September 2015 – LTC Texas

Memory Care in Texas

Memory care facilities are of particular interest to providers as more people begin to recognize the importance of patient-centered dementia care. The LaSalle Group recently broke ground on two memory care facilities in Texas.

The two newest LaSalle Group memory care facilities are located in Austin and Georgetown. The location in Georgetown has been named Autumn Leaves of Georgetown and is located at 3600 Williams Lane. A groundbreaking ceremony was held last month and construction is now under way. The facility will be 26,000 square feet in size and will cost approximately $10.3 million to build. Once built, it will house and treat 50 patients and residents.

Growing Number of Seniors

The elderly population continues to rapidly grow across the nation, and in Texas especially. Many people see Texas as an ideal retirement spot because of the weather and lack of state income tax, and Austin is an especially popular choice. Austin has the nation’s largest and fastest growing pre-retiree population and long term care facilities are springing up all over to meet the relatively new demand.

“With an increase in the number of seniors in the area, there is also a need for high quality Alzheimer’s and dementia care,” said John Barbee, executive vice president of real estate for The LaSalle Group, in a statement.

Austin Location

Autumn Leaves of Northwest Austin is the name of the second facility currently underway. The facility will be very similar to the one in Georgetown: it will be 26,000 square feet in size and will cost around $10.7 million to build. Once completed, the facility will house and treat 46 residents. Both facilities also have technological features like a motion sensor system in every room to help improve the safety of residents and quality of care provided.

Preparing for the risk of long term care is a vital component of planning for retirement. If you should ever need care for any reason, Long Term Care Insurance is a great tool that can help ensure you won’t have to deplete all your assets to pay for care or enroll in Medicaid.

Self-insuring for long term care is a pretty common topic in the news these days, but how can you know if it’s the right decision for you or not? The truth is, self-insuring is really only possible for a small and specific group of people. It isn’t the best idea for most people, and there are a few reasons why.

Cost of Care

If you’ve looked into the cost of long term care, you know it’s expensive. Quite expensive, actually. In Texas, the average annual cost of a nursing home is $61,320. Surprisingly, that’s on the low end of the spectrum when you consider the average nationwide cost of more than $83,000.

So, if you need nursing home care in Texas for just one year, you should expect to have a good bit more than $50,000 set aside just for the base cost of care.

Most people simply don’t have that kind of money stowed away in their retirement savings. In fact, most people haven’t saved any money for long term care at all. They’ve saved for retirement itself, but retirement is full of other necessary costs that most certainly come before long term care, because chances are you won’t need care until you are in your 70s or 80s.

Self-Insuring

So who can self-insure for long term care? In all honesty, those with more than several million dollars in assets stowed away are really the only group of people who can successfully self-insure for such a large cost.

The rest of us may think we can, but when the time comes to pay for care, we may end up dipping much farther into our savings than originally intended. This is a mistake many people make, after being told by financial advisors that self-insuring is a better choice than Long Term Care Insurance.

The amount that you would pay in Long Term Care Insurance premiums is typically significantly less than the actual cost of care, so for most people, purchasing a policy is what makes the most sense. Not every one can afford Long Term Care Insurance, but for those who can, and there are many ways to make it work, it is a wise investment worth considering.

Long Term Care Insurance

The cost of Long Term Care Insurance varies widely from carrier to carrier, which is why it’s so important to shop the market before deciding on a policy. If you don’t bother comparing multiple companies, you could end up paying 50-100% more than you would if you did some more thorough research. We help consumers shop the market by sending them a free comparison of all the top Long Term Care Insurance companies.

Understanding each company’s rate increase history and financial ratings is paramount to understanding the risk of your premiums increasing later on. There is always that possibility, but in reality, most people will still opt to keep their policy and reduce their benefits because the value of the policy is still so high.

If you are advised to self-insure for long term care, seriously consider the cost that includes and whether or not you have the extra assets to afford it. Many people don’t and end up waiting too long to realize that fact.

If you would like your own personalized quote comparison, fill out this form and we will be in touch with you shortly. We emphasize a no-pressure process so the consumer feels they are getting all the information without being pushed towards any certain product. It’s crucial that you feel educated and informed about the topic before making any final decision. Read more about long term care in Texas or request your free quote now.

Month: September 2015

Two New Memory Care Facilities Under Construction in Texas