Most Texans recognize the fact that one day they will grow old, weak and eventually need long term care, but in spite of this acknowledgment many of them remain without a definite Texas long term care plan.
Statistics show that less than 10% of the older population in the country has managed to secure a long term care insurance (LTCI) policy and Texans, no doubt, comprise the greater percentage.
So what is it really about LTCI policies that people don’t like? Some Texans say it’s the expensive annual premium which can ruin their budget. Others, on the other hand, refuse to invest their money on something which they aren’t even sure they will benefit from later on. Then there’s the majority saying they have loved ones to look after them should the need for long term care (LTC) arise in the future.
Those who said they dread the price of a potential LTCI policy which they have to pay annually have obviously not spoken to an LTCI agent yet, otherwise they would know that the premium of a policy is negotiable. There is not a single LTCI agent who can pull out from his pocket an LTCI policy with a price tag attached to it. Without interviewing you first or asking you to fill out an information sheet, there is absolutely no way an LTCI representative can determine the price you have to pay.
Now those who say that buying a policy is a waste of hard earned money because you’re not sure that you’re going to need the product in the future could end up in the financial pit. You don’t buy LTCI policy when you already have cancer, diabetes, dementia, or you simply cannot perform the activities of daily living (ADL) because no insurance company is going to sell one to you.
LTCI policies are, in fact, more encouraged to young and healthy people who are not at risk of needing care in the next five to 10 years.
Meanwhile, the majority of respondents who said they don’t need LTCI because they have family members to take care of them are best described as freeloaders if not selfish parasites.
Preparing for Texas Long Term Care
Eighteen years from now the cost of care will increase fourfold and even if Texas is not included in the list of states with the most expensive LTC facilities, Texans will be affected by the foreboded surge of LTC costs.
Can you imagine spending $84 per hour for a home health aide? What about $240,900 annually for a private room in a nursing home?
Planning your future health care needs will definitely cost you less than self-insuring. Those who insisted on self-insuring wound up under the wing of Medicaid and you can just imagine what they did with their money and other assets just to be eligible for Medicaid assistance.
With a Texas long term care plan, you can keep your assets intact while receiving care. In addition, it’s definitely cheaper to plan than to shoulder the cost of LTC. All it takes is discipline, determination and small sacrifices.