Dementia at Age 50. Yes It Happens. Prepared?

When we think of dementia and Alzheimer's, we believe it is something that happens to the elderly. In fact, that is true. As you age, your risk of cognitive declines increases. We live longer than ever before, but with longevity comes the higher risk of suffering from a cognitive decline.

One of the many health challenges of growing older is memory loss as we get older. More people live to age 75, 80, and beyond. Are you prepared for this longevity? 

Most of us are not prepared for dementia at a younger age. Unfortunately, today we see more people who are younger get diagnosed with some type of early onset dementia. No matter your age, too many people are not prepared for the financial, emotional, and physical consequences of aging and declining health issues.

Tracey's Story

Tracey was in her early 50s when she knew something wasn't right about herself. She started to struggle with remembering things she should have easily had no problem remembering. In the UK's Metro NEWS, she writes that she just wanted to know what was happening to her. Was it depression? Maybe menopause? Doctors said no to both.

She writes," I felt like due to my age, nobody believed me. Yet simple things that I knew and trusted myself to do were changing"

Read the full story here: Tracey's story - Dementia UK.

Coach Morrison

How about the story of basketball coach Kevin Morrison. The San Diego State coach had a beautiful family, a loving wife, and four kids under age 10 — including triplets. At age 47, the diagnosis of significant dementia came as a surprise to everyone. With early-onset Alzheimer's — confirmed by tests — the shock and devastation were overwhelming.

Daniel - Dementia in His 30s

There is the story of Daniel Bradbury. This father of two was diagnosed with early-onset dementia in 2017. He is thought to have inherited the condition from his own father, who died at 36.

Family Caregivers Face Stress

No matter the age, a long-term health care event creates an enormous amount of stress on your family. Caregiving is very hard on family caregivers who are overwhelmed with the physical demands of the job and the emotional anxiety created by the situation. 

Your loved ones have their own families, careers, and responsibilities. No matter what they tell you, they will not understand the full impact of being a caregiver until they face the responsibility personally. Paid professional care drains savings and adversely impacts your income and lifestyle. So, what to do?

Solution: Long-Term Care Insurance

Nobody can predict when our health will change. Nobody knows how we will age and when our bodies and minds begin to deteriorate. Being prepared before these changes take place is vital for you, your family, and your legacy.  

The easy and affordable solution is Long-Term Care Insurance. Long-Term Care Insurance will provide the tax-free resources to pay for the high cost of care. The cost of long-term care services can be devastating even for families with a large amount of savings. The costs continue to increase rapidly due to the growing demand for long-term care services and rising labor costs.

The LTC NEWS Cost of Care Calculator shows that these costs vary demanding on where you live - but are rising nationwide - Cost of Care Calculator - Choose Your State | LTC News.

Care for those with dementia can be even more costly. Supervision due to cognitive impairment is necessary for most people who suffer from dementia. But remember that people require long-term care services and supports for many other reasons, including accidents, illnesses, and just the impact of getting older.

LTC Insurance is More Than Just Asset Protection

Money is important, and you want enough money to pay for your choice of quality care in the setting you desire. But it is not all about money. It is about your family. 

Your spouse probably will not be in a position to be much help. They will either be older when you require care yourself, or they may still need to work and maybe take care of other family members like in Coach Morrison's case.

Plus, there is always the question of whether your spouse is the best fit to be a caregiver. It also becomes much more difficult with age if they are older themselves when you need care.

Families Ill-Equipped to be Caregivers

Your adult children will have their own careers, families, and responsibilities that make being your caregiver much more difficult. Family cares are ill-prepared and untrained for this demanding job.

Long-Term Care Insurance will give your family the gift of time. They will have the time to be loving and supportive. In the end, isn't that what you would rather have them be?

You hope you will not be like Tracey, Kevin, and Daniel and suffer from memory issues at a younger age. You wish you would never lose your independence and need any kind of help at any time. However, the facts suggest the risk of needing some type of long-term care is high. 

Health Insurance and Medicare Not Solutions

With longevity, you become more likely to require care. Health insurance or Medicare and Medicare Supplements only pay for a small amount of skilled services. Medicaid only pays for long-term health care if you have little or no income and assets. Long-Term Care Insurance will pay for these services, but you must have a policy in place before your health declines. 

Long-Term Care Insurance pays for all levels of care, skilled or custodial, in any setting you desire. It puts you and your family in control. You avoid crisis management.

Qualified LTC Insurance Specialists Make Planning Easy

Be sure to seek help from an experienced Long-Term Care Insurance specialist. They can guide you to find the best plan for your situation.

When you speak with a specialist, be sure to review these topics:

• Partnership – Most states offer special policies that provide dollar-for-dollar asset protection. The Long-Term Care Insurance Partnership Program might be one of the best-kept secrets in retirement planning. Make sure the specialist explains this program and how it might help you.
• Tax incentives – There are federal tax incentives available for some people. If you own your own business, be sure to ask.
• Health Savings Accounts – If you have an HSA you can use the pre-tax money in your account to pay for the premium.
• Asset-Based or Hybrid policies – These are life insurance or annuities with a rider for long-term care. Careful, be sure your policy meets federal guidelines under Section 7702(b) of U.S. Code. Hybrid policies can provide you with the flexibility of both a long-term care benefit with a death benefit. They are expensive but can be paid with a single premium.
• Health and Family History - Make sure the specialist asks you detailed questions about your health, family history, and retirement plans. Underwriting criteria vary with each insurance company. If they are not asking you detailed questions, then find another specialist.

You can't wait for your health to change dramatically as it did for Tracey, Kevin, and Daniel. Premiums are very affordable, especially if you act before retirement. Most people obtain coverage in their 50s. Don't put your family into crisis mode. Safeguard your savings and reduce the stress on loved ones. Long-Term Care Insurance is easy, affordable, and rate stable income and asset protection.