Even if Texas is one of states with the most number of insured residents, you’ll barely hear Texans say that they are ready for Texas long term care costs.
Though the rates of Texas long term care (LTC) facilities vary according to city, you won’t find a single place here that offers cheap services. For starters, a semi-private nursing home room is currently $ 43,000 a year while a private room will cost you $ 60,225 per annum.
According to a Texan personnel in one of the nursing homes in Dallas, the average length of stay of an elderly resident in a nursing home is two and a half years, some even stay till three. If that’s the case, elderly folks who are currently residing in Texas nursing homes should have $ 180,675 to $ 200,000 in their nest egg if they don’t have a private insurance to shoulder their expenses.
Meanwhile, if you’re 50 years old and looking at 30 years before requiring health care services, don’t base your LTC plan on the current rates of nursing homes, assisted living facilities and home care, as the cost of care is predicted to increase fourfold in 2030. This report is based on the prediction of LTC specialists and financial advisers.
In your LTC plan, you are advised to base your budget intended for health care expenses to the current cost of care then multiply this by the factor of four. For instance, if you are planning to receive home care services in 2040 canvass the rates of home health aides in your area.
Let’s say the current annual rate of a home health aide in Amarillo is $ 41,069, so if you multiply this by four you will get $ 164,276 which is the foreboded annual rate of a home health aide in Texas between 2030 and 2040.
Now, if you think you will need skilled nursing care at some point in your life multiply the current rate of a Texas nursing home by the factor of four. If its present annual rate is $ 60,225, you’ll be forking over an annual rate of $ 240,900 by 2030. That is already equivalent to the present cost of a three-year stay in a nursing home!
Putting Up With Texas Long Term Care Costs
You don’t have to put up with the soaring cost of care in Texas because that will result in misery, anger and regret. Life should be fun and comfortable even as you’ve reached your senior years. This can only be possible if you set your priorities early.
Meaning to say, while you’re young, healthy and earning a stable income think about the future and how you would imagine your life someday when you’ve turned weak and you have no one else to lean on, as your parents and other family members have left this world already.
Are you just going to sit and wait for death to catch you with a leash? Or do you want to remain strong as you face Texas long term care costs? It’s your choice but don’t think too long because the clock is ticking.