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Long Term Care Planning Archives

Assisted living: Making the right choice for long-term care

When a loved one reaches a point in his life that he can no longer live alone, assisted living arrangements may be the next option. Studies show that the average age for seniors moving into assisted living is 84-years old and is usually the result of a medical emergency. In 2016, the cost to rent a one-bedroom apartment in a Texas assisted living community was $42,180 or about $3515 per month for long\-term care

Long-term care planning critical for women, men alike

National statistics show that women in Texas and all around the country have a longer life expectancy than men. Women are likely to live until age 81, while the life span for men is 76. Since women are often the primary caregivers when family members become unable to provide personal care, there is a valid concern regarding who will care for them in the future when they are in need. Long-term care planning is an important issue to address as the population in the country ages.

Consider potential medical expenses in long-term care planning

Many Texas residents and other adults around the country are looking forward to their retirement years. While several may anticipate the less-structured days when they no longer must go into work, others are waiting for the opportunity to get started on Medicare and reduce their monthly insurance premiums. However, financial experts warn that Medicare does not provide the comprehensive coverage that most seniors need. In fact, those approaching retirement still need to consider long\-term care planning for many services that are not covered, even with a Medigap insurance policy.

Long-term care planning essential to ensure wishes are followed

There are not many Texas residents or others around the country who like to think of a time when they may become seriously ill or unable to take care of themselves. While it is common for most people to make plans for their education, families and retirement years, they do not often consider long\-term care planning. Unfortunately, by the time it becomes an issue, it is too late to make the necessary decisions.

Address long-term care needs in estate planning

Many Texas residents and others across the nation are caring for elderly parents. A frequent topic is likely to be the difficulties experienced in finding quality care at an affordable cost. The reality is that everyone is aging and if life expectancies continue to increase, more people will need long-term care, not only for parents, but for themselves.

It is important to understand options for long-term care

Growing old is an inevitable part of life for Texas residents and others across the country. However, many do not spend a lot of time preparing for something in the future, especially when one must consider the possibility of becoming ill or incapacitated. It is important to address the issue of long-term care planning when someone is still capable of decision-making.

Asset protection vital in long-term care planning

Many Texas residents and others across the country have trusts established that eliminate the need for probate in the event of death or incapacity. However, these traditional trusts do not provide protection for an estate against creditors either when someone is living or deceased. Some investors are now considering the use of an irrevocable trust to protect themselves and their heirs against high long\-term care costs. This type of trust can also prevent loss of non-liquid assets.

Experts stress importance of long-term care plan

Many Texas residents and those elsewhere around the country make plans for their retirement years and invest currently so that financial provisions will later be available. However, most do not consider their health or physical capabilities in making these decisions. Yet, long-term care needs could greatly affect someone's financial position should an illness occur.

Long-term care important part of retirement planning

Many individuals in Texas and throughout the nation are retiring with expectations of living at least 20 to 30 more years. While this is positive news, it does require many people to consider how they will support themselves financially in the future when their physical abilities have diminished. The country's Department of Health and Human Services reported that those citizens over age 65 will likely need some type of long\-term care during their lifetimes.

Long-term care issues should be addresed early

A university professor specializing in aging recently offered insights on how to best plan for medical care and other services as people enter into retirement years. Many Texas residents in this demographic have limited financial resources, making the provision of long\-term care difficult. He views long-term care as any service offered to someone who cannot provide self-care or management.

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