Securing your future with comprehensive coverage

Find the best plan for you with the #1 health insurance agency in New Jersey
Click Here


How Long Term Care Can Cover Dementia Costs

There are about 5 million Americans who have been diagnosed with dementia or another form of dementia, according to the Alzheimer’s association. A terrible disease with a terribly high cost. The yearly financial hit that those diagnosed with dementia comes to a total price of $120,000 and in some cases it can be up to $320,000.

The financial hit is taken by both the patient and the patient’s family and there is little aid that can be provided from Medicaid and Medicare. But these financial aid programs do not pay for all of the costs. With more and more individuals aging past 61, dementia care is becoming a wider spread issue. That being said, long term care insurance does pay a certain amount of costs for dementia. However, it does not cover the whole cost for special facilities for those inflicted as the costs are relatively higher than regular facilities.

At some point, we all worry about aging and the time our life savings will deplete, or we’ll be a burden on our children to assist us physically and/ or financially.

Long Term Care (LTC) insurance will give you the protection you will need. A LTC plan benefits will kick in at any point that you can no longer independently perform two of the six “activities of daily living”: eating, bathing, dressing, using the bathroom, getting in and out of a chair, and maintaining continence.

LTC will provide coverage for home aides and therapy, nursing home care, or assisted living. Once you are eligible for LTC benefits, you no longer pay premiums!

The earlier you enroll in a LTC plan the lower the premiums are. In recent years, an array of innovative LTC plan types have been introduced to the market, offering you options that are more affordable and ensure that your premiums do not go to waste if you remain independent through ripe old age.

Cosmo Insurance Agency has enormous expertise in the LTC insurance market. We will advise you of your most updated options, and independently shop for the carrier that will give you the lowest premiums. Regardless of your age and health situation, we can virtually always get you approved for an attractive LTC plan from one or more reputable carriers.

You should be ready for whatever the future holds. Long term care insurance is a good investment in yourself and will help decrease the financial burden on your family. Cosmo Insurance Agency’s health insurance brokers in NJ will answer any of your questions regarding long term care and help you design a plan that is perfect for you and your budget. Call us today!