Senior citizens in Texas may be facing difficult times if the programs that help support them end. Many seniors, who were forced to retire early due to chronic medical issues, rely on certain government programs such as the Foster Grandparent Program in order to earn sufficient income to keep their homes and put food on their tables. However, those with Medicaid eligibility may feel less financial stress than those relying on other programs.
As Baby Boomers begin to reach retirement age, more and more people will be facing reduced income. Their children and caregivers may also struggle with unemployment issues, causing finances to deplete at a rapid pace. As the number of retirees increase, the state of Texas may no longer be able to keep up with the programs that have been able to aid them so far.
The Texas Department of Aging and Disability Services predicts a decline in services for senior citizens. The hardest hit seniors will most likely be ones who live in rural areas. Meanwhile, a Texas Legislature report indicates several bills designed to aid seniors were either knocked down or stalled by the government. Some of the proposed legislation would have granted seniors tax breaks as well as offered exemptions from certain fees.
Long term care planning involves helping senior citizens plan for the years ahead. Without the proper planning, seniors may have to choose between adequate medical care and depleting all their assets. Careful Medicaid planning may be helpful to those approaching their retirement years. Estate planning may help people obtain Medicaid eligibility in the event that they are faced with debilitating illnesses. People who consult a knowledgeable attorney could gain a better understanding of elder law and how it might pertain to them.
Source: Denton Record Chronicle, "Texas faces silver tide ", John D. Harden, June 15, 2013