Dealing with an experienced LTC Insurance Company in Houston is important because there are so many variables in Long Term Care (LTC) policies. Understanding the type of policy, the conditions of the policy, and the amounts covered by the policy helps people design a policy that can suit their needs and their budgets. The first thing people need to realize is that long-term care insurance is a necessity. Health insurance policies do not cover long-term care. Medicare does not cover homemaker services, and only covers nursing home care for 100 days. Medicaid will only cover people with low incomes who have no assets.
Long-term care insurance covers licensed and custodial care in a number of locations. It can be done at home, at an adult day care, in a nursing home, or at an assisted living facility. Insurance policies can supplement financial planning that is already in place, or can be designed to cover the entire costs of care. Currently the monthly expense of an assisted living facility, or home health care is over $42,000.00, and a nursing home costs about $68,000.00 a month in Texas, according to Genworth’s 2015 Cost of Care Survey. Those costs will only rise, so early planning is essential. An LTC Insurance Company in Houston that has experience, like MyersYounger LTC, for example, can help design plans with specific needs and budgets in mind.
Rates for policies are determined by the age and health of the applicant at the time the policy is started, and by the amounts of the benefits. There are also options that can be added to policies to make them more flexible. The monthly benefit can be adjusted to accommodate budgets, as can the benefit duration. The elimination period, which is similar to a deductible, can be altered to control insurance costs. Inflation protection can be added to a policy. A Shared Care option allows for a spouse to access her partner’s benefits if hers have exceeded policy limitations. A Zero Day Wait option will waive the elimination period for home care services. An asset-based plan can be transferred, if no long-term care is needed. It can all get confusing, so find a company that will take the time to answer all questions.
