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.
When seniors plan for retirement and long-term care, most do not include a plan for debilitating illnesses. Being proactive and building a long-term care plan can ease the financial burden for the primary caregiver, who is usually the spouse. While the plan may never be put into motion, options are limited once an illness hits. In Texas, when devising a long-term plan, it is advisable to include one's family in long-term decision making.
The annual open enrollment for Medicare is Oct. 15 through Dec. 7, 2017. In order to enroll, one must be 65 or older and meet eligibility requirements. Having the right information from the start may help seniors avoid costly mistakes during elderly planning. In Texas, not evaluating all options when enrolling in Medicare can lead to long-term out-of-pocket costs.
Elderly Americans use Social Security as a major source of monthly income. To be eligible for retirement benefits, an applicant must be at least 62 years old and have earned a minimum of 40 working credits. Studies show that in 2017 nearly 1 trillion in benefits will be paid, and forty-two million of that will be paid to retired workers. For elderly planning in Texas, that amounts to an average monthly payment of $1369, the equivalent of one Social Security credit.
Being able to sit back and enjoy life at retirement should be easy. For some, planning for retirement can be a major cause of stress in their lives because they have been misled about how much money to put away for retirement. In Texas, savings plans that will cover long\-term care should be in place long before the paychecks stop. It is important to be informed and to make informed choices.
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.