How Much does Long-Term Care Insurance Cost in Texas?

While this is a popular question, you should start with, how much does long-term care cost, and how am I going to fund it? You need to know the problem, before coming up with a solution.

Median Monthly Costs of Long-Term Care in Texas (2017)

  • $758 – Adult Day Care
  • $3,810 – Home Health Aide
  • $3,500 – Assisted Living Facility
  • $4,560 – Semi-Private Room, Nursing Home
  • $6,053 – Private Room, Nursing Home
  • Source: US Department of Health and Human Services, Administration on Aging

The cost of long-term care in Texas surprises most of us, but the good news is costs are less than the national average. Capital Retention partners with two A+ rated, nationally known insurers that can help put a plan in place to cover these costs. Here are the two options in general estimations, and certainly not a quote. You need to speak with a Capital Retention representative to see if you qualify and determine your needs, health history and other variables to get an exact quote for your long-term care needs.

Premier Single-Premium insurance – this is for estates and families that have large asset holdings to protect from long-term care costs. Pay a one-time premium, starting at $50,000, or pay the equivalent in 5, 7 or 10 annual premiums with locked in rates. Your premium dollars stay liquid and you can get a return of premium if you ever change your mind. The biggest advantage of this program is the asset multiplier you receive in long-term care benefits on day one – 3-8X your investment, depending on your age at issue.

Flex Plan Advantage insurance – this program is described in detail by going back to the HOME page and selecting Flex Plan Advantage. This is for middle income families and up, and features monthly premiums averaging $200-$300 per month. The cash option to pay family caregivers, for care in your own home, is the most popular benefit of this plan.

To be fair, the sample rates at levels shown, may not cover all the expenses listed in the chart above. However, you have many options and riders to choose from that would boost your coverage to cover all your expenses – the choice is yours. After all, the purpose of insurance for long-term care in Texas is to assist you with financial planning, so that long-term care costs are manageable, based on your expected income and your family’s financial situation.

Start at Home – Have a family discussion about each member’s expectations in providing long-term care, whether it makes sense for family members to provide care, or maybe you prefer to start with assisted living. Do you plan on protecting assets for gifting, or will you spend down your assets for your long-term care?

Capital Retention is standing by to help make your family plan a reality. And please don’t forget, you can only get long-term care insurance when you are relatively healthy. No one can predict when an accident, illness or other event takes place, where we need to take advantage of long-term care insurance. We do know, however, that after age 65, there is a 70% chance that we will need long-term care.

Meet Our Representative at Your Doorstep