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Long Term Care Planning Archives

Be proactive about long-term care and estate planning decisions

Americans who are close to retirement age say they do not know how much money they will need to live a comfortable life after they stop working. Only 16 percent say they are confident that they have saved enough to sustain them during their golden years. For those turning 65, there is a significant chance that long\-term care will be a factor in their future. In Texas and across the country, long-term care costs exceeded $225 billion in 2015.

Long-term care planning for a happy retirement

After a lifetime of working, most are excited for the time when they can retire and sit back, relax and enjoy life. Saving for health care and investing in long\-term care insurance before retirement can reduce the stress that many seniors now face. In Texas and other states, many seniors claim their golden years are being tarnished because of high health care expenses.

Make long-term care part of the retirement plan

Recent surveys show that only 14 percent of Americans have discussed future plans with a professional advisor. Experts from several financial services stress the importance of the financial planning for long\-term care. In Texas and other states, there is a wide misconception about the need for long-term care in retirement.

Long-term care planning for elderly parents

Many Americans are struggling with the financial reality of caring for a senior parent. With nursing home costs of more than $7000 monthly, most families feel they have no other recourse than to care for mom and dad at home. In Texas, more families are investing in long\-term care insurance to help offset the cost of care for their loved ones.

Retirement checklist for long-term care expenses

One of the biggest hurdles seniors face during retirement is the rising cost of health care. Medicare premiums and prescription drug costs can eat into savings quickly. On average, a 65-year-old person will spend over $200,000 on health care during retirement, and that does not include long-term care. In Texas and other states, retirees on a limited income are looking for ways to lower the cost of health care.

Start planning for retirement and long-term care now

No matter the age of a person, taking steps now to save for the future can help create a comfortable retirement. Everyone envisions their retirement to be enjoyable and comfortable. However, some may find they need long\-term care, and the last thing anyone wants is to run out of money. In Texas, people are making changes now to ensure that their senior years are happy and healthy ones.

Important Medicare answers for long-term care planning

More senior Americans rely on Medicare for medical coverage when they retire, but it can be a difficult and complicated program. Gaining a better understanding of how the Medicare works will make it easier to integrate the program into long\-term care planning. In Texas and other states, individuals can apply for Medicare benefits when they reach the age of 65, although, some may be younger depending on certain disabilities or diseases. The benefits' costs are determined by the time worked and the payroll contributions made over one's lifetime.

Making money and long-term care the topic of conversation

Talking about money among family members is often considered taboo. Many believe it to be an uncomfortable topic. Studies show that families who are not discussing finances could make severe financial mistakes when planning for long\-term care. In Texas and other states, experts agree that talking finances while everyone is still healthy can help avoid problems down the road.

Supplemental insurance policies beneficial in elderly planning

Nursing homes can cost as much as $100,000 per year, and Medicare covers none of it. Without additional insurance to absorb the cost, retirement accounts will be drained quickly if seniors need in-home or nursing home health services. In Texas, it may be wise to consider long\-term care insurance when doing elderly planning.

Long-term care planning for Social Security at age 70

Waiting to claim Social Security until age 70 will boost benefit amounts, but there is no reason to hold off collecting after that point. Financial incentives such as delayed retirement credits end once an individual reaches age 70. In Texas and other states, those planning for long\-term care may want to consider the advantages of waiting. 

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