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Texas LTC Partnership Program

Long Term Care costs vary significantly depending on the level of care needed and where you are located. Shown Below is a table of median care costs in different settings in certain Metro areas in Texas, according to a 2010 study conducted by Genworth Financial. (Download an Interactive Map Program For Client Use)

Region

Home Health Aide Hourly Rate
(Medicare Certified)

Assisted Living Facility Monthly Rate
(Private room)
Nursing Home Daily Rate
(Semi-private room)
Nursing Home Daily Rate
(Private room)
Austin - Round Rock $18 $3,773 $149 $191
Beaumont - Port Arthur $17 $3,100 $121 $175
College Station - Bryan $18 $3,341 $145 $191
Corpus Christi $17 $2,200 $126 $179
Dallas - Fort Worth - Arlington $18 $2,998 $127 $206
El Paso $15 $2,450 $136 $162
Houston - Sugar Land - Baytown $19 $3,200 $141 $229
Laredo $17 $1,725 $123 $145
Longview $18 $2,888 $110 $130
Lubbock $16 $3,000 $127 $145
Odessa $22 $3,488 $122 $134
San Angelo $19 $3,725 $118 $170
San Antonio $17 $3,460 $129 $181
Sherman - Denison $18 $4,373 $110 $139
Tyler $17 $3,705 $117 $160
Victoria $18 $3,300 $126 $175
Waco $15 $2,025 $115 $135
Wichita Falls $16 $3,075 $112 $163
Rest of State $18 $2,815 $103 $135
         

To pay these expenses many families are forced to deplete their savings and then apply for government assistance through Medicaid. The Texas Medicaid program requires an asset limit of not more than $2,000 for individuals and $3,000 for couples in order qualify.

What are the chances that anyone will actually need to pay for long term care expenses? The Brookings Institute says that the average 65 year old person has a 20% chance of having no long term care expenses during their lifetime. The remaining 80% will have some long term care expenses!
  • 58% chance of $50,000 or less
  •   9% chance of $50-100,000 expense
  • 13% chance of $100,000 or more!
  • The Texas Long Term Care Partnership Program

    The Texas Long Term Care Partnership is a joint program of the State of Texas and private insurance companies that aims to encourage Texas residents to plan for their future Long Term Care needs. The program is participated by various government agencies. The Texas Department of Insurance establishes requirements that must be met by all insurance companies who offer policies with Partnership coverage.

    How Does It Work?

    • To participate a client must buy and maintain a federally tax-qualified LTCI policy that meets certain requirements.
    • The LTCI policy is the primary provider of long-term care benefits.
    • If the need for care continues to the point where the benefits under the LTCI policy are exhausted, the client may then apply for benefits under Medicaid.
    • Medicaid eligibility (including asset disregard) is under a case-by-case assessment by the Texas Health and Human Services Commission (HHSC) while asset disregard for estate recovery is determined by the Texas Department of Aging and Disability Services.
    • Typically, for every dollar of benefit received under the LTCI policy, one dollar of assets is protected from the spend down rules of regular Medicaid qualification.
    • Long-term care insurance policies from Genworth and other companies we represent meet the definition of federally tax-qualified long-term care insurance plans in the states where they are sold.
    • Contact Steve Gresso for more information.

    Agents wishing to market the Partnership LTC Policies must take a certification course and future continuing education courses.  This requirement is not grandfathered and must be taken without regard to years of experience.

     

     

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    All Rights Reserved | Updated: 03.25.14            Home | Our Location | About Us | Contact Us | Disclaimer