Planning for long-term care can feel overwhelming, but Texas offers resources to help residents prepare. One such resource is the Texas Long-Term Care Partnership, designed to provide Texans with the information and tools necessary for long-term care planning.
The Texas Long-Term Care Partnership is a collaborative initiative. It brings together private long-term care insurance providers, their authorized 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 partnership works to educate and empower Texans about their long-term care options.
Advantages of Texas Long-Term Care Partnership-Qualified Policies
Policies that qualify under the Texas Long-Term Care Partnership offer distinct advantages. These policies include benefits, features, and consumer protections that may not be available with standard long-term care insurance policies.
A key feature is “dollar-for-dollar” resource protection. This offers greater security for your financial assets, such as your home and savings. Partnership-qualified policies also include inflation protection to help your benefits keep pace with rising care costs. Furthermore, if you move to another state, your coverage is designed to be portable. Importantly, all Partnership-qualified policies are tax-qualified, potentially allowing you to deduct a portion of your premiums as a medical expense. Benefits received from these policies are also generally not considered taxable income.
It’s important to note that only insurance agents who have completed specific training, as mandated by the Texas Department of Insurance (TDI), are authorized to sell Partnership-qualified policies.
Where Can You Purchase a Policy?
Not every insurance agent or company offers Texas Long-Term Care Partnership-qualified policies. To find companies that do, the Texas Department of Insurance provides a helpful list of insurance companies that offer these specialized plans. This list is a valuable resource when exploring your options for long-term care partnership policies in Texas.
