Shield Your Family & Finances from the Impending Alzheimer’s Wave
- The article discusses the rising instances of Alzheimer’s disease, a type of dementia that affects 1 in 9 Americans aged 65 and older, currently estimated at about 6.7 million people. This number is expected to significantly increase by 2050 with an estimated 153 million people expected to be living with dementia worldwide.
- The writer emphasizes the high cost of caring for an individual with dementia. He cites an example of a memory care center in Florida that costs his family $6,700 per month, indicating that such expenses can deplete retirement savings rapidly. He also warns that state-provided care, available once personal funds are exhausted, may not match the quality of life individuals are accustomed to.
- Lastly, the article recommends proactive measures to protect oneself and one’s family from the financial impact of dementia. This includes obtaining long-term care insurance policies that can cover the costs of care, and maintaining a healthy lifestyle to potentially reduce the risk of dementia. The writer suggests that these proactive attempts to prevent or mitigate the effects of dementia are both sensible and financially responsible.
Understanding Alzheimer’s Impact on American Seniors
Alzheimer’s disease currently affects 1 in 9 Americans aged 65 and older, almost 6.7 million individuals. This condition causes significant emotional strain on families, who must make challenging and often heartbreaking decisions about their loved ones’ care.
The Mayo Clinic defines dementia, the most common cause of which is Alzheimer’s, as a term describing symptoms affecting memory, thinking, and social abilities. Unfortunately, the number of seniors affected by this condition is projected to increase dramatically.
By 2050, as many as 153 million people worldwide are expected to be living with dementia, an increase from 57 million in 2019. Factors contributing to this rise include an aging population, rising obesity rates, and higher instances of elevated blood sugar.
The Financial Toll of Dementia Care
Caring for patients with dementia can quickly drain savings. For example, a memory care center in northern Florida costs $6,700 a month. In comparison, a similar facility in Washington, D.C., would cost twice as much.
Planning for elder care is crucial, not only for the patient but also for their loved ones who must make difficult decisions. Even those who have properly saved for retirement can see their accounts dwindle rapidly when faced with hefty care costs.
Protecting Finances Against the Cost of Dementia
There are ways to safeguard your family and finances against the financial impact of dementia. One option is long-term care insurance policies, which pay for care once you are unable to perform two of six assisted daily living activities without assistance.
Premiums for these policies can vary, with some offering a death benefit if you never need long term care. The health status of the policyholder can significantly influence the cost of coverage.
In addition to financial planning, lifestyle changes such as regular exercise, a balanced diet, and stress reduction can potentially reduce the risk of dementia. While good health habits do not guarantee immunity from dementia, they can potentially improve your odds of a favorable outcome.
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