It’s important to plan medically, legally and financially in case you or your loved one are one of the 33% of seniors who die with Alzheimer’s Disease or another Dementia.
Newsbreak’s article entitled “Financial Costs and Planning for Dementia and Alzheimer’s” says that financial planning for dementia should consider the following:
- The patient’s current financial situation
- Their future care needs; and
- The potential impact of the disease on their ability to manage their finances.
One major factor is whether the person is employed when they are diagnosed with cognitive impairment. With many Americans working past the traditional retirement age, and more people being diagnosed with younger-onset dementia this situation occurs more frequently now than ever before. An unexpected retirement for the person living with dementia or their carepartner can result in the loss of medical insurance, a drastic reduction in income, and the shrinking of social circles.
Advanced planning allows those living with dementia and their families to be certain they have the resources they need to cover the costs of care and maintain their quality of life. This entails creating a budget, seeking government benefits and creating a plan for managing assets and liabilities. A comprehensive plan can also reduce the stress and uncertainty that often comes with dementia and increase peace of mind knowing their financial future is secure.
Some essential planning professionals include:
- Certified Elder Law attorneys who can help create a comprehensive plan for the future
- Professional Fiduciary Investment advisors to help with managing assets and creating a financial plan for the future
- Tax professionals who can help with implications and government benefits; and
- Aging Life Care Managers who can provide support and assistance with long-term care planning.
The costs associated with dementia can be substantial and can include:
- Medical expenses, such as doctor’s visits, medications, and any necessary medical procedures.
- Long-term care, including the cost of assisted living facilities, nursing homes, or in-home care. In Texas there is very little state funding for assisted living.
- Home modifications, such as the cost of adapting the home to meet the needs of the individual with dementia.
- Transportation to and from doctor’s appointments and other necessary errands.
- Personal care items, like incontinence products, special diets and other necessary items.
- Respite care, which can be the cost of temporary care for the individual with dementia, so that their primary caregiver can take a break.
- Legal and financial planning. The expense of an attorney to help with estate planning and navigating government benefits will pay off in the long-run as the value of the benefits you could receive will far outweigh the investment in legal services. Most elder law attorney work on a flat-fee basis, so you’ll know the final cost before you begin.
These expenses can tally quickly, especially over the course of the whole run of a disease that can span 3 – 20 years. These expenses can have a major negative impact on the person living with dementia and their family.
It’s important to plan ahead and seek guidance from professionals, such as a Certified Elder Law Attorney to be sure the best decisions are made for the future for your family and for your loved ones with dementia or Alzheimer’s disease.
Elder law attorneys specialize in legal and financial issues affecting older adults, including estate planning and government benefits for those with dementia. Contact our office today to get started with your planning.
Reference: Newsbreak (Feb. 12, 2023) “Financial Costs and Planning for Dementia and Alzheimer’s”
