It happens every day. Someone’s Mom or Dad gets the diagnosis of cognitive decline. There are many types of dementia and as more American’s live longer lives more families will be impacted by the financial and emotional stress of long-term care services which 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 is expected to more than double by 2060. This 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 75.
The adult children, and their families, often have the responsibility of being a caregiver. A reported 16 million Americans to provide these unpaid care services for their loved ones. In addition to the emotional impact of being a family caregiver, this impacts their careers and families and their time is split between responsibilities.
A recent story in Barron’s details some of the steps people can take to help, ideally before diagnosis, but even after, to address the financial costs and burdens that come from aging, dementia and long-term care.
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: https://www.barrons.com/articles/what-to-do-if-you-have-dementia-51547239876
The best plan is in place prior to retirement when you still enjoy good health and have many options. Crisis management occurs when you have no plan in place and your family must step in and decide how to take care of you and which account will be drained first to fund the paid care. The easier solution is affordable 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 quality care in the setting you desire while you reduce the stress and burdens otherwise placed on your family. This means your family has the time to be family, not caregivers or managing caregiving.
In addition, today’s Long-Term Care Insurance is rate stable and affordable. 45 states office partnership policies which 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 MAP is a great resource. Find your state and the cost of care, including the availability of partnership policies and tax incentivess, by clicking here.
Experts suggest starting your research in your 40s or 50s when you have the most affordable options. Be sure you seek the help of a qualified Long-Term Care Insurance specialist who works with the major insurance companies. Most financial advisors and general insurance agents have little or no experience in this area. Click here to find a qualified specialist.
Take a moment and imagine your family being told you have been diagnosed with dementia … or any aging or health reason which now requires long-term care services. Health insurance, including Medicare and supplements, won’t pay for most of this care. Which account would they drain first? How the that change your lifestyle and that of your spouse? How will it impact your legacy? How will it impact your children and their families? Make it easier on them with an advance plan which includes affordable Long-Term Care Insurance.
Several types of plans are available. Find one that best fits your family.