Dementia Crisis Looms Ahead

The October 2018 announcement from retired Supreme Court Justice Sandra Day O'Connor that she has dementia, most likely Alzheimer's. The statement gave many American's pause.  

We are facing a massive crisis in the country as longevity means more Americans will face cognitive decline. Many Americans buy lottery tickets, especially when record jackpots are available, yet the chance of winning the lottery is remote, but the chance of needing supervision due to cognitive decline is high.

She wrote in her announcement, "While the final chapter of my life with dementia may be trying, nothing has diminished my gratitude and deep appreciation for the countless blessings in my life."

Chances of Cognitive Decline are High 

The statistics are frightening. At 65, you have a 1 in 10 chance of developing some type of dementia. By the time you reach age 85, your odds will increase to 1 in 3. Longevity is creating a big problem. More people will require long-term care services and supports. The U.S. Department of Health and Human Services reports that the risk of needing is high once you reach age 65. The longer you live, the bigger the risk, plus there is an increased chance of cognitive decline as you get older.

Health Insurance and Medicare Won't Pay for Dementia Care

For those 65 and older, Medicare and Medicare Supplements will only pay for a short period of skilled care services. For those under age 65, most health insurance plans also pay for a limited amount of skilled services. 

The problem is most long-term care is custodial in nature. That means you need help with routine activities of daily living or supervision due to cognitive decline. Unless you have Long-Term Care Insurance, you will pay for this care yourself, or your family will provide the care themselves.

Rich or poor, famous or not, we need a plan to address the financial costs and burdens of aging. The solution is affordable Long-Term Care Insurance. Not only are premiums very affordable and will fit most people's budget, but policies provide peace-of-mind. When you have an LTC policy your family will have the time to be family. Caregiving is hard on loved ones. Paid care exhausts your retirement accounts and adversely impacts your income and lifestyle.

Planning for the Financial Costs and Burdens of Aging Should Happen Before Retirement

The time to plan is before you retire. You must have reasonably good health in order to obtain coverage in the first place. In other words, you can't wait until you need the coverage to get it. Many states offer Long-Term Care Partnership plans which provide additional dollar-for-dollar asset protection. Even those with modest savings can safeguard all your assets very affordably with this additional asset protection. 

If you have larger assets to protect, you can obtain unlimited long-term care benefits that provide total asset protection. Spouses/partners can obtain shared long-term care benefits.

Long-Term Care Insurance Specialists Can Help

Every insurance company has their own underwriting standards. Premiums for Long-Term Care Insurance can vary over 100% for the same benefit. You should seek the help of a qualified Long-Term Care Insurance specialist so you don't spend more money then you need to in order to safeguard savings and ease family stress.

Cost of Care Calculator Key Planning Tool

Begin your exploration of options by using the resources on LTC NEWS. The LTC NEWS Cost of Care Calculator to find the current and future cost of care services in your area. You will find available tax incentives and the availability of partnership plans in your state that provide additional dollar-for-dollar asset protection.

Planning is All About Family

The reality of getting older means you probably will, at some point, need help at home or in a facility. Your family and finances should be prepared, are they? Take positive action to address the financial costs and burdens of aging and its impact on those you love. 

Caregiving is hard on family members as they have their own careers, families, and responsibilities. Paid care is expensive and drains assets and income. Long-Term Care Insurance will not prevent you from suffering from dementia or needing extended care or supervision. However, it will provide you with tax-free resources to obtain your choice of quality care in the setting you desire. You can safeguard your savings as you reduce the stress and burdens placed on family members. Act before you retire and prepare for a future successful retirement.

Cognitive Symptoms - Normal Aging or Alzheimer's?

If you or a family member are already suffering from some type of cognitive loss be sure to discuss your situation with your doctor. In some cases, your symptoms could be from a medication or another health concern that may be treatable. 

Understand what is normal aging and what could be a more serious memory problem:

Make getting older easier on your family by planning for long-term care well before you retire.