Livens & Reed, PLLC

It is important to understand options for long-term care

Growing old is an inevitable part of life for Texas residents and others across the country. However, many do not spend a lot of time preparing for something in the future, especially when one must consider the possibility of becoming ill or incapacitated. It is important to address the issue of long-term care planning when someone is still capable of decision-making.

Elder care experts recommend taking time to completely understand what long-term care is and the different options available. Long-term care can range from having someone help with routine tasks at home to full-time care in a nursing home. It can include medical care or assistance with regard to a variety of physical activities. Age is not always the determining factor for who might need long-term care. Someone suffering from a debilitating disease might require ongoing assistance.

A deterrent for some people could be the cost for long-term care. Depending on the location and type of services, the cost could be as high as $10,000 per month. Unfortunately, neither private health insurance or Medicare will cover the expenses. However, Medicaid actually provides long-term care for about half the people who currently receive it. Many decide to take out an insurance policy to cover this type of assistance.

Whether someone has an insurance policy for long-term care is an individual decision. However, it makes sense to address how these services would be paid for if needed. A person would need to consider the amount of savings, risk tolerance and tax implications of liquidating assets, among other things. Other investment options, such as a Roth IRA, could be an alternative solution to an insurance policy.

It is never too early to begin addressing the issue of long-term care. A Texas elder law attorney can provide assistance in evaluating all the options available and recommend the best solution for a client. An experienced lawyer can help someone feel more confident about financial security in the future.

Source:, "10 Questions You Need to Ask About Long-Term Care", Tracy Byrnes, June 15, 2017

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