More senior Americans rely on Medicare for medical coverage when they retire, but it can be a difficult and complicated program. Gaining a better understanding of how the Medicare works will make it easier to integrate the program into long\-term care planning. In Texas and other states, individuals can apply for Medicare benefits when they reach the age of 65, although, some may be younger depending on certain disabilities or diseases. The benefits' costs are determined by the time worked and the payroll contributions made over one's lifetime.
Talking about money among family members is often considered taboo. Many believe it to be an uncomfortable topic. Studies show that families who are not discussing finances could make severe financial mistakes when planning for long\-term care. In Texas and other states, experts agree that talking finances while everyone is still healthy can help avoid problems down the road.
Nursing homes can cost as much as $100,000 per year, and Medicare covers none of it. Without additional insurance to absorb the cost, retirement accounts will be drained quickly if seniors need in-home or nursing home health services. In Texas, it may be wise to consider long\-term care insurance when doing elderly planning.
Waiting to claim Social Security until age 70 will boost benefit amounts, but there is no reason to hold off collecting after that point. Financial incentives such as delayed retirement credits end once an individual reaches age 70. In Texas and other states, those planning for long\-term care may want to consider the advantages of waiting.
After many years of hard work and effort, the most rewarding part of life for seniors is the anticipation of retirement. For some, the end of careers and pending retirement can cause excessive stress. In Texas and other states, the burden of planning for long\-term care and housing are casting a shadow on retirement bliss.
About 70% of seniors over the age of 65 will need long\-term care either in an assisted living facility or nursing home. Nursing homes provide 24-hour care for those who need ongoing attention and have medical issues, and assisted living facilities are for those who are still independent but need help with custodial care. In Texas, planning early for long-term care can offset costs of assisted living facilities not covered by current Medicare terms.
At some point, Medicare may not be enough coverage for elders with serious health issues. Additional coverage through the Medicaid program may help defray costs for services that Medicare does not cover. Seniors in Texas who are considering long-term care planning must be over the age of 65 and be both financially and medically qualified to receive Medicaid assistance.
The U.S. Census Bureau reports that one in four people will be over the age of 65 by 2060. Does the country have enough long\-term care programs in place to guarantee senior citizens can remain at home? Elders who wish to stay in their homes should have access to reasonable, first-rate home health care, opportunities to socialize with other seniors and transportation. In Texas, 30 percent of seniors are living in or near the poverty level, and 22 percent are isolated and live alone.
Most Americans, including some retirees, do not realize how important Social Security is to a person's financial well-being. It may be the country's most important program since it has provided a monthly payout to over 66 million Americans over the past 77 years. In Texas, people do not take the program for granted; in fact, they are thankful for the additional financial support, especially when doing elderly planning for retirement.
When saving for retirement, many seniors are diligent, but studies show it may be hard to decide how much money one will need to live comfortably during the golden years. When considering elderly planning, there is a simple tool that can help in making wise long-term financial choices. In Texas, taking the time to research the 4 percent rule may help seniors plump up their nest eggs.