asset disregard benefit, inflation protection, and tax qualification benefits.
A Texas Partnership for Long-Term
Care qualified policy provides you, as the purchaser, with
the right to apply for Medicaid under modified eligibility rules
that include a special feature called an asset disregard. This
allows you to keep assets that would otherwise not be allowed if you
need to apply, and qualify, for Medicaid in order to receive
additional long-term care services. The amount of assets Medicaid
will disregard is equal to the amount of the benefits you actually
receive under your long term care Partnership qualified policy.
Since these policies must include inflation protection, the amount of the benefits you receive can be higher than the amount of insurance protection you originally purchased. If you have a Partnership-qualified long term care insurance policy and receive $200,000 in benefits, you can apply for Medicaid and, if eligible, retain $200,000 worth of assets over and above the State's Medicaid asset threshold.
In most states the asset threshold is $2,000 for a
single person. Asset thresholds for married couples are typically
more generous. For more information, contact a Texas
Long Term Care Insurance Agent.
Consumer Information -
If you are a consumer or caregiver in immediate need of long-term care services, call 2-1-1 or contact a HICAP benefits counselor in your area. If your question is about a Texas long-term care insurance policy you have or are buying, call the TDI Consumer Help Line between 8 a.m. and 5 p.m., Central time, Monday-Friday or visit their website below. 1-800-252-3439 or 512-463-6515 if living in Austin. Source: www.tdi.texas.gov
Elder Options of Texas
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DISCLAIMER: Links to other websites or references to products, services or publications do not imply the endorsement or approval of such websites, products, services or publications by Elder Options of Texas. The determination of the need for senior care services and the choice of a facility is an extremely important decision. Please make your own independent investigation.