8 Forms of Dementia You Might Not Know About

Most individuals are aware that aging has turned into a global issue. Yes, longer lifespans bring up more health and financial problems that need to be dealt with and prepared for in advance. Yet, many people are unaware of the extent of the problem.

As people live longer, their risk of developing dementia rises. The number of people with dementia worldwide is 55 million. It's an epidemic that affects the entire world and costs $1.3 trillion U.S. dollars annually.

"Dementia is a syndrome – usually of a chronic or progressive nature – that leads to deterioration in cognitive function (i.e., the ability to process thought) beyond what might be expected from the usual consequences of biological ageing. It affects memory, thinking, orientation, comprehension, calculation, learning capacity, language, and judgment."

World Health Organization

Costly Care Services Place Financial Stress on Families

Families all around the world are severely burdened by the costs of supervision and other long-term care caused by dementia on a physical, emotional, and financial level. The Alzheimer's Association estimates a significant financial burden on American families.

"In 2022, Alzheimer's and other dementias will cost the nation $321 Billion. By 2050, these costs could reach nearly $1 Trillion. More than 11 million Americans provide unpaid care for people with Alzheimer's or other dementias."

Long-term care services in the United States vary depending on where you live. The LTC NEWS Cost of Care Calculator shows you the current and future cost of care services where you live.

Alzheimer's - Not the Only Dementia in Town

Alzheimer's is the type of dementia most people are aware of; however, eight other forms of dementia impact humans as we age. Plus, sometimes we face memory loss at younger ages as well.

There are other forms of dementia other than Alzheimer's. These include:

• Lewy body dementia is the second most common type of progressive dementia after Alzheimer's disease, according to the Mayo Clinic. Protein deposits develop in nerve cells in the brain regions involved in thinking, memory, and motor control.

• Vascular dementia is caused by a lack of blood flow to a part of the brain. According to the National Institute on Aging, symptoms of vascular dementia can begin or occur suddenly and then progress over time, with possible short periods of improvement. 

• Frontotemporal dementia (FTD) occurs when nerve cells in the frontal and temporal lobes of the brain are lost, causing the lobes to shrink. FTD can affect behavior, personality, language, and movement. According to John Hopkins Medicine, FTD symptoms typically start between the ages of 40 and 65 but can affect young adults and those who are older. 

There are other types of dementia that you can read about in this infographic.

Many Are Unaware of Memory Decline

People who will develop dementia may begin to lose awareness of their memory problems two to three years before the actual onset of the disease, according to a new study published in the August 26, 2015, online issue of Neurology®.

According to Robert S. Wilson, Ph.D., of Rush University Medical Center in Chicago, the evidence suggests that late-life dementia is characterized by an inescapable trait of being oblivious of one's memory issues. This is due to an accumulation of dementia-related alterations in the brain.

"This study underscores the importance of family members looking for help from doctors and doctors getting information from friends or family when making decisions about whether a person has dementia, since people may be unable to give reliable reports about the history of their own memory and thinking abilities."

Consequences of Dementia Affect Family and Finances

The cost of supervision and long-term health care is rising rapidly. There is a financial impact and a family impact. The consequences of dementia and long-term health care encompass many facets of a person's life and their family's life as well. 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. 

Traditional health insurance, including Medicare and supplements, will only pay for a limited amount of days for skilled long-term health care. However, most long-term care is custodial - meaning help with daily living activities or supervision due to dementia. 

"Health insurance and Medicare will not pay for any custodial care. Medicaid will pay for custodial long-term care services, but only if the care recipient has little or no income and assets."

LTC Insurance Can Be a Solution

All types and levels of long-term health care services, including dementia supervision, are covered by affordable Long-Term Care Insurance policies. However, if your health is deteriorating, you cannot buy LTC Insurance. LTC Insurance is frequently bought by people in their 50s.

The money from Long-Term Care Insurance will allow the policyholder to choose from a range of high-quality care services, including in-home care. This enables the policyholder to shield their income and assets from the high cost of care services, including protecting 401(k)s and other resources.

People need long-term care services for many reasons, in addition to dementia care. People require long-term health care due to illnesses, accidents, mobility problems, and the frailty of aging. 

LTC Insurance Eases Family Stress and Burden

Memory loss is a major reason why many people require long-term care services. When a person has Long-Term Care Insurance coverage, their loved ones will have more time to spend with them rather than taking care of them, reducing their stress and workload. These responsibilities frequently fall to daughters and daughters-in-law.

Experts suggest reviewing your Long-Term Care Insurance options before you retire since premiums and availability are based on age, health, family history, and the benefits you want within your policy. Premiums can be very affordable when you are younger and enjoy reasonably good health - How Much Does Long-Term Care Insurance Cost? | LTC News.

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. However, the states may be coming after you if you do not have Long-Term Care Insurance.

Several states are considering enacting the so-called LTC Tax in the same manner as the State of Washington. Those who do not have a qualifying policy in place would be subject to the tax on their earnings.

Individuals must have a tax-qualified Long-Term Care Insurance policy that meets federal guidelines under Section 7702(b) of U.S. Code. Federally required consumer protections, regulated benefit triggers, and tax advantages are also included in these Long-Term Care Insurance policies. As long as you keep your coverage, having a policy in place will help you to avoid any potential taxes.

We are aware that as we become older, the likelihood of our health deteriorating and our needing long-term care grows. But we are uncertain of the timing. Not only will having an LTC policy help you be prepared to protect income and assets, but it will also provide the entire family peace of mind.