When the children are grown and out on their own, it is a good time for an individual or married couple to consider long-term care plans in the event of future incapacitating disabilities. An effective way of taking care of this need is to purchase a long-term care insurance policy. Medicare does not cover long-term care in Texas or anywhere else. Medicaid is a program designed to pay for long-term care, but without proper planning, one's assets that were earmarked for immediate family beneficiaries may be depleted.
Life and disability insurance are staples of a good estate plan in that they attempt to prevent a disruption of the family income stream in the event of disability or death. These policies are purchased early during the work years. When retirement arrives, it is time to consider preparing for long-term care. The best preparation would likely be a long-term care insurance policy.