Another reason for individuals residing in Texas or elsewhere to identify their trusted family members who will take care of their later needs is to avoid the possibility of elder abuse by strangers or relatives not trusted or favored. A study by MetLife's Mature Market Institute puts the cost of elderly financial abuse at $2.9 billion annually. Strong estate planning and long-term care planning programs made when the elderly person is lucid and rational will substantially prevent deceitful or fraudulent manipulations by interlopers.
It seems that a Texas resident, or someone else for that matter, who is interested in the most solid protection to cover the eventuality of total disability or mental incompetency would want to look into long-term care insurance. Such insurance would provide coverage for in-home care services and for outside placement if necessary. By engaging in long-term care planning leading to the purchase of insurance, the elder person and his or her family members would be relieved of the stress and worry of what may possibly happen many years down the line.
Long-term care insurance could be an extraordinary benefit to elderly persons who pride themselves on independent living and who do not want to burden their family members. This long-term care planning subject is an important one for older parents to discuss with their adult children. Despite the seeming importance of this insurance, however, the product has not been a big seller in Texas or elsewhere. Due to lack of information and other factors, only a relatively small percentage of elderly citizens have this kind of coverage.