Alzheimer’s and a Plan

According to the Alzheimer’s Association, 1 in 3 seniors will die with Alzheimer’s or some other form of dementia.  Worldwide, over 50 million people are living with it.  And, by 2050, it is anticipated that number will more than double.

Alzheimer’s Disease and other forms of dementia are not short duration events.  Someone 65 or older “survive an average of 4 to 8 years after a diagnosis of Alzheimer’s dementia, yet some live as many as 20 years with Alzheimer’s.”  (source:  https://www.alz.org/alzheimers-dementia/facts-figures)

A few months back, I shared the story of my aunt and how her Alzheimer’s impacted not just her life but that of my family

And, if you read my earlier post, it is costly.  In 2021, the Alzheimer’s Association says that it will cast $355 billion for Alzheimer’s and dementia care, including $239 billion in Medicare and Medicaid benefits.  And, like the anticipated increase in diagnosis, the cost associated with caring is expected to triple as well. 

So, Fisher, enough of this doom and gloom stuff – statistics scare and don’t sell. 

I will accept that as factual.  But answer this question, how will people know the magnitude of the risk and the cost associated with it if statistics are not utilized?

With a 33.3% chance that you, your spouse, a parent, friend, or relative will be diagnosed with some form of cognitive impairment, how comfortable are you?  Consider the consequences – what is your plan to address the situation?

If you think that you can just add it to your “to do” list, you are mistaken.  Sure, in the short-term, you might be able to manage things but remember – people living with dementias are more likely to have chronic conditions (diabetes, heart disease, etc.) as well as their cognitive issue; they have twice as many hospitalizations as those without a cognitive issue; and require more skilled care at home or in a facility. 

So, do you have the time to make everything happen?  Ask yourself this question now – do I have the capacity to do everything that I do today PLUS help my mom, dad, aunt, husband, wife with their needs?  Better yet, do you have the training?

In the story of my aunt, I shared three scenarios for paying for care services as her Alzheimer’s progressed.   

In each case, the cost is pretty significant given the duration of care that was needed. A self-funding strategy, short-term care, or even moderate duration plan would not adequately address the situation.  But, a true long term care funding strategy would do far more than any of the other plans in place.

And, only OneAmerica offers true lifetime long term care benefits on a guaranteed product chassis.  Learn more about lifetime benefits from OneAmerica by contacting my internal Justin Fox at (844)658-3725 or via email at justinfox.isp@oneamerica.com