The sample policies below provide estimates of the annual rates companies charge for six long-term care policies.
The policies are only a sample for comparison and are not a complete list of the long-term care policies available. They do, however, provide a good starting point for comparing policies. If you find a policy with the benefits you want, refer to the policy form number when talking to the insurance company.
The premium rates are divided into sample policies with common benefits and features. Click on "Sample Policy" to see a representative policy.
|Individual combination nursing home and home health care policy||$100 daily benefit for nursing home care||$50 daily benefit for home health care||Elimination period||Benefit period|
|Policy 1||0-20 day||Two-year|
|Policy 2||30-60 day||Five-year|
|Policy 3||90-100 day||Lifetime|
|Policy 4||0-20 day||Two-year|
|Policy 5||30-60 day||Five-year|
|Policy 6||90-100 day||Lifetime|
Keep in mind that not all companies will offer a policy with the specific features included in the six sample policies. Because long-term care policies in Texas are not standardized, features and benefits will likely vary from company to company and by policy.
Read the policy’s outline of coverage for a brief description of the features included.
Insurance companies can raise the premiums on policies that do not have fixed rates, but only if they increase the premiums on all policies in your "rate class." Your rate class may be based on your age, where you live, and your health status at the time you purchased your long-term care policy.
Some companies, for instance, may automatically raise rates once you reach a certain age since age is a criterion for a rate class. Once your rate class is established, however, deteriorating health may not change your class or affect your individual premium.