Dementia Long Term Care Costs America up to 232 Billion a Year
Last updated: June 29, 2020 at 10:36 am
A recent study reports that, in 2017, 18.4 billion hours of care, valued at $232 billion, were provided by family and unpaid caregivers. And 83% of this help provided to older adults is from family members, friends and other unpaid caregivers, not Medicare.
The term dementia encompasses several disorders that affect the brain and cause memory loss. These disorders can also cause personality changes and interfere with normal daily activities. Dementia can be caused by strokes, brain injuries or a disease like Alzheimer’s.
One way that Long Term Care Insurance benefits are commonly triggered is when an insured needs continual supervision due to severe Cognitive Impairment. To protect yourself and your family from the potentially catastrophic costs of long term care you must purchase long term care insurance before you have a diagnosis of a serious condition like dementia.