Aging is a fact of life. Many people are living longer and healthier lives as a result of improved diets and exercise. But no matter how hard one fights it, the aging process will likely catch up with a person in the end. As people are living longer, the need for long term care becomes more likely. However, many people are not planning for their own long-term care needs in Texas.
With comprehensive medical advances, most Texas residents and others around the world are living longer. Life expectancies have continued to increase over the years. While this is certainly excellent news, there are still some challenges that come with an aging population. A major concern for older adults is long-term care and how their daily needs will be met in the future. A financial expert has offered some insight on one of the ways many people choose to fund their long-term care needs.
Many Texas residents and others around the country are looking forward to their retirement years. Some may be anticipating the time when they get to finally relax, travel or take up a new hobby. Others may be excited about starting a new business venture or embarking on a second career. Regardless of what a person intends to do after he or she retires, there are many plans that must be made before leaving the workforce, including making decisions about long-term care.
Most Texas residents and others around the nation avoid thinking about the possibility of being physically or mentally incapable of caring for themselves one day. Unfortunately, this situation is the reality for many individuals, especially as they become older. While some people have made plans for future long-term care, the majority have not. Considering the different options and understanding the differences among the facilities available can be a worthwhile process.
Health care costs are skyrocketing for most Texas residents and others around the country. Those with reputable insurance plans still often face outrageous premiums and high deductibles. Unfortunately, the likelihood of a catastrophic illness or injury increases as the population gets older. The long-term care required for these medical situations can be a personal and financial burden for most, even for those in a higher income bracket.
Those Texas residents and others around the country who are nearing retirement age are likely looking forward to leaving the schedules and routines of the working world behind. While most will certainly miss the paycheck they once received, many will rely on retirement funding from corporate plans or personal accounts. Some may have even considered long-term care planning while building their retirement portions. However, those thinking about obtaining long-term care insurance should do so before it becomes cost-prohibitive.
Many Texas residents and others around the country have spent a lot of time planning for their retirement years. While some may intend to travel. others might be looking forward to starting a completely different career or devoting time to a hobby. Most people don't like to think about how life might be for them should they become incapacitated and are unable to care for themselves. While not necessarily a welcome topic to discuss, long-term care planning can alleviate many potential concerns in the future.
Recent statistics show healthy, retired couples over the age of 65 could pay $275,000 for healthcare during their retirement years. Residents of Texas and elsewhere can expect to pay an additional $97,000 a year for long-term care services in a private room in a nursing home. Studies show the cost of long-term care has increased three times faster than inflation since 2004.
Foster homes may be an alternative to nursing homes for seniors who need daily living help but not medical care. These homes, also known as adult care homes or board-and-care homes, provide a home-like setting for clients with round-the-clock supervision, social interaction and independence. In Texas and other states, these homes blend into local neighborhoods and are an affordable housing option for seniors who need long-term care without the need for nursing homes.
Recent studies show that over 70 percent of seniors will require extensive healthcare services after age 65. The Employee Benefit Research Institute has determined that only 13 percent of elders have secured long-term care insurance to avoid the high out-of-pocket costs associated with long-term care. Many residents in Texas and other states will face high medical costs without the protection of LTCI.