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Dementia costs to triple

View profile for Ben Parmenter
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Dementia costs are set to triple by 2040 if our current care and support arrangements go unchanged.

What can we do to make provision for ourselves? We need to ensure that whatever the financial situation of the country, we do our best to protect ourselves and make provision for our own future.

Risk factors for dementia include;

  • heavy drinking
  • high blood pressure
  • diabetes
  • smoking
  • depression
  • genetics

Some of these factors are potentially within our own control, and yet, only a minority of people believe it is possible to reduce the risk of dementia. The truth is, dementia is not an inevitable part of aging. There are proactive things you can do to protect yourself against it, such as physical exercise.

However, if it does come to that, we need care. Due to the effects of dementia, it is especially helpful to our family and carers if we have a lasting power of attorney for financial matters and health matters in place. These allow people we trust, and whom we have chosen, to act in our best interests in relation to money and health matters if the time comes when we are unable to do so for ourselves.

As we are now living longer, it is becoming more and more important that we need to make provision for our future. This could be a future need for carers or even moving into a care home. The more we can do now to make provision for our own future needs, the better and easier later life will be for ourselves and people close to us.

If you would like to discuss lasting powers of attorney, please contact one of our specialists in the wills, trusts and probate team. I am based in our Colchester office and can be contacted on 01206 217611 or ben.parmenter@birkettlong.co.uk.

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