What is An LTC Insurance Policy in Houston?

by | Jul 20, 2015 | Insurace

An LTC Insurance Policy in Houston covers the costs of long-term care (LTC) for people who need it. That can include home health aides, adult day care services, assisted living facilities, and nursing homes. The costs of long-term care are high, and can be required unexpectedly. Most long-term care is associated with the elderly, so many people think they have plenty of time to plan. Unfortunately, there are cases when long-term care is needed earlier than one might hope. Accidents, strokes, work related injuries, and some severe illnesses can result in a person of any age needing long-term care.

It is important to put a plan in place early, so family members are not burdened with covering those costs. Getting an LTC Insurance Policy in Houston sooner, rather than later, is beneficial because rates for policies are primarily based on the age and health of the applicant. That means that it is more cost-effective for people to start a policy when they are 30 years of age or younger. Waiting until the age of 50, for example, will make the policy more expensive to purchase. There are a few options for policies. Stand-alone policies for one person have the lowest overall cost. Asset-based policies allow holders to re-position assets to cover long-term care. Those require larger deposits, but allows assets to be transferred if long-term care is not needed.

Another option for policies is a “Shared Care” plan. That allows a spouse to access his partner’s benefits when his are all used up. That is helpful when one person has extensive needs for longer periods of time. Policies can be customized regarding daily or monthly benefit, benefit duration, elimination period, and inflation protection. Experienced companies, like MyersYounger LTC, can help design a policy that suits individual needs, family needs, and budgetary considerations. It is crucial to understand all the options, so holders will know exactly what is covered, and for how long. This type of insurance is as important as a car, life, and homeowners insurance. Plan ahead to be sure that coverage exists if or when you, or a family member, needs any type of long-term care.

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