Medical science has managed to decrease the incidence of heart attacks and strokes in the U.S., and this had led to longer life expectancies, with more and more Americans living into their nineties. But living longer doesn’t guarantee living well. Unfortunately, many people spend the last years of their lives needing a great deal of care due to physical and/or cognitive disabilities. The cost of privately paid skilled nursing care is beyond the reach of all but the wealthiest elders, but the type of nursing home that is covered by Medicaid is many people’s worst nightmare. Purchasing long term health insurance in Texas can alleviate this anxiety.
Long term care insurance becomes available when you are no longer able to perform all of your activities of daily living (e.g., eating, bathing, dressing, transferring, toileting, and continence). The insurance can cover the full range of care from in-home assistance to adult day care, assisted living, or a skilled nursing facility. These comprehensive benefits are appealing to many customers, but the decision to purchase long term care insurance is a difficult one due to the cost of premiums and the complex array of choices.
Long term care premiums are on the rise while the coverage offered is shrinking. How do you decide if it’s worthwhile to buy a policy? In general, if you have enough money that you can easily afford the premiums but would find it hard to pay privately for care, then you are probably a good candidate. Some insurance companies recommend long term care insurance for an individual whose net worth is more than $500 thousand and less than $1.5 million. The figures are doubled for a couple.
The second issue many people struggle with is the proper time to buy insurance. You can try to calculate how many more years of good health you have ahead of you so as to avoid paying too early. However, if you wait too long, you might have a health event that would make you ineligible for coverage. In general, the best time to purchase is now because premiums are only going up.
