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Planning For Your Long-Term Care Needs

Name Title/Company. Planning For Your Long-Term Care Needs. What Is Long-Term Care?. P rovides personal care for those that need help with activities of daily living: Bathing Dressing Eating Provides a variety of services to help maintain quality of life for those with:

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Planning For Your Long-Term Care Needs

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  1. Name Title/Company Planning For Your Long-Term Care Needs

  2. What Is Long-Term Care? Provides personal care for those that need help with activities of daily living: • Bathing • Dressing • Eating Provides a variety of services to help maintain quality of life for those with: • Chronic illness or disabilities • Physical or cognitive impairments

  3. You Mean in A Nursing Home? Long-term care can be provided in a variety of settings, including: • Your home • In the community • Residential, nursing, or skilled-care facility

  4. Who needs long-term care? Not just for the elderly • 40% are working adults from 18 to 6 4 years old • Average age is 66 years old • 70% of people over age 65 will need some type of long-term care

  5. Average Texas LTC Costs Assisted Living Facility • $42,180 per year Nursing Home (private room) • $71,172 per year In-Home Care • $43,356 per year Source: 2016 Genworth Long-Term Care Costs Across the U.S.

  6. Options For Paying For Long-Term Care Common ways to pay for long-term care: • Personal income and savings • Long-term care insurance • Home equity Medicare, health insurance, or disability insurance won’t cover long-term care expenses.

  7. The Texas Long-Term Care Partnership Created by the Texas Legislature to give Texans the information and tools needed to plan for long-term care. Collaborative effort between private long-term care insurance providers, their authorized agents, and state government agencies to offer LTC Partnership-certified insurance policies.

  8. Texas Long-Term Care Partnership Policies Offers some benefits, features, and consumer protections that are not available with other long-term care policies: • Dollar-for-dollar resource protection • Inflation protection • Tax qualification • Suitability • State-to-state coverage

  9. Medicaid Resource Protection • When applying for Medicaid, Partnership policy holders receive “dollar-for-dollar resource protection” equal to the amount of benefits paid by the policy • Protected resources are not subject to Medicaid Estate Recovery • Policyholders must still meet Medicaid eligibility requirements

  10. Factors Affecting Rates • Age • Health • Elimination period • Benefit amount and duration of policy • Other factors • Where you live • Optional features

  11. OwnYourFutureTexas.org Offers tools and information to help with long-term care planning. • Sample profiles • Costs of Care • List of Partnership Providers

  12. Helpful Contacts • TDI Consumer Helpline • 1-800-252-3439 • DADS Consumer Helpline (MERP) • 1-800-458-9858 • HHSC Medicaid Eligibility • 211

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