Alzheimer's: The Disease that Could Bankrupt Americans
Every 66 seconds this year, an American will develop Alzheimer's disease, according to the Alzheimer's Association. Planning for the financial costs and burdens of aging is essential to retirement planning.
Every 66 seconds this year, an American will develop Alzheimer's disease, according to the Alzheimer's Association annual report. By the year 2050, that number is expected to double to one every 33 seconds. A CNN story reports that experts say without additional funding and a breakthrough, Alzheimer's could be the disease that breaks the nation's health care bank. In 2017, for the first time, total costs for caring for those living with Alzheimer's and other dementias hit $259 billion -- over a quarter of a trillion dollars.
Much of the cost is placed on the American family since most long-term care costs are not paid by health insurance or Medicare or supplements. Most long-term care is custodial care or supervision for those with cognitive decline. Unless someone has Long-Term Care Insurance, the costs will come out of pocket, or their family will become a caregiver.
Medicaid, the medical welfare program, will pay for care, but you must either be poor to start or exhaust assets by paying for care yourself until you have little or no money left. That program was never intended to pay for long-term care. Don't expect the government to add additional long-term care benefits since budget issues and the large number of people who are expected to need long-term care services in the decades to come will make that nearly impossible. Boomers and Generation X'ers who have savings to protect will need to plan or be subject to being forced to pay for their future care out-of-pocket.
There's more. The Alzheimer's Association's report adds another startling statistic, the hidden cost of caregiving. In 2016, those who took care of loved ones with dementia provided an "estimated 18.2 billion hours of unpaid assistance, a contribution to the nation valued at $230.1 billion.
People Require Long-Term Care Due to Illness, Accident or Impact of Aging
Memory issues are only one of many reasons that impact people as they get older. The financial costs and burdens of aging places pressure on assets and stress on family members.
The fact is long-term care is more than just about money. The impact on family creates emotional and physical issues as well. Affordable Long-Term Care Insurance will pay for the cost of quality caregivers and ease the burdens placed on family members.
American Families Benefiting Today from Long-Term Care Insurance Benefits
Long-Term Care Insurance is already helping American families deal with the impact of longevity. In 2019, the top insurance companies paid over $11 Billion in benefits. These benefits help people stay in their own home and maintain control and independence. The family has the time to be family.
Despite these facts and the affordability of Long-Term Care Insurance, many people decide they won't plan. For some it is denial. For others, they choose to "wait" until they need it. The problem, you must health qualify in order to get a plan in place.
LTC Insurance is Affordable but Premiums Vary Dramatically
Premiums are based on not just the benefits you choose but your age and health at the time of application. Many experts suggest the best time to obtain coverage is when you are in your 40s or 50s. However, a Long-Term Care Insurance specialist can find affordable options for those in their 60s, depending on your health.
Be sure to seek the help of a qualified and experienced Long-Term Care Insurance specialist. They can provide you with accurate quotes from all the major insurance companies. Perhaps just as important, they can give you professional recommendations, so you don't buy more than what is appropriate for you and your family.
Find a trusted Long-Term Care Insurance specialist.
Find the current and future cost of long-term care services in your area by using the LTC NEWS cost of care calculator.
LTC NEWS also has a comprehensive Long-Term Care Insurance guide. Read it by clicking here. https://www.ltcnews.com/resources/guides/the-ultimate-long-term-care-insurance-guide
About the Author
An LTC News author focusing on long-term care and aging.
James Kelly
Contributor since August 21st, 2017
Editor's Note
There is a good chance you will need help with daily living activities or supervision due to dementia as you get older. Being prepared for the costs and burdens of aging will help ensure that you will have the ability to choose the quality care services you desire, including in-home care.
Long-term health care is both a cash flow problem and a family problem. Professional long-term health care services are expensive, and those costs are getting more expensive every year.
The fear of inflation and perhaps a recession will impact your retirement accounts. The guaranteed benefits of affordable Long-Term Care Insurance will build a wall around those assets and ensure your lifestyle and legacy.
Finances are important. The quality of your care is paramount. The desire to never burden your family might be as important as anything else. Caregiving is hard, and family caregivers are usually untrained and unprepared for a very demanding job.
Long-Term Care Insurance should be considered a vital part of your overall retirement plan. Most people obtain coverage in their 50s to take advantage of overall good health and lower premiums.
Seek Professional Help Planning for Long-Term Care
Experts recommend seeking the help of a qualified and experienced Long-Term Care Insurance specialist to help you find the right coverage. A specialist will match your age, health, and family history with the right coverage at the right price.
Long-term care is a very specialized area, and few insurance agents and financial advisors have the expertise. Find a specialist who represents the top companies as premiums can vary over 100% between insurance companies. Leading specialists will often have over 500 clients with Long-Term Care Insurance.
A specialist will save you money, and you will have peace of mind knowing they are making the appropriate recommendations - Work With a Specialist | LTC News.
Planning Tools and Resources Available on LTC NEWS
Planning for the future is never easy, but long-term health care planning can be very complicated and comes with many emotions. Getting the right tools and resources will make the process much easier.
One of the goals is to reduce the stress and anxiety usually placed on your family at the time of crisis. LTC NEWS can be beneficial in providing you with important information for you to consider.
LTC NEWS has put in place several resources, including:
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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
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The Ultimate Long-Term Care Guide is an outstanding read to help you get a good overview of the topic area.
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Compare the major insurance companies that offer Long-Term Care Insurance products here - Top Insurers for Long-Term Care Insurance | LTC News.
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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.
Need Help Now for Mom or Dad?
If your family is already in crisis and you need to find help for mom or dad, LTC NEWS can help. We have put together several comprehensive guides to help you in your process.
Start by reading our four guides -
If your loved one is lucky enough to own a Long-Term Care Insurance policy, be sure they use it. Sometimes families wait, thinking they can save the benefits for a rainy day. Waiting on using available Long-Term Care Insurance benefits is not a wise idea.
Get Assistance in Filing a Long-Term Care Insurance Claim
Many insurance companies have issued Long-Term Care Insurance policies over the years. Filing a claim can sometimes be complicated unless you know what to do or get expert help and assistance.
Don't allow the claim process to stop you from using the benefits available in an LTC policy. Quality care obtained early will help provide a better quality of life and reduce the risk of a deep decline and facility care.
If you need help in starting the process of a Long-Term Care Insurance claim, LTC NEWS can help. LTC NEWS provides free assistance with no obligation to help you or a loved one complete the claims process with a Long-Term Care Insurance policy. We have teamed up with Amada Senior Care, who will do all the work - free with no obligation.
Get help finding quality caregivers or long-term care facilities and get recommendations for a proper care plan, whether a person has a policy. - Filing a Long-Term Care Insurance Claim | LTC News.
Advantages 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. You might be eligible at younger ages as well.
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, and even help with cash flow during your retirement.
Learn more by asking questions to an expert. Mike Banner, 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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