I placed text from a MS Word document via the File>Place method. Later, I updated the MS Word document. I wanted to update the text in InDesign, I couldn't find the file in the Links panel to update the way I would expect to do so for an image file that does show up in the Links panel. Is there an easy way to update my placed text like I can for an image?
By default, placed text is not linked and you should note that placing Word files and updating them will result in all formatting being lost.
You can change the behavior in your preferences if you still wish to do this.