Dementia affects almost 50 million people worldwide, with a new case of dementia diagnosed every 3 seconds. More than 6 million Americans suffer from degenerative brain disease in the form of Alzheimer’s. Dementia is the leading cause of disability and dependency and the sixth leading cause of death among the elderly. Dementia kills more people each year than breast cancer and prostate cancer combined. This makes planning for long-term care essential in the world today.
With an estimated cost of $355 billion to be spent by the end of 2021, Alzheimer’s and other forms of dementia are a costly crisis for long-term care. Over 11 million Americans currently provide unpaid care for people with Alzheimer’s and other dementias. In 2019, family members and other unpaid caregivers provided an estimated 18.6 billion hours of care.
The 65-and-older population grew by over a third (34.2% or 13,787,044) over the past decade. And by 2030, all baby boomers will reach 70 years old. With advancing age comes an increased risk for Alzheimer’s disease and other dementia. Exceptional memory care housing options will become more necessary than before. Finding quality care and maintaining the health of our seniors is a growing problem facing society.
It’s essential to start planning for long-term care now. Here are some tips to get started to help ensure you’re on the right path:
SWG1799571-0821b. The sources used to prepare this material are believed to be true, accurate and reliable, but are not guaranteed. This information is provided as general information and is not intended to be specific financial or tax guidance. When you access a link you are leaving our website and assume total responsibility for your use of the website you are linking to. We make no representation as to the completeness or accuracy of information provided at this website. Nor is the company liable for any direct or indirect technical or system issues or any consequences arising out of your access to or your use of third-party technologies, websites, information and programs made available through this website.
In addition, JP Williams is the Founder of Pillar Wealth Group who lives and works near Columbus, Ohio. JP founded Pillar Wealth Group with over 17 years of experience and specializes in financial planning, retirement planning, investment management, risk management, college planning, and estate planning. Contact us today to get started with your financial wellness journey. Contact us today to schedule an introductory meeting!