Diagnosis Dementia – Now What?
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.