Worries About the Cost of Long-Term Care if Family History of Alzheimer’s

By Steve Elliott | September 19, 2022 | Comments Off on Worries About the Cost of Long-Term Care if Family History of Alzheimer’s

If you’re like a growing number of Americans, there’s a family history of health issues. If it includes Alzheimer’s or any other type of dementia, that means you might be at an increased risk of developing the disease, too. And, if you’re like most people in this situation, you’ve thought about it long and hard. You’ve probably worried, especially if you’ve struggled with your memory as of late. “Could this be the beginning of Alzheimer’s?” you may be thinking. Talking to long-term care insurance companies could guide you through what expenses may be and how they can be covered.

Long-Term Care Insurance Companies Carmel Valley CA - Worries About the Cost of Long-Term Care if Family History of Alzheimer's

Long-Term Care Insurance Companies Carmel Valley CA – Worries About the Cost of Long-Term Care if Family History of Alzheimer’s

Worrying is only going to increase stress and increased stress levels raise cortisol levels in the brain, which is a detriment to healthy living. While worrying about things right now won’t help, what you should do is plan for the future.

If you have supported somebody in your family who was dealing with Alzheimer’s or another type of dementia or you understand to some degree the challenges that you or somebody else could face in the future, you should focus on long-term care options.

There are plenty of options available, including home care, assisted living, nursing home care, and so forth. Which one you choose will have a factor on how much it costs. If you have worked diligently your whole life or are still working and are in your 40s or 50s, you need to really think about how you will pay for it.

How much does long-term care cost?

That depends on many factors, including the type of care, how often you receive it, and how long you will require it (i.e. the number of years). Most people have no idea how much long-term care can cost.
In some states, like Alaska, for example, nursing homes can cost $300,000 a year or more. The average is $85,000, and that’s only increasing, especially now with rising inflation.

In-home care could cost $55,000 a year, on average, for full-time care. That means 40 hours a week, not live in or around-the-clock care, which would be more.

The average life expectancy for somebody with Alzheimer’s is between eight and 10 years, upon diagnosis (Alzheimer’s Association). When you start doing the math and calculating this, you might realize it could wipe you out financially. That can leave your spouse or other dependents with nothing to support them in the future.

Will Medicaid cover these expenses?

Medicaid in most states only covers nursing homes and only after the individual has used up all of their available savings and assets. That would include the equity in your primary residence.

Long-term care insurance is valuable because it helps to cover many of these expenses for up to three years, depending on the policy. However, if there’s a family history of Alzheimer’s, dementia, or other health issues, the longer you wait, the greater the risk of being denied coverage.

That’s why, if you’re in your early to mid 50s, this is the time to look into it. Even if there’s a family history of certain health issues, you may still qualify for some long-term care insurance. Reaching out to long-term care insurance companies can help you understand the expected costs and coverages for long-term care.

If you or a loved one are considering Long-Term Care Insurance Companies in Carmel Valley CA, please contact Steve Elliott at Capstone Insurance for an honest discussion about your future and your options. Call today (858) 350-3161.

Steve Elliott
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