Alzheimer's disease is an irreversible, progressive, and degenerative disease of the brain, as well as the most common form of dementia for people over 65 years of age. Symptoms of the disease appear gradually with a progressive decline in cognitive function, followed by a decline in motor and sensory functions in the later stages of the disease. From the onset of symptoms, a person with Alzheimer's disease may live for an average of eight additional years or may live twenty years or more.
According to the Alzheimer's Association, an estimated 4.5 million people have Alzheimer's disease.2These numbers may continue to rise as life expectancy increases and physicians continue to learn more about accurately diagnosing dementia. The likelihood that someone you know may be diagnosed with Alzheimer's will probably continue to increase. By 2050, between 11.3 million to 16 million people will be dealing with the disease.3 Due to the debilitating effect of Alzheimer's, patients with the disease inevitably need increasing levels of assistance with their activities of daily living. While many Alzheimer's patients receive care at home, those who
continue to live with the disease may eventually need care in assisted living facilities or nursing homes.
The rising costs associated with long-term nursing home/facility care may compel many families to shoulder much of the caregiving responsibility themselves. The financial strain of nursing home/facility care may be overwhelming for all income levels. The cost for nursing home/facility care in the United States averages $55,000 per year and can exceed $100,000 per year depending on the geographical area in which you live.4 These costs combined with the often-lengthy period of care help make Alzheimer's disease a very expensive condition to treat for families and individuals. "I want to go home" is perhaps the most common request an Alzheimer's patient will make. Home is remembered as a safe, warm and inviting place filled with personal possessions. Thus, most families want to care for relatives with Alzheimer's at home for as long as possible. But what many do not realize is that long-term care insurance may make it possible for a family to care for the patient
in the home longer with home care costs partially or fully covered, depending on the type of assistance needed and the policy purchased.
Another common misconception is that long-term care insurance only provides coverage for nursing home/facility care. In fact, today's policies can provide coverage for a variety of home and community-based care services including physical, speech and occupational therapists, home health aides and visiting nurses, adult day health care, and hospice care. Insurance companies offer a variety of long-term care insurance policies-with a variety of coverages and options available. For costs and complete details of the coverage, please contact your insurance agent or the company. It is important for you to carefully research the subject and design a policy that will best fit your family's needs.
To help in your research, a number of publications are available on longterm care; check your local library or bookstore. In addition, community or government agencies dealing with issues facing senior citizens can sometimes provide general information. You may also be able to find a local seminar dealing with this topic.
Regardless of your needs, there are certain things to consider when shopping for long-term care insurance. Be sure that the company offering the policy is financially secure-research their ratings. Keep in mind that premiums will vary depending on your age at time of application and the benefits that you select. Find the level of coverage that is affordable for you, yet still offers the specific coverage most important to you or your family.
Long-term care insurance may not be a viable option for everybody, so if you are considering a policy, read it carefully. Ask for an outline of coverage, which describes policy features. If you have questions, ask them. With the help of an informed agent, you will be able to make an educated decision.
Also, as you plan ahead for retirement and your children's college expenses, do not forget to encourage your parents to plan ahead and protect themselves from the high cost of long-term care. According to a recent Department of Health and Human Services report, people of age 65 face at least a 40 percent lifetime risk of entering a nursing home/facility. About 10 percent may stay there five years or longer.5 This could mean that at least one parent may need care when you hit your 40's or 50's or even 60's. To help maintain your current lifestyle and protect your children's college fund and inheritance, plan for the future today before it could be too late to qualify for long-term care coverage.
