One of the greatest challenges for any child is making decisions about an elderly parent's healthcare. Studies show that children are often sandwiched between raising their families and caring for elderly parents. They are known as the Sandwich Generation. Families in Texas and other states are often faced with the daunting task of securing long-term care for aging parents.
With most women outliving their spouses, this puts them in a position where they will be required to manage their own finances. Recent reports show that women are not as open as men about discussing money. Many lack confidence or feel ill-equipped when planning for long\-term care and managing investments. In Texas and elsewhere, women will spend more than $190,000 on health care during retirement.
Americans who are close to retirement age say they do not know how much money they will need to live a comfortable life after they stop working. Only 16 percent say they are confident that they have saved enough to sustain them during their golden years. For those turning 65, there is a significant chance that long\-term care will be a factor in their future. In Texas and across the country, long-term care costs exceeded $225 billion in 2015.
After a lifetime of working, most are excited for the time when they can retire and sit back, relax and enjoy life. Saving for health care and investing in long\-term care insurance before retirement can reduce the stress that many seniors now face. In Texas and other states, many seniors claim their golden years are being tarnished because of high health care expenses.
Recent surveys show that only 14 percent of Americans have discussed future plans with a professional advisor. Experts from several financial services stress the importance of the financial planning for long\-term care. In Texas and other states, there is a wide misconception about the need for long-term care in retirement.
Many Americans are struggling with the financial reality of caring for a senior parent. With nursing home costs of more than $7000 monthly, most families feel they have no other recourse than to care for mom and dad at home. In Texas, more families are investing in long\-term care insurance to help offset the cost of care for their loved ones.
One of the biggest hurdles seniors face during retirement is the rising cost of health care. Medicare premiums and prescription drug costs can eat into savings quickly. On average, a 65-year-old person will spend over $200,000 on health care during retirement, and that does not include long-term care. In Texas and other states, retirees on a limited income are looking for ways to lower the cost of health care.
No matter the age of a person, taking steps now to save for the future can help create a comfortable retirement. Everyone envisions their retirement to be enjoyable and comfortable. However, some may find they need long\-term care, and the last thing anyone wants is to run out of money. In Texas, people are making changes now to ensure that their senior years are happy and healthy ones.
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.