Are you one of those people who think that Medicare and Medicaid are enough to take care of your medical and long term care needs? You’re in the wrong path if you say yes because both only offer limited coverage. You’ll end up paying the remainder of your long term care expenses straight from your pocket since long term care rates are very expensive without proper coverage.
But how expensive is it really? The cost depends on some factors like the type of long term care services and the exact location you will receive care. In order to gauge the amount of money it would cost you here is a sample of long term care cost in Texas:
Annual Cost of Care in Houston, Texas in 2012
Homemaker Services - $40,612
Home Health Aide - $41,184
Adult Day Health Care - $11,700
Private, One Bedroom in Assisted Living Facility - $38,100
Semi-Private Room in Nursing Home - $54,933
Private Room in Nursing Home - $74, 095
Annual Cost of Care in Lubbock, Texas in 2012
Homemaker Services - $36,608
Home Health Aide - $36,608
Adult Day Health Care - $8,255
Private, One Bedroom in Assisted Living Facility - $27,600
Semi-Private Room in Nursing Home - $47,450
Private Room in Nursing Home - $62,050
As you can see it would cost you thousands of dollars to receive long term care in Texas. Relying solely on Medicaid is not safe because you need to meet some requirements first before becoming eligible for coverage. As a matter of fact, people pay straight from their pockets until they become eligible for Medicaid. There’s a tendency that you’ll liquidate all your assets just to afford these expensive long term care rates before you can get partial coverage from this federal assistance program.
As for Medicare, it’s not that reliable too because of its limitations. How limited? Its services are exclusive to people over 65 years old who are in dire need of medical attention and people who are blow 65 years old and have disabilities. Also, this federal program can cover nonmedical home care but only if you are receiving skilled care.
The ideal way to beat the high cost of care is by applying for long term care insurance. This can protect your assets such as your house, cars, business, stocks, bonds and other forms of investments while receiving care. There are still some residents of Texas who are hesitant in applying for coverage even with the promise of comprehensive long term care benefits and asset-protection. To help you decide whether you’ll get one or not, you need to consider your family history, life expectancy and your situation at home. If you are most likely to develop life-threatening diseases and there’s no one who is responsible enough to perform caregiving duties then it is advisable to purchase insurance while it’s early and your premium is much lower.
Long term care rates in Texas will become more expensive in the coming years and the only way to combat this is by having long term care coverage.
Keywords: what is long term care insurance, long term care planning
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