In Texas, as is the case elsewhere across the nation, people believe that they should plan for long-term care. However, a recent report notes that few people really know how to take such steps. In fact, there are only 10 percent of individuals across the nation who have purchased a long-term care policy as part of their estate planning.
In a recent study, researchers found that it is those aged 40-49 who are the most concerned about long-term planning. The least concerned about these issues were those who were over 60 years of age. Many others thought that long-term care was paid for in large part by government programs. This came as a surprise to researchers.
Estate planning for long-term care can include several different aspects. For example, some people purchase insurance to make up for the 40 percent of costs that are not covered by Medicaid and other programs. Others seek to use estate-planning tools such as a trust, or they create a power of attorney.
The good news is that there are many options for those in Texas who wish to plan for long-term care. In fact, by using estate-planning tools, people will find that they have many of their future needs addressed. To ensure that this is the case, it is often a good idea for people to review all of their available options in estate planning as they begin the process. This will help to give peace of mind to those seeking to care for themselves and their loved ones.
Source: Forbes, Americans Worry About Long-term Care Costs, See Insurance And Government Solutions, Howard Gleckman, Oct. 16, 2013