LTC insurance may be one of the only methods aging men and women have to take care of themselves. It may also be one of the only practical ways for a son or daughter to care for their aging parent, as they struggle with a staggered economy and a fast-paced world. An LTC Insurance Policy in Texas is a crucial step towards taking care of a loved one. Price increases are frustrating, but they can often be minimized. By finding the right LTC Insurance Policy in Texas, policyholders can find a natural balance between comfort and cost. Below are two ideas to retain a good policy while still making sure it is priced at an affordable rate.
Assisted-Living Facility Coverage
The majority of policies pre-dating 2012 or so were based on nursing home care cost. That is typically more expensive than an assisted-living facility because the daily care and treatment are more intensive. Families can switch their policy from “coverage for nursing care” to “coverage for assisted-living care.” That may cut back the costs while still supplying a loved one a modest payment when they eventually opt for long term care.
Home Care and General Needs
It is possible for a family to receive coverage and payment for long-term care if they are caring for a loved one in their home (it could be the loved one’s home or another family member’s home). Regardless, the costs are generally lower. Many families are choosing this approach for that exact reason. That does not make coverage unlikely. Coverage can still apply, and the rate for in-home coverage is far lower while still being reasonable. The problem with the approach is that the loved one should be expected to stay in their home or move in with a family to receive the insurance coverage payments.
Speak with one of the representatives at MyersYounger LTC. The group can have a personal discussion and weigh out the options available for a family. The rep will use a cost calculator and their own expertise to navigate the controversy and the demand for LTC insurance in 2016.
