Though thinking about becoming incapacitated at some point in life may not be a favorite topic, it may be one worth considering. If Texas residents do not give thought to the possibility of needing a nursing home stay or other similar care, they may miss out on their chance for long\-term care planning. Without proper plans, individuals and their families may struggle with costs.
It was recently reported that the costs associated with long-term care are increasing. If parties are interested in having a private nursing home room in the event that they need long-term care, they may soon need to be prepared to dish out $100,000 per year. The average cost of care for various types of services increased 4.5 percent in 2017, which is reportedly the second highest increase in the last 13 years.
Because many people may not truly grasp that care expenses can cost so much, they and their families may face a rude awakening in the event that unplanned-for care is needed. The report also noted that it did not appear as if these cost increases would slow any time soon. Even with Medicaid or other assistance, expenses may exceed coverage.
Numerous individuals will need some type of extended care after they reach the age of retirement. As a result, long-term care planning may be more vital than many Texas residents realize. In hopes of avoiding overwhelming and unexpected care costs, interested individuals may wish to find out more information on how they could potentially plan ahead for the potential need for care.
Source: ABC News, "Buyer beware:Long-term care costs are surging", Tom Murphy, Sept. 26, 2017