As Texas residents consider their plans for the future, they may think about job changes, vacations, marriage or other events. However, individuals may also want to plan for incidents that come about far later in life, such as the need for extended care after retirement. Long-term care planning could help parties look at the potential care that may be needed and how to pay for it.
Some people may think that they do not need to make such considerations because they have been healthy for most of their lives. However, any type of sudden illness or injury could result in a person needing long-term care. Additionally, approximately seven out of 10 individuals who have reached the age of 65 or older end up needing some sort of long-term care.
The length of time someone may need care will depend on the specific circumstances, but even just a year of private nursing home care could result in costs exceeding $90,000. If individuals choose institutions that are not private, costs could still reach $45,000 per year. If individuals are not adequately prepared for these expenses, they or their families could face considerable financial struggles.
Because the costs of such care can prove substantial, planning ahead could help parties create savings accounts for these costs or get their insurance coverage in order. If Texas residents are uncertain where to begin their their long-term care planning, they may wish to gain more information on their options. Speaking with experienced attorneys could help interested parties better understand how planning ahead could help.
Source: Forbes, “Long-Term Care Insurance And The Importance Of Developing A Plan“, Joel Johnson, Jan. 12, 2018