About 70% of seniors over the age of 65 will need long\-term care either in an assisted living facility or nursing home. Nursing homes provide 24-hour care for those who need ongoing attention and have medical issues, and assisted living facilities are for those who are still independent but need help with custodial care. In Texas, planning early for long-term care can offset costs of assisted living facilities not covered by current Medicare terms.
Paying for long-term care in an assisted living facility
Asset protection for spouses during long-term care planning
At some point, Medicare may not be enough coverage for elders with serious health issues. Additional coverage through the Medicaid program may help defray costs for services that Medicare does not cover. Seniors in Texas who are considering long-term care planning must be over the age of 65 and be both financially and medically qualified to receive Medicaid assistance.
Long-term care of the elderly
The U.S. Census Bureau reports that one in four people will be over the age of 65 by 2060. Does the country have enough long\-term care programs in place to guarantee senior citizens can remain at home? Elders who wish to stay in their homes should have access to reasonable, first-rate home health care, opportunities to socialize with other seniors and transportation. In Texas, 30 percent of seniors are living in or near the poverty level, and 22 percent are isolated and live alone.
Reasons to be thankful during elderly planning
Most Americans, including some retirees, do not realize how important Social Security is to a person's financial well-being. It may be the country's most important program since it has provided a monthly payout to over 66 million Americans over the past 77 years. In Texas, people do not take the program for granted; in fact, they are thankful for the additional financial support, especially when doing elderly planning for retirement.
