Some 150 million people worldwide are expected to be affected by dementia by 2050. However, there are a few steps that have been scientifically proven to reduce the risk of degenerative brain disorders like Alzheimer’s and other forms of dementia. While for some. Your genes can play a role in your chance of developing some form a memory loss, the major factor is age. Longevity is creating a problem. As we live longer more of us will require long-term care services and supports. Alzheimer’s and dementia risk increases due to age. Cognitive decline is one of the many reasons people require long-term care.
A new study shows that by reducing your blood pressure you can reduce your risk of cognitive decline. Read more in this article from TIME: http://amp.timeinc.net/time/5362176/alzheimers-prevention?__twitter_impression=true
The problem is we can do everything right and still get old and need long-term care. Matter-of-fact, we often don’t need to be old to require help with daily living activities. Early onset Alzheimer's and dementia can impact people in their 40s and 50s. People require long-term care due to illnesses, accidents or just the impact of getting older. While we can’t prevent our need of care in the future, we can plan for the financial costs and burdens that result from needing care.
Your health insurance, and once you are 65+, Medicare and Medicare supplements (including Medicare Advantage), will only pay a very small amount of days for skilled services. They pay nothing toward custodial long-term care which is what most of us will require if we do need care in the future. This includes supervision due to memory loss. This means, without an advance plan, you will be responsible for these costs. The cost is not cheap and can drain significant amounts of savings. Family can’t help either. Caregiving is very hard on family members. They also have their own careers and fmaily responsibilities as well.
Affordable Long-Term Care Insurance will protect retirement accounts from these costs and protect your spouse’s lifestyle. Some people are also concern about their legacy. Long-Term Care Insurance will also protect assets for inheritance purposes. If you purchase in your 40s or 50s these plans are very affordable. While they get higher if you wait till your over 65, if you enjoy very good health you may find some outstanding values available. Experts suggest working with a Long-Term Care specialist who understands underwriting, policy design, the federal long-term care partnership program and works with all the major insurance companies. Usually, a financial advisor or general insurance agent will not have the expertise in this area and could be detrimental in your shopping process.
LTC NEWS offers a number of resources for consumers. The cost of care map will show care costs in your state: https://www.ltcnews.com/resources/state-information
LTC NEWS can also help you find a qualified licensed specialist: https://www.ltcnews.com/contact
Long-Term Care Insurance is easy, affordable and rate stable income and asset protection. Act before you retire.