Nobody is immune from the ill effects of aging, but there are ways to combat the possibility of a financial drain from medical expenses caused by prolonged illness and disability in the future. Getting long term care insurance, albeit expensive, can give you and your family security and peace of mind.

In an effort to address the demands of Texans for quality long term care, a Long-Term Care Partnership program was created to give an incentive for Texans in planning their care needs, with the cooperation of private insurers. To protect the policy holders, these companies are obliged to abide with the state and federal regulations in selling partnership insurance policies.

Taking care of senior citizens who need long-term care in Texas, in general, is costly. According to the estimates of Texas Department of Aging and Disability Services (DADS), the cost of long term care can amount to a whopping US$660,000 in lost pensions, wages, income and social security. Texas long term care costs are dependent on the amount and type of policy you choose. At-home care expenses vary depending on the location and the level of care required. When it comes to intermediate care or assisted living, a person is expected to pay US$900 to US$3,000 per month in Texas.

The average cost for a day of nursing home care in the state of Texas ranges from US$150 to US$200, subject to several factors such as, among others, the patient’s residence and the type of services. Daily nursing home benefits are much more expensive, with expenditures ranging from $50 to $250 on a daily basis.

Residents of Texas have a variety of options in paying for long term care. In some cases, Medicaid, a state and federal assistance program, would be sufficient to pay for Texas long term care costs for eligible individuals with low incomes or those below the poverty level. A person will only be qualified for this assistance program after fulfilling the strict guidelines for income and assets.

If you fail the Medicaid qualification process, the option you have is to get an insurance policy to pay for your own long-term care expenses. Before getting an insurance coverage, it is highly recommended that you talk to your nursing facilities and know the expected costs for daily care. Facilities vary in the services and level of expertise provided, and the expenses increase as you get older. Bear in mind that there are different types of policy offered by private insurance companies in Texas. Depending on your needs, you can either purchase an individual or a group policy. Other companies also provide life insurance policies with long term care insurance as a rider. Educating yourself with Texas long term care costs and knowing all the possible options can keep you in command of your own life.