Caregivers are Key to Managing Loved One with Dementia
With Americans aging in mass, many adult children will face a parent who either requires long-term health care services and supports or will need supervision due to cognitive decline. Aging means changes in our health. It also means our bodies change, and, given time, we suffer from cognitive decline as well.
The Alzheimer's Association releases a report annually on "Alzheimer's Disease Facts and Figures." Not surprisingly, half of all the caregivers who provide care services to older people and dealing with a person who has Alzheimer's or another type of dementia.
Family Caregivers - Untrained and Unprepared
Being a family caregiver is a role most people are never prepared for, and they are not trained for the job either. Caregivers face physical and emotional stress and anxiety. Most caregivers are overwhelmed. Many face problems with their own careers and families. It becomes an increasing burden on loved ones.
One of the most central facets of being a caregiver for someone with cognitive loss is understanding what the disease actually is and how it impacts the individual you are caring for.
Often the care recipient's behavior becomes a huge concern. This behavior can be anger, violence, and severe depression. It is hard for professional caregivers to address these needs, much less an untrained family member who has an emotional connection to the individual.
Read more about this from this story from NPR.
These challenges and the costs associated with them significantly impact family, savings, and lifestyle. These challenges are why planning for long-term health care has become a vital part of the retirement plan.
The costs of long-term care services and supports are very expensive and drain even big retirement accounts. People often think they have enough money in their savings; however, long-term health care costs significantly affect income, assets, lifestyle, and legacy.
According to the LTC NEWS Cost of Care Calculator, costs can run over $100,000 for a facility. In-home costs are less but substantial. These costs vary depending on where you live. Find your location and the cost of extended health care.
Family caregivers face stress and burden. These challenges can easily be managed with advanced planning, which includes affordable Long-Term Care Insurance.
LTC Insurance is Affordable for Many
You might think these policies are expensive and difficult to understand. The fact is, for most people, Long-Term Care Insurance is very affordable. Policies can be much easier to understand when you speak with a qualified Long-Term Care Insurance specialist. While not many specialists exist, the right professional can find affordable coverage and give you and your family peace of mind.
The time to plan is before retirement when you enjoy better health and have the most affordable options. Many states offer special partnership plans which leverage you with additional asset protection. Several types of policies are available as well.
The fact is that long-term health care costs can be a huge financial disaster when you or a spouse/partners need extended care due to illness, accident, or the impact of just getting older.
Generally, your financial planner or local general insurance agent will only have limited knowledge and access to products. Be sure to work with a trusted and experienced Long-Term Care Insurance specialist.
You can make the aging process easier on those who love, with affordable Long-Term Care Insurance. This way, the family has time to be family.