Dementia is a cruel disease that slowly steals your memory, thinking, and social skills. It can also rob you and your family of your hard-earned money.
According to The Straits Times , the average cost of dementia in Singapore is a whopping $160,000 per year. This includes medical bills, nursing home fees, home care services, and lost income. If you live with dementia for 10 years, the total cost can reach $1.6 million.
That’s why you need to plan ahead and protect your finances and your future. You need to have financial planning and LPA (lasting power of attorney) working hand-in-hand.
– It helps you save, invest, and grow your money for your future needs
– It helps you get the right insurance policies that can provide monthly payouts if you become severely disabled
– It helps you appoint someone you trust to make decisions on your behalf when you lose mental capacity
– It helps you avoid legal disputes and conflicts among your family members
But dementia is not only a personal challenge, but also a family challenge. It affects the physical, emotional, and financial well-being of the caregiver, who often has to sacrifice their own time, health, and happiness to care for their loved one.
Caregivers of people with dementia face high levels of stress, depression, anxiety, and burnout. They also have lower levels of life satisfaction, social support, and self-esteem. They may experience isolation, guilt, anger, and grief. They may also have to cope with challenging behaviors from the patient, such as aggression, wandering, or hallucinations.
What can you do better?
Other than just appointing them as the donee, how about providing them the alternative financial resource for them to look after you?
Don’t let dementia take away your dreams and your dignity, or those of your loved ones. Take action today and secure your future and your family’s well-being with financial planning and LPA.
Learn more? Contact me for a exploration meeting, let’s uncover smart planning for you and your loved one!
Source: https://www.straitstimes.com/business/invest/counting-the-cost-of-dementia-and-how-you-can-be-prepared-for-it
