Most people understand that aging has become a problem. Yes, increased lifespan creates additional health issues and financial issues and should be addressed and planned for in advance. With longevity comes the increased risk of dementia. 47.5 million people across the world are living with dementia. It’s a global epidemic that costs 604 billion US dollars each year. Alzheimer’s is the one most people are aware of, however, there are eight other forms of dementia which impact humans as we age. Plus, sometimes we face memory loss at younger ages as well.
The costs for supervision and other long-term care created by dementia places a tremendous physical, emotional and financial burden on American families.
Read about the other types of dementia: http://dailycaring.com/8-forms-of-dementia-you-might-not-know-about-infographic/
This is why addressing the financial costs and burdens of aging as part of your retirement plan – before you retire – is key to a successful future retirement. Affordable Long-Term Care Insurance will protect your savings including your 401(k) IRA 403(b) and other assets from the high costs of extended care.
People need long-term care due to illnesses, accidents or the impact of aging. Memory loss is a major reason why many people require care. LTC insurance will also ease the burdens placed on family members due to the consequences of long-term care. Often, these burdens fall on daughters and daughters-in-law.
Experts suggest reviewing your Long-Term Care Insurance options before you retire as premiums and availability are based on age, health and the benefits you want. Most states have partnership plans available which provide additional dollar-for-dollar asset protection. Plus, some states have tax incentives as well. Federal tax breaks are available to some people including the self-employed.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017