Alzheimer’s disease is a progressive and irreversible brain disorder that affects memory, thinking, behavior and eventually leads to the inability to perform even simple tasks. The average lifespan of a person with Alzheimer’s disease varies depending on the stage at which the disease is diagnosed and the individual’s overall health. Typically, a person with Alzheimer’s disease can live anywhere from 3 to 11 years after diagnosis, with an average survival rate of about 8 years.
The costs of care for individuals with Alzheimer’s disease can be significant, both in terms of staying in a care facility or being cared for at home. In general, staying in a care facility such as a nursing home can cost upwards of $10,000 or more per month, depending on the location and level of care required. Alternatively, care at home can be provided by a family member or a professional caregiver, which can range anywhere from $20 to $30 per hour or more, again depending on the level of care required.
While the percentage of long-term care needs specifically related to dementia or Alzheimer’s disease is difficult to pinpoint, it is estimated that over half of all nursing home residents have some form of dementia. One of the companies we represent “National Life Group” has come out with a very unique a “Chronic Illness” rider that is part of their life insurance policy.
National Life Group’s new “Alzheimer’s Chronic Illness Rider” is an innovative solution that can help to alleviate the financial burden of chronic care needs for those who are suffering from Alzheimer’s or other forms of dementia. By providing policyholders with greater flexibility and access to funds, this rider can help to ensure that individuals receive the care and support they need to live with dignity and independence.
Long-term care insurance typically doesn’t cover or pay for care provided by family members. The benefits of this rider include flexibility in how the funds are used, which can help to ensure that the policyholder’s specific needs are being met which include paid care provided by family members. Additionally, the rider is available at no additional cost to those who purchase certain National Life Group life insurance policies, which can make it more accessible to those who may be concerned about the cost of long-term care.
For more information about this new rider and how it can help you & your family prepare for future health care costs contact our office for a “Free Consultation”.