Livens & Reed, PLLC

Experts stress importance of long-term care plan

Many Texas residents and those elsewhere around the country make plans for their retirement years and invest currently so that financial provisions will later be available. However, most do not consider their health or physical capabilities in making these decisions. Yet, long-term care needs could greatly affect someone's financial position should an illness occur.

In fact, the nation's Department of Health and Human Services estimates that nearly 70 percent of citizens will require some sort of long-term care after they reach age 65. Medical expenses could prove to be exorbitant, while many may need assistance with routine activities of daily living. These activities include such tasks as bathing, eating, dressing or going to the bathroom. Both skilled care and custodial care may be required.

Location plays a significant part in determining the costs for these services. Regardless of where someone lives, the costs can quickly accumulate. Some seniors may be under the impression that Medicare will pay for this type of service. While Medicare will cover some costs on a short-term basis, it is not sufficient for long-term care. A publisher of personal finance advice offered some suggestions about how to pay for ongoing care.

While some wealthy individuals may be able to pay for long-term care privately, Medicaid will provide care for those who are very poor. The majority of Americans need to consider how they would pay for this type of care. Several options are available such as a permanent life insurance policy or an annuity.

It is important to protect one's finances and develop a plan for potential long-term care needs. A Texas attorney experienced in elder law can assist clients in determining which options are best for them. Having an experienced lawyer help develop a plan can ease someone's mind by knowing financial obligations will be met.

Source:, "Do You Have a Plan in Place for Long-Term Care?", Charles Ragonese, May 5, 2017

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