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Long-term care insurance usually makes sense if you have more assets than a house, a car, or a small amount of cash that you want to save.It might be difficult for you to buy a long-term care policy if you use most of your money to pay for utilities, food, or medicine.Talk to a trusted financial adviser for help deciding whether long-term care insurance meets your needs.Ask yourself these questions: The Texas Department of Insurance (TDI) Long-Term Care Insurance Suitability Worksheet can help you decide if long-term care insurance makes sense for you.Insurance companies must follow state and federal guidelines, and agents must be licensed and complete training to sell partnership policies.Partnership policies are tax-qualified plans that also include an asset disregard benefit and inflation protection.If you meet the requirements, Medicare will cover up to 100 days of skilled care in a nursing home, per benefit period. After that, you pay a copayment for days 21 to 100.Life insurance or annuities can pay for long-term care in two ways: Long-term care insurance help protect your assets against the high cost of an extended long-term care need.
Many people pay for long-term care with their own money until they become eligible for Medicaid.Keep in mind that the cost for care will likely go up as you get older.Unlike premiums for life insurance that are based on how long you might live, long-term care insurance premiums are based on whether you might have an illness that could require long-term care but not shorten your lifespan.(March 2018) (PDF version) (En Español) The Cost of Long-Term Care | Deciding Whether Long-Term Care Insurance Is Right for You | Buying Coverage | How Policies Work | Long-Term Care Rates | Alternatives to Long-Term Care Insurance | Shopping for Long-Term Care Insurance | Helpful Telephone Numbers and Websites | Get Help from TDI View a list of companies selling long-term care insurance in Texas.Long-term care is a type of skilled care or personal care service you might need if you’re unable to care for yourself because of an illness, disability, or cognitive impairment like Alzheimer's disease.