Yes, Texas offers a Long-Term Care Partnership program designed to help Texans prepare for the costs of long-term care. Established by the Texas Legislature, this partnership provides valuable information and tools for individuals seeking to plan for their future care needs.
The Texas Long-Term Care Partnership is a collaborative effort involving private long-term care insurance providers, authorized insurance agents, and various state government agencies. These agencies include the Texas Department of Insurance (TDI), the Texas Health and Human Services Commission, and the Texas Department of Aging and Disability Services. This collaboration ensures a comprehensive and reliable program for Texas residents.
Advantages of Texas Long-Term Care Partnership-Qualified Policies
Policies that qualify under the Texas Long-Term Care Partnership offer unique advantages and consumer protections not typically found in standard long-term care insurance policies.
One key benefit is “dollar-for-dollar” resource protection. This feature helps protect your financial assets, such as your home and savings, should you require long-term care services. Furthermore, Partnership-qualified policies often include inflation protection, helping your benefits keep pace with the rising costs of long-term care over time. These policies are also portable, meaning your coverage will follow you if you move to another state, providing continuous protection.
In addition to these features, all Texas Partnership-qualified policies are tax-qualified. This can offer potential tax advantages, as you may be able to deduct a portion of your premiums as a medical expense. Benefits received from a Partnership-qualified long-term care policy are also generally considered non-taxable income.
It’s important to note that only insurance agents who have completed specific training approved by the Texas Department of Insurance are authorized to sell Partnership-qualified policies. This ensures that agents selling these specialized policies have the necessary expertise and knowledge.
Finding Texas Partnership-Qualified Policies
Not every insurance agent or insurance company in Texas offers Texas Long-Term Care Partnership-qualified policies. To assist consumers in finding qualified providers, the Texas Department of Insurance provides a list of insurance companies that sell Texas Partnership-qualified policies. You can find this list on the TDI website.
Planning for long-term care is a crucial aspect of financial preparedness. The Texas Long-Term Care Partnership offers a valuable avenue for Texans to access insurance options with enhanced protections and benefits, making it a program worth exploring for those considering long-term care insurance.
