Dementia Doubled in 26 Years. Impact Devastates Savings
The number of people living with dementia around the world has more than doubled between the years 1990 and 2016 according to new research. This means the total...
The number of people living with dementia around the world has more than doubled between the years 1990 and 2016 according to new research. This means the total amount of people who suffer from memory loss went from an estimated 20.2 million to 43.8 million according to researchers. This impacts American families and their savings forcing many adult children to become caregivers after their parent’s assets drain out.
Lead author of the research report, Dr. Cassandra Szoeke, a professor at the University of Melbourne, said, “The paper states that to support our community, we will need a larger workforce of trained health professionals as well as planning and building facilities and community-based services which support improved quality of life and function.”
100 million people may suffer from some form of dementia by the year 2050 according to the research. In the United States, health insurance and Medicare, including Medicare Supplements, will only pay for 100 days of skilled long-term care services. This means dementia supervision, which is required for many people who suffer from cognitive decline, is not covered. Unless a person has Long-Term Care Insurance the cost of this supervision will either come from savings and income or be provided by family members.
The Medicaid program will pay for these services but only if the person is poor or has exhausted a majority of their assets. Medicaid is the biggest payor of long-term care services and supports in the United States. This is one of many reasons why experts suggest an advance strategy be part of a family’s retirement planning.
Affordable Long-Term Care Insurance is a solution for many people. These policies provide tax-free resources to pay for your choice of quality care in the setting you desire. This way you can protect your retirement funds while reducing the stress and burden that is otherwise placed on those you love.
Women still suffer more memory loss than men do. This might be due to the fact that women still enjoy more longevity.
Planning needs to happen when you still enjoy fairly good health. Start your online research before you retire. You will find that Long-Term Care Insurance is very affordable and helps you get the quality care you want without depending on your family. Since you will protect your assets you and your spouse will enjoy a better quality lifestyle and you might still be able to leave a legacy.
Start be researching the current cost of long-term care services and the availability of tax incentives and partnership plans which provide additional asset protection. Find your state on the LTC NEWS MAP. LTC NEWS can help you find a qualified LTC specialist.
Make getting older easier on those you love. Long-Term Care Insurance is easy, affordable and rate stable income and asset protection.
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 solid 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. 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.
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.
Seek Professional Guidance
Insurance rates are regulated, so no insurance agent, agency, or financial advisor can give you special deals. However, premiums vary over 100% between insurance companies for the same coverage.
Experts suggest using a qualified Long-Term Care Insurance specialist to help you navigate the many options available to you and your family.
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.
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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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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