Conscientious parents often place the needs of their young children ahead of everything else. They pay for an unending flow of activities to further the child's emotional and financial growth, including the major debt of a college education. There comes a time, however, when a parent reaches the twilight of life and must face crucial decisions for his or her own survival and care during approaching periods of declining health and increasing disabilities. This typically marks the last effective opportunity for child and parent to work out some basic long-term care planning under Texas and federal law for those challenging times.
As retirement approaches, some persons may be in a position to consider the purchase of long-term care insurance. Where there are sufficient financial resources, this kind of insurance can be highly effective for Texas residents desiring superior home care or nursing home residency when and if necessary. Long-term care planning will focus on getting insurance that is well supported by inflation protection to cover the rising cost of health care in future years.
There is a substantial problem in Texas and the rest of the country with respect to long-term care planning. People do not get around to doing it because of lack of funding or just simply by putting off the inevitable. No one likes to think of being incapacitated at any time in the future; indeed, there is sense of widespread denial by the elderly citizenry regarding the need for long-term care planning. However, statistics say that the great majority of persons currently entering their retirement years will at some time in the future need a period of long-term care.
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.
In Texas and all other states, long-term care facilities have to comply with regulations imposed by Medicare and Medicaid if the facilities want to participate in those government programs. Recently, those agencies have proposed new rules for long-term care institutions. The new rules will not have a direct impact on one's long-term care planning, but the quality and effectiveness of care in those facilities will be substantially improved by the changes.