Alzheimer’s Disease and Long Term Care Insurance
At one of the First Command Financial Planner’s meetings I attended I heard journalist Meryl Comer speak about her husband’s fight with Alzheimer’s disease. She talked about how much care and the high cost that was depleting their savings even though they were wealthy.
Today I heard NPR’s Talk of the Nation guests talk about a task force studying Alzheimer’s. You can listen by clicking on the link – and I highly recommend that you do listen to it.
Former Supreme Court Justice Sandra Day O’Connor spoke about her husband who has the disease. Former Speaker of the House Newt Gingrich and former Surgeon General David Satcher are also on the interview.
They talk about the extremely high cost – that it would take a stimulus package every 6 months to fund the expense of caring for baby boomers with the disease. They spoke of the stats that if you hit 80 years old you’re chances of getting Alzheimer’s disease is about half!! One in two!
Caring for someone with the disease is 24/7. In other words as the disease progresses you can’t leave a person by themselves day or night. It takes an enormous toll on families and marriages no matter how strong. It’s also very expensive to hire help or respite care because the disease can go on for years.
- Definition of Long-term care insurance.
- Long term care insurance is a type of insurance designed to help pay for services that provide assistance with specific activities of daily living a person cannot perform by himself or herself. These services may be provided in an assisted living facility, nursing home, adult day care center or private home.
First Command Financial planners in Utah highly recommend looking at long term care insurance as a way to manage the high cost of long term care due to Alzheimer’s or other chronic diseases. Call 801-703-2150 to request a free consultation from Stephen or use our contact form and he’ll contact you.
Written by admin on March 25th, 2009 with no comments.
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