Even though the exorbitant costs of long-term care in Texas and other states may wipe out one's life savings and the assets intended for loved ones, many persons ignore the threat until it is too late. For those who do establish a plan, they generally enjoy a new peace-of-mind that could, in and of itself, extend their emotional health securely into the future. With skilled nursing home care said to cost an average of $77,745 per year, it is imperative to engage in long-term care planning. This may be accomplished by consulting with a knowledgeable financial planner, if necessary, and with an experienced elder law attorney.
The likelihood of one needing to access long-term care resources is great: the U.S. Department of Health and Human Services predicts that at least 70 percent of people over age 65 will need some long-term care at some point. In light of the foregoing, it is unsettling to know that about 90 percent of retirees in 2010 had not discussed these issues with their spouse or children. Consequently, many persons will lose their homes and assets even though they had intended to have their children share in them after death.
The need for elder law planning techniques is created by the high cost of long-term care facilities. One of these high-ticket items is home health care. When a person does not need round the clock care, home health care and other services may be feasible, but funding is necessary to be established in advance. Independent and assisted living communities are another potential resource that one may seek in the twilight years.
These private apartment facilities are attractive in allowing an independent lifestyle. Skilled nursing homes are necessary for those who cannot get along without full time health care and assistance in daily living. All in all, an individual residing in Texas will likely feel a sense of security for the future when long-term care planning results in an established plan going forward. This may be most effectively accomplished by meeting with an elder law attorney as soon as possible after one enters or approaches retirement.
Source: swnewsmedia.com, "EPPIA Update: Plan for your care now", Ronald Kolband and Peter Hallberg, Oct. 8, 2015