Whether one resides in Texas or elsewhere, the are some common issues that arise often when discussing the making of a long-term care plan to cover the post-retirement years. There is not always a clear-cut answer to every question because it is not generally known in advance how much long\-term care planning a person will need or for how long it will have to continue. One fairly established statistic is that there is about a 70 percent chance that a person over 65 is going to need some type of long-term care, according to the U.S. Department of Health and Human Services.
One topic to look into is the extent to which an elderly person or couple needs to maintain life insurance. Once the children are adults and self-supporting, the original purpose of life insurance tends to decrease. There are actually calculators online that can tell consumers how much life insurance they really need.
Assets should be reviewed to see if one spouse can survive and maintain his or her lifestyle after the other is gone. It may be that life insurance will be realistically only needed for burial expenses. In other situations, it may be needed to support a surviving spouse after the other passes. Thus, for example, it may serve to replace the deceased spouse's pension payments.
With respect to long-term care planning, the question of a long-term care policy usually comes up. These are complicated matters that should be reviewed with a Texas long-term care planning attorney. In general, however, there are various types of policies for various purposes. There is no longer one size that fits all circumstances. Furthermore, the attorney will assist the couple or the individual in combining long-term features, such as where Medicaid can be called upon to play a role in the care of the individual after other assets are depleted.
Source: Forbes, "What Your Retirement Plan May Be Missing", Tania Brown, Aug. 14, 2016