A Long Term Care Policy in Texas a sensible investment. Without this insurance, a disabled person’s assets can be rapidly depleted because of the high cost of nursing home residency. Medicare will pay if the patient only needs to stay there for a short time while recovering from an injury, illness or surgery, but it does not pay for lengthy skilled nursing care. Medicaid does, but only for low-income patients with very little in the way of savings. For many people without the insurance, all their assets eventually are cashed in or sold to pay for nursing home residency, after which Medicaid payments finally begin.
Individuals who want to continue having access to their savings throughout their lifetime or who want to transfer their assets to adult children if nursing home residency becomes necessary benefit greatly from having a Long Term Care Policy in Texas. This also is essential for people who want their children to inherit the family assets instead of having the real estate and other financial instruments being used to pay for skilled nursing care.
Many consumers who have reached middle age or are approaching their senior years shy away from buying this insurance because the premiums generally are not cheap. They view the payments as a risk since they may never use the insurance. However, the relatively high rates are related to the high monthly payments for nursing home residency, which costs thousands of dollars. The insurance policy might need to pay for a policyholder’s residency for many years.
Some individuals assume their families will care for them in the event of disability; their adult children may have insisted this is what they want. Unfortunately, in many instances, this proves to be impossible. Depending on the person’s condition, it may not be safe or healthy for this disabled individual.
In addition, this type of coverage should be viewed in a similar light as automotive or home insurance. Most people never expect to use that coverage, but they pay the premiums as protection for their assets. An agency such as MyersYounger LTC can answer questions consumers have about long-term care insurance.