Designing a plan is as unique as you are and begins by anticipating your cost of care based on the average cost of care in your area, both now and in the future.
What Does Long Term Care Cost in Texas?
According to Genworth’s 2017 Cost of Care Survey, the average cost of care in Texas is:
Home Health Care Including Home Health Aid and Homemaker Services
Based on 44 hours per week x 52 weeks
$3,813 per month or $45,760 per year
$3,718 per month or $44,616 per year
Adult Day Care
Based on 5 days per week x 52 weeks
$758 per month or $9,100 per year
Assisted Living Facility
Based on a private 1-bedroom unit
$3,500 per month or $42,000 per year
Based on a private bedroom
$6,053 per month or $72,635 per year
For a projection of how much care might cost in the future, click here for Genworth’s estimated calculator.
Designing Your Policy
4 Main Components That Can Be Customized To Suit Your Needs
Daily (or Monthly) Benefit - To reimburse you for qualified Home Health Care, Assisted Living Facility, or Nursing Home Expense (ex: $100 per day or $3,000 per month benefit)
Benefit Duration - Used to determine your "pool of money" to pay for eligible expenses.
Elimination Period - Similar to a deductible, it is the waiting period before the policy benefits begin once you are eligible for benefits (Ex: 0 days, 60 days, 90 days, 180 days)
Inflation Protection - Grows your monthly benefit and "pool of money" to help you keep up with the rising cost of care.
Other Things to Consider
Shared Care – This optional benefit allows a spouse to access their partner’s benefits if they exhaust their own.
Zero-Day Wait for Home Health Care – With this optional benefit, the Elimination Period for home health care is waived and services provided at home begin once the policy is triggered.
Elimination Period - Make sure you know whether your Elimination Period is satisfied by either Calendar Days or Service Days. If a policy uses Service Days, only those days when actual care is received at home will count towards the elimination period. If you later need care in a facility, you may need to satisfy additional elimination period days before benefits become payable.
Care Coordination Services are typically included with most policies at no extra cost. This optional benefit generally involves a comprehensive face-to-face assessment to identify specific needs in order to develop an individualized plan of care. Coordinators may also help to arrange, schedule, and negotiate rates for care services which can be an invaluable service to policyholders with out of town family members who need guidance on how to best care for a loved one.