By 2040, all Baby Boomers will be at least 75 years old—a milestone age after which dementia diagnoses are found to increase significantly. New research shows that only about 17% of dementia cases are diagnosed before age 75, with the average age of diagnosis being 81.
As the U.S. population ages, the number of dementia diagnoses is expected to double, rising from approximately 514,000 cases annually in 2020 to nearly 1 million a year by 2060.
If you’re a Boomer like me, it’s important to consider, “What if it’s me who gets dementia?” With 2040 only 15 years away, and half of all 80-year-olds receiving a dementia diagnosis, the odds are not insignificant. While new drugs may slow the disease’s progression, there is currently no treatment or cure for dementia.
What can we do? Planning ahead is essential. Long-term care insurance products are an option worth exploring. I have a life insurance policy with a long-term care rider that guarantees $5,205 a month for care for as long as I live. This policy not only supported my husband’s care but also provided peace of mind during a challenging time. In hindsight, I wish we had secured it earlier—before his type 2 diabetes and high blood pressure limited the coverage amount—but I am grateful we had it when we needed it.
If you’re ready to plan for long-term care, give me a call. I’d be happy to help you navigate your options.
