Among the many ways of paying for long-term care, life insurance and annuities have been growing in popularity.
In its original form, life insurance was intended only to pay beneficiaries upon the death of the insured. Since its inception, however, life insurance has evolved to include many additional options. Some of these options can help pay for long-term care.
Planning for long-term care expenses seems to involve a lot of wishful thinking for many. In a survey by The Associated Press-NORC Center for Public Affairs Research, only about a third said they were confident they would be able to pay long-term care expenses. Despite this, 54% of respondents said they had done little or no planning for these needs.
One example of wishful thinking is that government programs like Medicare or Medicaid will pay long-term care expenses.
Vitamin D is essential for strong bones as it helps in calcium absorption from food. Vitamin D deficiency has long been associated with rickets, a bone disease in children. It causes bone pain, slow growth, and brittle bones that can result in deformities. However, studies increasingly demonstrate the essential role of vitamin D in preventing various health problems. According to a study published in 2018, approximately 40% of Americans are vitamin D deficient. It has even been described as a global health problem and "An Ignored Epidemic".
The majority (76%) of those over 50 say they would prefer to continue living in their own home as long as they can. However, this is not always possible, and other senior living options like assisted living may need to be considered. Yet, such long-term care options can be costly. For instance, one year of assisted living can cost over $50,000 per year. If memory care or skilled nursing is required, the annual cost can be up to twice as much.
Unless one has long-term care insurance or can qualify for Medicaid, most people will need to tap all their assets, including equity in one's home, to pay for long-term care.
There are four ways to leverage home equity to finance long term care:
Have you ever felt your head spinning, and suddenly the surroundings started to get blurry? Of course, you have. The condition is known as dizziness and is very common among older adults. 24% of people aged 72 and older even report experiencing chronic dizziness. Although it is not necessarily serious nor a disease, it can be a dangerous symptom of several underlying conditions.
Dizziness is when people feel lightheadedness, vertigo, faintness, and imbalance. The condition involves sensory organs like ears and eyes, so you might experience blurred vision or be unable to properly hear for a short time. It doesn't cause any harm, but some older people have reported injuries after falling due to dizziness.
If you experience dizziness once in a while, it may not be a problem. However, you should see a doctor if you have frequent episodes of dizziness.
Most of us have heard of a Health Savings Account (HSA), but many don't understand the important details about these accounts.
HSAs were intended to provide a way for Americans to save money for out-of-pocket healthcare expenses before meeting the deductible of a high deductible health plan (HDHP). In fact, an individual or family must have an HDHP to open an HSA.
While HSAs were primarily intended to soften the financial burden of paying for healthcare expenses for HDHP account holders of all age groups, HSAs can be particularly advantageous in paying for long-term care expenses at age 65 or over.
As noted in a previous Cantissimo Senor Living blog post, the U.S. Department of Health and Human Services estimated that 70% of those now turning 65 will eventually need some level of long-term care.
Yet, few people include a long-term care component in their retirement planning. It seems like more plan for their children's college education than for the very costly and highly probable reality of long-term care. Assumptions that typically drive this lack of planning are:
Headaches are a common ailment that can range from slight discomfort to migraines with debilitating pain. While there are many over-the-counter medications that can help ease the pain of a headache, there are also many home remedies that can help deter headaches before they happen or relieve one once it has begun.
Dementia refers to a group of diseases that cause memory loss and affect other mental functions. It commonly occurs as people reach around 60 years of age and beyond. But the problem here is that, at this age phase, age-related memory loss also prevails. As a result, forgetting crucial things or daily routine tasks becomes a part of daily living. So, how can you differentiate dementia from age-related memory issues?
The earlier the diagnosis, the better the chances are of treating this disease. For early diagnosis, knowledge of early signs and the stages of dementia is essential. In this post, you'll find all you need to know about the stages of dementia and how to reduce the risk of this condition.
Dementia is an umbrella term commonly used to describe memory loss and other cognitive impairments often associated with aging. Dementia is not a specific disease: it is a term used to describe symptoms from several different pathologies. Common kinds of dementia include Alzheimer's, Lewy Body dementia, vascular dementia, frontotemporal dementia, and dementia caused by diseases such as Parkinson's. According to the National Institutes of Health (NIH), about 14% of people over the age of 71 will develop some form of dementia. This incidence climbs as people age: among those who live to 90, more than 37.4% show signs of dementia.
Signs of dementia can be subtle at first. One of the hallmark signs of this condition is short-term memory loss. You may find someone asking the same questions repeatedly or forgetting things that were just explained to or told to them. They may struggle to keep track of possessions like car keys, wallets, purses, and mobile devices. They might forget to go to appointments, fail to plan for meals, or begin roaming outside of their usual routine for no apparent reason.
Dementia also affects a person's ability to communicate. They might struggle with their vocabulary, finding it hard to describe things or repeatedly relying on the same set of words. Instead of using the proper name, they might describe something. For example, a person with dementia might call a coffee maker "the thing that makes that stuff, the good smelling brown one." They may also become withdrawn as the frustration of being unable to communicate well sets in. These problems may worsen as the disease progresses.