From 2000 to 2006, Alzheimer’s disease increased by 46.1% as a cause of death. The Alzheimer’s Association annual report titled, “Alzheimer’s Disease Facts and Figures” (2015), covers types of dementia, causes and risk factors, along with the cost for providing health care.
In this report there are some important statistics to consider for families in Ohio:
- 1 out of 9 people age 65 and older has Alzheimer’s disease.
- About 1/3 of people age 85 and older have Alzheimer’s disease.
- The number of people aged 65 and older with Alzheimer’s is projected to be 11 million and 16 million by 2050 based on the current rate of population growth with the disease.
- Currently, an estimated 5.3 million Americans have Alzheimer’s disease; of which 5.1 million people aged 65 and older and 200,000 individuals under age 65 who have younger-onset Alzheimer’s.
From a planning perspective, it is very important to consider the economic risk of Alzheimer’s on a family. In most cases, individuals afflicted with this disease require care 24 hours a day.
Currently, in Cincinnati, Ohio, this type of nursing home care is on average $97,455 per year (2016). The cost of such care will continue to increase as the demand for such services increases. By 2025, the estimated cost for nursing home care will be $130,971; increasing to $176,015 by 2035. (Source Genworth.com Cincinnati, Ohio; visited on 2016.02.06).
There are options to insulate assets with proper Medicaid and elder law planning. These planning options require the family to be proactive; taking action before the need arises.
There is a 60 month look back period for individuals applying for Medicaid. The goal for any family is to plan before the parent or family member needs nursing home care. Your planning options diminish the closer you get to the need for around-the-clock care.
Feel free to contact one of our elder law attorneys in Cincinnati, Ohio to schedule an initial planning consultation. In the meeting we will discuss your goals, options, risks, and flat rates for services.