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Texas Long Term Care Insurance: The Future of Long Term Care

 

Baby Boomers and inflation are changing the shape and face of Texas long term care insurance. The cost of long term care is rising drastically and with Baby Boomers now reaching the age of those most likely to need long term care, more people than ever before are going to need long term care.

 

Texas Long Term Care Insurance and the Aging Population

Between you and your spouse, there is a 70 percent chance that one of you will need long term care once you both turn 65. Also, 97 percent of those who reach the age of 85 require long term care at some point during the last year of their life.

Due to the Baby Boomer generation, the population in Texas and across the U.S. is aging. Baby Boomers are now moving into position to be those most likely to need long term care. In addition to the Baby Boomers who are in the 55 to 65 age range currently; over the next 18 years, 80 million citizens of the U.S. will turn 50.  Long term care providers are going to be very busy in the upcoming years, which can lead to further increases in the cost of long term care.

 

Texas Long Term Care Insurance and the Current Cost of Long Term Care

The current cost of long term care in the state of Texas is expensive. The cost of a private nursing home room can easily exceed $200 per day. Home care and assisted living facilities are cheaper, but can still exceed $20,000 and $40,000 per year respectively. A long term care insurance policy, if purchased before the age of 60 by someone in good health, can be had for less than $75 per month.

 

Texas Long Term Care Insurance and Inflation

Inflation, especially in regards to the increasing cost of long term care, can turn your Texas long term care insurance policy into a worthless piece of paper if enough time goes by. If you live in an urban area such as Houston or Dallas, you may have to pay as much as $500 per day for a room in a nursing home by 2020.

One of the most important aspects of a long term care insurance policy is the inflation protection rider. You should seriously consider adding this rider to your policy. Also, research the expected increase in rates of long term care in your specific area over the next 10 to 20 years. This will help you get the proper amount of inflation protection so that your policy will offer the benefits you have paid for.

 

Texas Long Term Care Insurance: 65 is the new 55

There are some bright points however, because individuals are living longer, the age of 65 may no longer be the point at which long term care insurance premiums drastically increase. Currently, the most opportune time to purchase Texas long term care insurance is 55. You can save money by purchasing before the age of 65 and are not purchasing the policy too early as to have to pay unnecessary premiums.

While it is not yet to the point that 65 is the most opportune time to buy, this may be the case in the future. If you are approaching the age of 55 right now, you should look into the cost of a policy. This can be done quickly, for free, and without obligation with online rate quotes.

 

Texas Long Term Care Insurance Quotes

To make the decision easy, you should seek out Texas long term care insurance quotes. It takes only 15 minutes to gather three to five quotes. With these quotes you can see just how cheaply a long term care insurance policy is for you. While one company may be too expensive, shopping around using online rate quotes will help you find the company that offers a quality Texas long term care insurance policy that fits within your budget.

 

 

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