How do i continuously check if a part is touching another?

You could try this

local debounce = false

script.Parent.Touched:connect(function(hit)
	print("hit")
	local player = game:GetService("Players"):GetPlayerFromCharacter(hit.Parent)
	if player then
		if debounce == true then return end
		debounce = true
		local check = player.Character:FindFirstChild("name here")
		if not check then
			--Enable the drowning here
			local newValue= Instance.new("BoolValue")
			newValue.Name = "name here"
			newValue.Parent = player.Character
			script.Parent.TouchEnded:wait()
			--Disable it here	
			newValue()
		end
		debounce = false
	end
end)