Over Age 50? Pay Attention to Warning Signs of Dementia
One of the perks of working hard is a future successful retirement. With aging and longevity comes a higher risk of dementia. Know the early signs and start planning before your health changes.
Most people are enthralled with the idea that they might not have to work every day at some point in their lives. The concept of retirement and the ability to own your own time is exciting and scary.
There are financial concerns. Do you have enough resources to enjoy a successful future retirement? Then, there is your health and the changes that happen as we get older. These changes are normal parts of the aging process. Our health will decline. We will notice changes in our bodies.
Perhaps the scariest for most people is the risk of dementia.
You should be aware of the signs you or a loved one may be experiencing more than just normal aging.
Forgetting Your Keys Doesn't Mean You Have Dementia
Don't worry; forgetting your keys from time to time does not mean you are experiencing cognitive decline. However, if you are starting to have trouble finding the right words or forget where you are, it may be more than just normal aging.
Dementia is a term for a group of memory problems we may experience. Sometimes it leads to personality changes, inability to focus, diminished language skills, and more. The result is we need supervision, and long-term health care costs are expensive.
These long-term care costs continue to get more expensive over time. The LTC NEWS Cost of Care Calculator will show you the current and future cost of extended health care services where you live.
Most Insurance Will Not Pay for Dementia Care
Health insurance, Medicare, and supplements will only pay for a small amount of this type of care, if anything at all. Long-Term Care Insurance will pay for this type of care, and in 2021 the major companies paid over $12.3 Billion in benefits, much of it for in-home care. However, you can't get LTC Insurance when you need it; you must purchase it when you are relatively healthy, ideally in your 40s or 50s.
Be careful when shopping, however. Most insurance agents and financial advisors have limited knowledge of this type of insurance. It is best to seek the assistance of a qualified and experienced Long-Term Care Insurance specialist who works with the major companies.
Early Signs of Dementia
There are several types of dementia. Alzheimer's is the most common and famous of all of them. Vascular dementia is the second most common type of dementia where your blood flow to your brain has become diminished. There are more; however, you and your family will notice signs over time.
There are seven early signs of dementia that the AARP notes every family should be looking for in themselves or a loved one. The risk of cognitive decline increases when you are older; however, those in their 40s and 50s will occasionally see early-onset dementias.
Read about the signs by clicking here.
Prepare Family and Finances with LTC Insurance
Prepare your family and finances for the changes in your health, body, and mind you will face in the decades ahead. For many families, affordable Long-Term Care Insurance will be your best option giving you guaranteed tax-free benefits to access your choice of quality care, including in-home care.
Be sure to start planning before you retire; the earlier, the better. Most people obtain coverage in their 50s, but remember, you must have reasonably good health to get coverage.
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
A complete retirement plan should include a strategy for longevity and the impact that long-term health care will have on you, your family, income, savings, lifestyle, and legacy. This includes the consequences due to dementia. Affordable Long-Term Care Insurance gives you access to your choice of quality care either at home or in a facility.
Remember, Long-Term Care Insurance will pay for long-term custodial care, the most common type of care we will need. Health insurance, including Medicare and Medicare Supplements, will only pay for a small portion of skilled care. Medicaid will only pay if you have little or no savings and income.
You Must Health Qualify to Obtain Coverage
The underwriting criteria are different with each company. You will have to answer some health questions even to obtain accurate quotes. You ideally want to get coverage when you enjoy good health. If you are already receiving care in your home or if you live in a care facility, you would be ineligible for coverage.
Seek Help of a Qualified LTC Specialist
A Long-Term Care specialist can help you determine your eligibility based on your health history and other factors. Most financial planners and general insurance agents are not knowledgeable about underwriting, features, benefits, federal/state partnership programs, policy design, and claims.
Find a qualified specialist by clicking here.
Planning Tools and Resources on LTC NEWS
You can find many tools and resources on LTC NEWS to assist you in your research for a planning solution or help your family find the appropriate care for a loved one at the time of crisis.
To help you plan the costs and burdens of changing health and aging, LTC NEWS has put in place several resources, including:
- The LTC NEWS Cost of Care Calculator will show you the current and future cost of long-term health care services where you live. Plus, each state has vital state-specific information you should know - Cost of Care Calculator - Choose Your State | LTC News
- The Ultimate Long-Term Care Guide is an outstanding read to help you get a good overview of the topic area.
- Compare the major insurance companies that offer Long-Term Care Insurance products here - Top Insurers for Long-Term Care Insurance | LTC News.
- A detailed tax guide that includes available tax incentives can be found by reviewing the Long-Term Care Tax Benefits Guide.
Find all the resources on LTC NEWS - Resources for Long-Term Care Planning | LTC News.
Get Expert Help Filing an LTC Insurance Claim
LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with your Long-Term Care Insurance policy.
You can also get support in finding quality caregivers and get recommendations for a proper care plan, whether a person has a policy or not. - Filing a Long-Term Care Insurance Claim | LTC News.
Benefits of Reverse Mortgages
Today's reverse mortgages for those aged 62 and older could be an ideal resource to fund a Long-Term Care Insurance policy OR even provide money to pay for care if you, or a loved one, already needs help and assistance.
Some people have much of their savings invested in their homes. With today's reverse mortgages, you can find ways to fund care solutions, care itself, even help with cash flow during your retirement.
Learn more by asking questions to an expert. LTC NEWS columnist and host of the TV Show "62 Who Knew" will answer your questions regarding caregiving, aging, health, retirement planning, long-term care, and reverse mortgages.
- Just "Ask Mike." - Reverse Mortgages | LTC News.
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You can write a story or ongoing column for LTC NEWS. You can write about many topics, including aging, caregiving, health, lifestyle, retirement planning, and long-term care, to name a few.
Be sure to write for our core target audience of adults aged 40 and older. Our audience is worldwide; however, our primary target is the United States, Canada, the United Kingdom, and other English-speaking nations.
Improve your website or blog's SEO and gain exposure and traffic at the same time by being a contributor to LTC NEWS.
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Email your story idea or article: newsroom@ltcnews.com - LTC News Contributors | LTC News
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