Independent Living in Texas
Texas is an excellent choice for senior living for you or a loved one. The pleasant climate, rich history, and diverse cultures of Texas draw visitors from all over the world, making it an attractive retirement destination. There's something for everyone here, with some of the country's main cities as well as plenty of open space.
Independent Living care can be found in more than 30,000 senior living communities across the US. The communities are designed to populate seniors over 65 that cover 12.3% of the total population. On average, residents will need to spend $2,992 for Assisted Living in Texas, which is more affordable than the national average of $2,795
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How Much Does Independent Living Cost in Texas?
The average Independent Living cost in Texas is $2,992. This is lower than the national average of $2,795.
How to Pay for Independent Living in Texas?
Residents in active adult communities generally pay with personal income and savings. Medicare, Medicaid, and other long-term care insurance plans may fund Assisted Living and Nursing Homes. They don't cover Independent Senior Living.
You can consult our advisors on how best to finance your Independent Living. You and your loved ones can consider:
- Social security and pension payments
- Savings and the collection of coupon payments from financial assets
- Cashing out savings accounts opened for retirement
- Low-interest loans or other forms of credit
- Retirement pensions
- Equity loans or HELOC
- Bridge loans
- Housing assistance
- Supplemental Security Income (SSI)
Retirement annuities
An annuity is an agreement between you and a financial institution like an insurance company. The deal is to pay you a fixed coupon payment for a given number of years. The coupon payment is based on your initial investment.
An annuity requires you to make a fixed lump sum payment to buy the financial asset. This payment represents your investment. Annuities can take the form of shares, bonds, or investments in mutual funds. Your investment will give you a fixed periodic payment at a coupon rate over an agreed number of years.
Retirement annuities ensure that you receive a steady stream of income after retirement. The earlier ahead of retirement, you buy the retirement annuity, the higher your interest yield. Consult your financial planner to learn about the different retirement annuities available.
Home equity loan or home equity line of credit (HELOC)
Home equity loans or HELOCs allow you to borrow against your current home's value. You can use these borrowings to purchase anything. An example would be an apartment in an Independent Living facility.
The bank gives you this loan as a lump sum. Later, you've to repay it in installments. A home equity loan operates almost like credit card loans. You can spend the loan and repay that sum periodically. Making use of such a loan can be more cost-effective for you than depleting investments and breaking into savings. However, you must assess these terms well.
Also, note that the consequences of defaulting on Home Equity Loans (or HELOCs) can be grave. The implications are more severe than those for defaulting on your minimum payments on a credit card. Defaulting on repayments may lead to the ownership of your primary home against the loan of the home equity.
Bridge loan
Bridge loans are appropriate for those in a rush to move. On top, you haven't received some expected income source like pensions. E.g., there's a pending home sale, and you need to provide the necessary funds immediately.
But remember that bridge loans can be risky. Professional help from a financial planner can help you understand if such a loan would be advisable.
Personal funds
Most seniors and their loved ones prepare for retirement ahead of time with savings, investments, and assets. Many use their income from salaries or savings to pay for their Independent Living community.
Social security benefits and pensions
Elders who've received Social Security benefits can use them to finance their Independent Living costs.
Housing assistance
The U.S. Department of Housing and Urban Development (HUD) provides various services to help low-income seniors. They aid in finding affordable living arrangements. Such aids include, e.g., public housing in Independent Living communities, rental assistance, and vouchers. Yet, waiting lists for this option tend to be quite long.
Supplemental Security Income (SSI)
SSI might cover basic needs like clothes, food, and shelter for seniors aged 65 and older. The requirement is that you've limited assets or a disability. Also, the amount received from SSI depends on your income, living arrangements, and other variables. SSI payments can fund Independent Living if you meet the named conditions.
Independent Living Regulations in Texas
Every state has some standard in place to ensure quality independent living facilities for seniors. Your job is to get in touch with the manager of the facility and interview needs and expectations. The discussion will result in service plans and residency agreement.
Know your rights
When you are living in Texas, you have certain rights against abuse. You can report any elder abuse or rule breaking at any time. You can make complains to the Texas Department of Licensing. All you have to do is fill up a form. There is also a live complain tracking tool.
Learn More about Other Types of Senior Living in Texas
Apart from independent living, seniors also have other options. They include: assisted living, memory care, nursing home and home care services. Costs of nursing home can be significantly more than assisted living expenses.
What You Should Know about Texas
- Supervisory care
- Personal care
- Directed care
- Adult foster care (AFC) homes: Care is provided for a maximum of four people in the home where the caregiver lives.
- assisted-living homes: Care is provided for up to ten people.
- assisted-living centers: Care is provided for 11 or more people.
Weather and Climate
Texas falls in the list of higher temperature in the US. The average temperature in the state is 64.8°F. This is higher than the average US temperature of 54.35°F.
The most pleasant time in Texas is April, October and May. Annual rain precipitation of Texas is 28.9 Inches. Texas residents experience 1.3 days of snowfall annually. Overall, Texas falls on 4th position in terms of weather parameter.
Culture, Language, Religion and Political Views
Texas has a quite a rich American history. The percentage of English speaker in Texas is 68.8%. The remaining population 31.2% speak different other languages throughout the state.
The population of Texas is 29,730,311 in total. The state has experienced a population growth of 1.25% with the living cost being lower than the US average.
The majority of the population 19.3 in Texas are Catholic. But this is also higher than the national average 0.58%.
Faqs Related to Assisted Living
Have a Read: Important Resources about Assisted Living
Reviews for Assisted Living facilities in Texas
Review of
Truewood By Merrill, Park CentralBEWARE of this facility! Windsor sent my mother to the hospital where she was found to be malnourished. She died 3 days later. Windsor then refused to release my mother's records to the family. After getting an attorney, Windsor claimed they were not a medical facility and therefore weren't required to keep records. Put your loved ones here at your own risk!! BEWARE of this facility and staff members Bennie (Director) and Wendi (nursing supervisor).