The organization reports that some 15 million individuals provide unpaid care to persons with Alzheimer's as well as other forms of dementia. The cost of this care is valued at $120 billion per-year.
Experts admit that memory care has quickly become one of the fastest growing segments of senior care options. They note that in general, memory care costs are higher than other types of senior care.
Some eight million Americans currently own long term care insurance http://www.aaltci.org/
"The nation's long term care insurers paid out $6.6 billion last year to some 200,000 individuals,"
Insurance is becoming a more viable option but Slome warns that many make the mistake of waiting too long to investigate the option. "You must health qualify and the best age to start planning is between 55 and 65 before many of the conditions associated with aging start to be diagnosed," he advises. "That is the sweet spot for looking into this protection and when premiums are comparatively affordable."
Established in 1998 as a non-profit trade group, the Los Angeles, California-based American Association for Long Term Care Insurance advocates for the importance of planning for long term care and supports insurance and financial professionals who market LTC insurance. To learn more about long term care insurance costs http://www.aaltci.org/