Thinking about the needs that may come about during their elderly years may be something that more Texas residents have begun doing. As a result, they may review their estate planning options and work to determine what type of plan may best suit their needs and the needs of their families. However, individuals may want to remember to include long-term care planning.
Most people will likely need some form of long-term care as they grow older. Because this care can easily prove expensive, planning ahead could have immense benefits. In terms of cost, the type of care and location of care could play a significant part in how much money a person may need to spend. In reality, however, most options can leave unprepared parties hurting financially.
For instance, if a person hopes to utilize a nursing home facility for care, he or she could potentially expect to spend approximately $97,000 per year, and those costs are increasing. Even if a person hopes to remain in his or her own home, hiring professional care services could average over $20 an hour. Therefore, parties may want to explore their care options and how to pay for that care well ahead of time.
Fortunately, Texas residents can take steps to address their long-term care planning needs. There are a variety of options that could suit individual circumstances, and interested parties could gain reliable information on their viable routes for preparation. Speaking with experienced attorneys could help interested parties determine how they may feel most comfortable planning for future care.
Source: ABC News, “Retirement planning should include long-term care costs”, Alexandra Olson, Nov. 15, 2017