There are about 5 million American who have been diagnosed with dementia or another form of dementia, according to the Alzheimer's association. A terrible disease with a terribly high cost. The yearly financial hit that those diagnosed with dementia comes to a total price of $120,000 and in some cases it can be up to $320,000. The financial hit is taken by both the patient and the patient's family and there is little aid that can be provided from Medicaid and Medicare. But these financial aid programs do not pay for all of the costs. With more and more individuals aging past 61, dementia care is becoming a wider spread issue. That being said, long term care insurance does pay a certain amount of costs for dementia. However, it does not cover the whole cost for special facilities for those inflicted as the costs are relatively higher than regular facilities.
You should be ready for whatever the future holds. Long term care insurance is a good investment in yourself and will help decrease the financial burden on your family. Cosmo Insurance Agency's health insurance brokers in NJ will answer any of your questions regarding long term care and help you design a plan that is perfect for you and your budget. Call us today!