The Importance of Having a LTC Insurance Plan in Texas

Financially planning for the future is a daunting task that can feel never ending. Saving for retirement, unexpected expenses, and college tuition for the kids is a struggle in itself. When it comes to saving and drafting a plan for financial security, long-term care is often overlooked. As you age, the chance of needing long-term care increases. With the increasing cost of living and medical care, saving for that possibility may not be an option.

What is Long Term Care Insurance and What Does It Cover?

Long-term care can cost thousands in one month, and savings can be easily depleted when you account for other living expenses. Purchasing an LTC insurance plan in Texas can help offset long-term care costs and alleviate the stress of having to take away from other saving goals. If long-term care is a concern, LTC insurance plans are there to help if you ever need the following.

• Assisted living

• In-home care services

• Adult daycare

• Dementia/Alzheimer’s care

• Home caregivers

• Private duty nurses

• Percentage of associated out-of-pocket expenses

Some insurance companies are even offering policies that start coverage from the starting date of the policy.

Why You Should Consider Purchasing LTC Insurance

Some people wonder if long-term care insurance is truly needed. Long-term care needs are often unpredictable and can end up being very costly. Like life insurance, long-term care insurance policies are there to protect you and your family members in the event of illnesses or injuries that could result in you needing the care of others on a daily basis. Before deciding to forgo LTC insurance completely, consider the following.

• Medicare does not cover long-term care expenses. If you were to require long-term care and had Medicare coverage, an additional plan would have to be purchased or care would be handled out-of-pocket. Medicaid, however, will pay for nursing home stays, but the coverage is very limited.

• Waiting to purchase LTC insurance until you are older or sick can result in higher premiums.

• Some insurance policies have a waiting period before covering pre-existing conditions.

Shopping for an LTC insurance plan in Texas can be made easy with the right insurance company by your side. Visit the website of Myers Younger LTC to learn more about finding an LTC insurance policy that fits your needs.

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