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Do most people over the age of 65 require long-term care?

Long-term care can be costly and expensive. If a Texas resident doesn't plan his or her estate the right way, the costs associated with long-term care could quickly deplete the individual's savings, and leave nothing for his or her heirs. However, if you plan for long-term care the right way by setting up a trust or potentially buying long-term care insurance, you can preserve your assets and the legacy you plan to leave behind for your loved ones.

Many Texas residents question whether they will even need long-term care in the first place. However, if you are currently over the age of 64, the chances are likely that you'll one day require long-term care. The odds of requiring long-term care increase the older you are. Statistics show that approximately two-thirds of individuals who are 65 years of age and up will need to receive long-term care at some point before they die.

Estimates show that the average amount of long-term care required by someone over the age of 65 will be three years. This means that the individual could require in-home services, nursing home services and/or other services to stay alive and fulfill daily needs during this three-year timeframe. Approximately 30 percent of those 65 and older will not require long-term care in their lifetimes and 20 percent will require it for five-plus years.

Texas residents are encouraged not to gamble with their finances or their need to receive life-saving and life-prolonging long-term care. If you haven't decided on your action plan to ensure that you and your family are appropriately cared for as you grow older, you may want to do so now.

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