A client’s early years in assisted living facilities can cost $6,000 to $7,000 a month, but these figures should not be used as a guideline for long-term care planning, said Lyons, because as the client ages and their dementia progresses, costs will increase, with dementia care often costing upwards of $9,000 a month.
Clients with frontal-lobe dementias and other cognitive disorders that may affect their behavior and judgment may have difficulty finding a facility that can provide care in a safe environment for them. Because they tend to require specialized care, costs can run over $10,000 a month.
Insurances – even Medicaid – usually won’t cover the cost of a long-term care facility if the patient isn’t sick. In most states, Medicaid won’t cover memory care.
The best solution for covering the cost of long-term nursing care, if feasible, is to purchase long-term care at an early age, said Lyons.
“I was always one of those people who got into arguments with friends who were wealth managers,” she said. “I would tell them to please shut up about long-term care until their clients were 60. It was a big mistake. I was wrong. I freely admit it.”
If clients are left to cover long-term care needs with private pay, their assets will be depleted quickly, said Lyons.
Simmons closed the presentation by recommending six brain healthy habits that may help prevent or forestall the onset of dementia:
- Exercise daily,
- No smoking – quit if you’ve developed the habit,
- Routine cognitive stimulation that is challenging and progressive,
- Improved mood, because many depression symptoms may resemble dementia,
- Control hypertension and heart rate, and
- Maintain a healthy weight and levels of body fat.