The use of insurance policies for long-term health care is falling in Texas and elsewhere, a recent report notes. In fact, only a handful of companies have continued to sell such policies. Now, people in our state and elsewhere are considering how to plan for their long-term care needs as a part of their estate planning effort.
In the 1980s and 90s, people in Texas purchased long-term care insurance policies that were intended to help pay for medical costs. These policies were popular, though now they have become limited due to rising premium costs. In addition, companies stopped selling the insurance plans when they discovered them to be unprofitable. Current information suggest that there are only five companies continuing to sell these insurance plans.