texas

7/17/2012

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Texas

Like plenty of other states, Texas utilizes a partnership program for long term care insurance companies and the one's they serve. The Texas Partnership for Long Term Care program was applied as a means of spreading awareness about how vital long term care preparation is in TX. The accouterments of the Texas Long Term Care Partnership program are carried out by various subdivisions of Texas government. First, The Texas Health and Human Services Commission handle Medicaid eligibility for each specific case. Second, the Texas Department of Aging and Disability Services ascertain estate recovery for asset disregard.

All insurance carriers who offer TX long term care insurance partnership coverage must meet the requirements laid down by the Texas Department of Insurance. The three major conditions are as follows

  1. Protection against inflation: Policy holders between the ages of 61 and 76 must purchase inflation protection from the compound annual inflation rate of 5 %. Policy holders younger than 61 and older than 76 have the choice to carry inflation protection
  2. Options for tax qualified protocols: if a policy is tax qualified, then the holder can write off part of the policy premium.
  3. Disclosure statement: All Texas long term care policies must contain full disclosure that the policy the person has acquired is a certified partnership policy.

When it comes to funding health aides in the home, Texas families and the individual (s) who are in need of care generally initiate funding out of pocket. However, the average cost of in home care in Texas is ordinarily between $ 35,000 and $ 45,000 per year. This annual price, which grows on a yearly basis, exhausts many personal retirement savings accounts. Subsequently, an usual trend for TX long term care is to pay out of pocket for as long as possible and then enlist the aid of government funding.

The senior citizen population takes up about 10 % of Texas's total population. Find Texas Long Term Care agents in all major cities and surrounding areas.

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