The Importance of Financial Planning for When You Grow Old

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Even though life expectancy is increasing, dementia is growing at an alarming rate. Many people are living well into theirs 80s and 90s, with a large number suffering from dementia. It is more important than ever to financially plan ahead.

When growing older, you will need to find a way to make your retirement income last and be there to help assist you when experiencing dementia since healthcare costs can add up easily. Plus, the general cost of living continues to increase each year.

Not only does dementia cause physical and mental changes, it can also cause financial consequences. It is crucial to ensure that you will have enough funds in case you need to pay for the costs that go along with dementia and any caregiver costs that are needed. If a caregiver is a family member, it means they need to take time away from a job. This can take a toll on any family financially. In addition, the cost of care and support for a loved one with dementia ends up being around $7,000 annually.

Some dementia cases will get so bad that you or a loved one may need to move into a nursing home. Did you know that the annual cost of a nursing home in the United States is $48,000 per year. And many nursing homes can be as high as $90,000 per year. This is why you will need to plan ahead to ensure that you will have the finances to pay for this.

Be Open to Options

There are a few different options out there to help you save on costs. Instead of putting a loved one in a care facility, if their conditions are not to extensive, you can look into getting a Life Alert. This gives off a signal in case of an emergency. Smartphones also have handy tracking devices to offer the support that some dementia patients need. There are also a number of different computer monitors and cameras that can help. An investment in technology to help out is always a smart investment.

Long term insurance coverage is also another option to help out with costs. There are different plans available that offer different benefits from in-home services to even facility care services. As long as you qualify for these and can pay the premiums, you will be able to save a great deal in healthcare costs as you age.

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