Dementia Cases to Triple by 2050. Impact on Family and Finances Will Increase Dramatically.

A 2015 report suggests worldwide dementia cases will triple by 2050. The World Health Organization reports that in 2021 more than 55 million people live with dementia worldwide, and there are nearly 10 million new cases every year. In just 35 years, that number should increase to more than 132 million.

Dementia is an umbrella term for degenerative diseases of the brain characterized by a gradual decline in thinking and remembering. Accounting for well over half of cases, Alzheimer's is the most common form of dementia.

Today there are over 962 million people 60 or older. Over the next 35 years, that age group will grow by 65 percent in rich countries, 185 percent in lower-middle-income nations, and 239 percent in developing countries.

As the world gets older, the number of people with dementia is set to increase exponentially, notes the World Alzheimer Report 2015, produced by Alzheimer's Disease International.

These numbers present challenges to government, families, and medical professionals on how best to deal with more people who will require supervision.

Another report published in "Population and Development Review" suggests caregiving due to all types of Long Term Health Care is already at crisis mode requiring 1.2 billion hours of unpaid caregiving provided by families.

Golden Age of Caregiving is the U.S. 

Emilio Zagheni, an assistant professor of sociology at the University of Washington and co-author of the report, says that America is entering the 'Golden Age of Caregiving.' The issue is not going away as the World Alzheimer Report just deals with one aspect of long-term health care, supervision due to memory loss.

The risk of dementia increases dramatically as we age, although early-onset dementias are becoming more common. Long-term health care costs in the United States (and worldwide) are growing dramatically due to increased demand for services and rising labor costs. 

According to a consumer education and advocacy organization, long-term health care for memory loss is now the leading cause for private Long-Term Care insurance claims. About one in hour claims are related to dementia.

"By 2050, the number of Americans age 65 and older with Alzheimer's dementia may grow to 13.8 million.," explains Jesse Slome, director of the American Association for Long-Term Care Insurance. 

Slome said this represents a steep increase from the estimated 5.8 million Americans age 65 and older with Alzheimer's dementia today.

"Considering the millions of Americans who will be living into their 80s, 90s and beyond without a financial plan in place to deal with the costs of long-term care it would be prudent for a massive educational effort,"

JesseSlome, executive director of the American Association for Long-Term Care Insurance (AALTCI)

Planning experts suggest that Long-Term Care Insurance should be part of an overall retirement plan. The U.S. is the biggest market for private Long-Term Care Insurance but sales are gaining in Canada, Germany, United Kingdom, and France.

Nursing home costs in the United States now average well over $100,000 a year and grow yearly; however, most long-term care services are for in-home care and assisted living. According to the LTC NEWS Cost of Care Calculator, those costs are also rising rapidly. 

Long-Term Care Insurance, if owned, will pay for dementia care and all other long-term care services and supports; however, health insurance, including Medicare and supplements, will not, outside of 100 days of skilled care. 

Medicaid will only pay if the care recipient has little or no income and assets.