A 2015 report suggests worldwide dementia cases will triple by 2050. The World Health Organization reports that in 2021 more than 55 million people live with dementia worldwide, and there are nearly 10 million new cases every year. In just 35 years, that number should increase to more than 132 million.
Dementia is an umbrella term for degenerative diseases of the brain characterized by a gradual decline in thinking and remembering. Accounting for well over half of cases, Alzheimer's is the most common form of dementia.
Today there are over 962 million people 60 or older. Over the next 35 years, that age group will grow by 65 percent in rich countries, 185 percent in lower-middle-income nations, and 239 percent in developing countries.
As the world gets older, the number of people with dementia is set to increase exponentially, notes the World Alzheimer Report 2015, produced by Alzheimer's Disease International.
These numbers present challenges to government, families, and medical professionals on how best to deal with more people who will require supervision.
Another report published in "Population and Development Review" suggests caregiving due to all types of Long Term Health Care is already at crisis mode requiring 1.2 billion hours of unpaid caregiving provided by families.
Golden Age of Caregiving is the U.S.
Emilio Zagheni, an assistant professor of sociology at the University of Washington and co-author of the report, says that America is entering the 'Golden Age of Caregiving.' The issue is not going away as the World Alzheimer Report just deals with one aspect of long-term health care, supervision due to memory loss.
The risk of dementia increases dramatically as we age, although early-onset dementias are becoming more common. Long-term health care costs in the United States (and worldwide) are growing dramatically due to increased demand for services and rising labor costs.
According to a consumer education and advocacy organization, long-term health care for memory loss is now the leading cause for private Long-Term Care insurance claims. About one in hour claims are related to dementia.
"By 2050, the number of Americans age 65 and older with Alzheimer's dementia may grow to 13.8 million.," explains Jesse Slome, director of the American Association for Long-Term Care Insurance.
Slome said this represents a steep increase from the estimated 5.8 million Americans age 65 and older with Alzheimer's dementia today.
"Considering the millions of Americans who will be living into their 80s, 90s and beyond without a financial plan in place to deal with the costs of long-term care it would be prudent for a massive educational effort,"JesseSlome, executive director of the American Association for Long-Term Care Insurance (AALTCI)
Planning experts suggest that Long-Term Care Insurance should be part of an overall retirement plan. The U.S. is the biggest market for private Long-Term Care Insurance but sales are gaining in Canada, Germany, United Kingdom, and France.
Nursing home costs in the United States now average well over $100,000 a year and grow yearly; however, most long-term care services are for in-home care and assisted living. According to the LTC NEWS Cost of Care Calculator, those costs are also rising rapidly.
Long-Term Care Insurance, if owned, will pay for dementia care and all other long-term care services and supports; however, health insurance, including Medicare and supplements, will not, outside of 100 days of skilled care.
Medicaid will only pay if the care recipient has little or no income and assets.
About the Author
An LTC News author focusing on long-term care and aging.
Contributor since August 21st, 2017
People require long-term health care due to changes in their health, body, and mind. Whether you become ill, have mobility problems, or have other aging issues, being prepared will reduce the stress and anxiety placed on family members and give you peace of mind to enjoy your future retirement.
Family caregivers face physical and emotional challenges they must deal with as they juggle their work and family responsibilities along with being a caregiver.
Professional care services are expensive and adversely impact income, assets, lifestyle, and legacy. The costs are expected to climb even higher in the decades ahead, placing tremendous financial pressure on American families.
Start researching your coverage options before retirement. Most people purchase coverage in their 50s—the earlier, the better to save money and take advantage of good health discounts.
Available Resources on LTC NEWS
LTC NEWS offers several tools and resources to help 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 for the future costs and burdens of changing health and aging, LTC NEWS has put in place several resources, including:
- 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
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.
Seek Professional Guidance
Experts suggest using a qualified Long-Term Care Insurance specialist to help you navigate the many options available to you and your family.
Insurance rates are regulated, so no insurance agent, agency, or financial advisor can give you special deals. However, insurance companies' premiums vary over 100% for the same coverage.
A specialist who works with the top companies can match your age, health, family history, and other factors and find you the best coverage at the best value. 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.
Find Quality Caregivers and Long-Term Care Facilities
If your parent or loved one needs care now - or soon - you will need to find the appropriate care in the right setting depending on their needs.
Take a moment and read -
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.
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