It can impair the person’s memory and cognition, as well as their finances and quality of life.
Caring for someone with dementia can be very stressful and challenging.
Caregivers may face many difficulties, such as:
- The emotional and physical strain of looking after someone who may not recognize them, appreciate them, or cooperate with them
- The financial burden of paying for medical bills, caregiving services, or nursing homes, especially if they have to quit their jobs or reduce their working hours to care for their loved ones
- The social isolation and lack of support from family, friends, or community, as they may feel embarrassed, guilty, or overwhelmed by their caregiving role
- The loss of identity and personal time, as they may have to sacrifice their hobbies, interests, or goals to focus on their caregiving duties
- The uncertainty and anxiety about the future, as they may not know how long they will have to care for their loved ones, or what will happen to them if they can no longer do so
The cost of caring for someone with dementia can range from S$700 to S$4,000 per month (as per the study in 2017), depending on subsidy eligibility.
That’s why it’s critically important to plan ahead and protect yourself and your loved ones from the potential impact of dementia.
Insurance can play a crucial role in alleviating these costs. However, insurance should also do more than that.
It should also help to compensate the caregivers for the loss of identity and personal time that they suffer.
It can also help to ease the uncertainty and anxiety that they face.
It can also help to show appreciation and gratitude for the sacrifice that they make.
However, not all insurance policies are the same. Each of them has its own pros and cons.
Don’t just go for the cheapest or the most popular one. Go for the one that suits your needs and situation.
You want to make sure that you get the best value and protection for yourself and your loved ones.
Feel free to contact me anytime if you have any questions or concerns about your existing or new insurance policies. ☎️
We would be happy to assist you and provide you with more information and guidance.
Source: https://www.businesstimes.com.sg/wealth/dementia-cover-need-versus-want
