Texas Long Term Care Insurance
In general, if you can't perform daily activities because of an impairment as a result of chronic illness or disability, you will need long term care. This would include the assistance you could need if you are unable to take care of yourself for a long period of time. However, some people who need help with these daily activities may only need them for a few months.
Long Term Care Insurance in TexasDo I need long-term care insurance?
Typically, don't rely on Medicare if you're over 65. Health insurance rarely pays for the cost of long-term care and Medicare usually doesn't cover custodial care. Medicaid is a program that pays for the medical and long-term care expenses for poor people, so if you are in that situation, you may not need long-term care insurance because your state's program may pay for your long-term care expenses.
In addition, if you have financial security, you may not need long-term care insurance. Many suggest to pay for your long-term care coverage as the expenses arise. If you realize you may not qualify for Medicaid and won't have the financial means to cover all your expenses, long-term care insurance offers peace of mind for you and your family.
Some experts have gave suggestions on tips to help you decide whether to purchase long-term care insurance. If you meet these requirements, long-term care insurance may be a good fit for you and your family:
- You can afford the cost of the monthly premiums and can still afford the cost if there is a increase in premiums in the future.
- Your assets average more than $80K and your annual income averages at least $35K.
- Most companies will only write long-term care policies to individuals between ages of 40 and 84.