With changes in Texas long term care taking place, there is much confusion about who provides what in the field. PPACA, which was passed in 2010, has had far-reaching effects in health care insurance and Medicare. Here is some information about long term care for Americans in the next few years.

Long Term Care Insurance

Long term care can be provided through insurance policies. These policies help to protect assets you have from the often exorbitant costs of long term care. The key here is, to count your assets. If your assets don’t extent beyond your home, car, and a modest savings or checking account, then you probably don’t need Texas long term care.

Your insurance agent can give you a worksheet to use to help determine if you need this type of insurance. Using this worksheet, you can weigh your risk factors of losing income and assets in comparison to costs for long term care and possible alternatives.

Personal Factors

Consider your personal risk. Your factors affecting personal risk include your family life expectancy. If your family members live a long time, the chances are you will, too, and you’ll need to make plans for an income during that time.

Keep in mind, also, that women tend to live on the average 7 years longer than men, and so may need insurance for their care.

It’s ok to keep in mind your family resources. If you have a family member who can take care of you if you become incapacitated, then you won’t have to plan for long term care.

Look at your family health history. If lingering illnesses or debilitating conditions are prominent in your family history, you’ll be wise to provide for long term care.

Financial Concerns

If you purchase long term care when you’re younger, it’s usually less costly. Consult with a financial advisor or your insurance agent for advice on this. He’ll take several things into consideration.

Will your assets change over the next one or two decades? In your list of assets, don’t include your home or car. You also can discount up to $2000 in cash.

Weigh your annual income. If you expect it to increase significantly over the next ten years or so, it will affect the type of long term care policy you choose. The inverse is also true. If you expect your income to become greatly reduced, you’ll be more hard-pressed to maintain premiums, especially if they increase significantly.

Consider how retirement will affect your ability to keep up with the premiums.

Find out if the premiums will come from your income, savings, or family contributions. This will help make your plans more accurate when determining how the premiums will be paid.

Plan for extended long term services. For instance, you need to consider what to do if you have excessive needs for long term care and medical expenses.

Ask your agent or financial advisor when you should purchase your Texas long term care policy.