Diagnosis Dementia – Now What?

No son or daughter wants to think about it, but every day someone's Mom or Dad gets diagnosed with dementia. It becomes a family crisis unless planning was done prior. Do you have a plan for yourself?

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Diagnosis Dementia – Now What?
3 Min Read February 23rd, 2019 Updated:April 11th, 2021

It happens every day. Someone’s Mom or Dad gets the diagnosis of dementia. There are many types of dementia, and as more American’s live longer lives, more families will deal with the financial and emotional stress that this will have on their loved ones. These long-term health care services will be required for, in many cases, years and years. 

Research says that nearly 6 million Americans currently live with Alzheimer’s or other types of dementia. That number should more than double by the year 2060. This increase in dementia is directly associated with an aging America. As more people live past age 75, we see more people suffer from cognitive decline as the incidence of dementia rises sharply among those older than age 75.

Families Find Themselves as Caregivers

The adult children, and their families, often have the responsibility of being a caregiver. A reported 16 million Americans are providing unpaid care services for their loved ones. Family caregiving is physically and emotionally demanding. Caregivers must balance their role as a caregiver with their career. However, they must also balance their role as a caregiver with that of a spouse and parent.

A recent story in Barron’s details the steps people can take to help when their parent starts to decline.

Reshma Kapadia writes in Barron’s, “One of the first signs of dementia is trouble keeping up with finances. Signs can include letting unopened mail pile up, under - or overpaying bills, making unusually large purchases. or becoming unwilling to buy anything—even necessities.”

Quoting Amy Goyer, AARP’s family caregiving expert, “When someone is diagnosed with any form of dementia, it is good to find someone to help manage day-to-day finances.”

Read the full story in Barron’s here.

Have You Prepared Your Family and Finances for Your Future Needs?

What will happen decades from now when you face changing health and declining memory? Crisis management occurs when you have no plan in place, forcing your family to step in and decide how to take care of you and which account will be drained first to fund the paid care. 

The best way to avoid a family crisis is to plan now when you are younger and healthier. The easy and affordable solution for many people is Long-Term Care Insurance. 

Most people don’t like the idea of buying any type of insurance. However, with today’s Long-Term Care Insurance plans, you will have the tax-free resources to pay for your choice of quality care in the setting you desire while you reduce the stress and burdens otherwise placed on your family. 

Your family will have the time to be family, not caregivers or managing caregiving. You maintain more control and independence, and everyone will enjoy peace of mind. 

LTC Insurance Means Quality Care and Asset Protection

In addition, today’s Long-Term Care Insurance is rate stable and affordable. Forty-five states office partnership policies that provide you with additional dollar-for-dollar asset protection.

You will either need long-term care, or you won’t. But with longevity, your risk increases dramatically. Caregiving is hard on your family. Paid care will drain assets quickly in many cases and adversely impact income and lifestyle. Since premiums are affordable and custom-designed, there is no reason why you can’t find a plan which fits your budget and gives your family peace of mind.

Start your online research by finding the current cost of long-term care services and supports in your state. The LTC NEWS Cost of Care Calculator is a great resource. Find your state and the cost of care in your area, including the availability of partnership policies and tax incentives.

Experts suggest starting planning before you retire, ideally in your 40s or 50s. Find a qualified Long-Term Care Insurance specialist to help you navigate the many options.

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About the Author

An LTC News author focusing on long-term care and aging.

LTC News Contributor James Kelly

James Kelly

Contributor since August 21st, 2017

Editor's Note

Do you have a strategy to improve your quality of life as you age? Have you given this any thought at all? Too many people avoid going to the doctor, taking action to improve their physical and mental health and plan for the consequences of aging.

If you are in your 40s or 50s, take action now.

  • See your doctor annually
  • Be sure to get complete blood work, including a comprehensive metabolic panel 
  • Don't ignore colonoscopies and other recommended testing
  • Complete a will, including a living will
  • Discuss aging with your family
  • Contribute to your employer's 401(k) or other retirement plans
  • Add Long-Term Care Insurance to your plan

Most people get Long-Term Care Insurance in their 50s. The younger and healthier you are, the more affordable a policy will be. Delaying will make it more difficult to get coverage and increase the cost.

An LTC policy will ensure you have access to quality care services, including home care. When you have the resources to pay for quality care, your family can concentrate on being family instead of becoming caregivers.

Professional Help to Ensure You Have the Right Plan

There are several top-rated insurance companies that offer long-term care solutions. Each insurance company has its own underwriting standards, and premiums can vary over 100% between insurance companies. LTC Insurance is custom designed. A qualified Long-Term Care Insurance specialist will match you with the best company to save you money. A specialist will put together accurate quotes from all the top companies based on your age, health, family history, and other factors.

Accurate Answers to Your Questions About Long-Term Care Planning

LTC NEWS has many tools and resources. These resources can help you in your research as you prepare for your future retirement and plan for the costs and burdens of aging and declining health.

Parent’s Health Declining? Do They Need Care Now?

Get quality care for your parent or parents if they require it. LTC NEWS can assist. We've put together a few comprehensive guides to help you along the way.

Find help locating 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.

These guides can be very helpful as you try to find appropriate long-term care services for a loved one:

If your loved one is fortunate enough to have Long-Term Care Insurance, make sure they use it. Families may wait, believing that they can save the benefits for a rainy day. It is not a good idea to put off using available Long-Term Care Insurance benefits.

Today's Reverse Mortgages Can Benefit Older Families

Some people have a large portion of their savings in their homes. With the help of reverse mortgages, you can find ways to pay for quality in-home care, pay for LTC Insurance, and even assist with cash flow during retirement.

Yes, today's reverse mortgages may be the perfect way to pay for a Long-Term Care Insurance policy or even cover the cost of in-home care if you or a loved one is currently in need.

Asking an expert with your questions will help you learn more. Mike Banner, a columnist for LTC NEWS and the host of the television program "62 Who Knew," will respond to your inquiries about long-term care, reverse mortgages, aging, and health.

- Just "Ask Mike." - Reverse Mortgages | LTC News.

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