Financial planning is an important consideration for caregivers of those with Alzheimer’s disease (AD). Planning in advance early in the disease process can help prepare families of those with AD for the future, while involving your loved one in the planning process.
Many times family members avoid dealing with financial issues after a diagnosis of a loved one with AD, due to the stress, fear and uncertainty that thinking about the future can bring on. In actuality, advanced planning can really reduce stress by helping to prepare you for what lies ahead.
There are many online resources that can help with the initial steps of planning financially such as the Alzheimer’s Association’s FREE online E-Learning Workshop and downloadable budgeting forms to record all of your debts and assets.
One of the first steps in financial planning is to discuss which family member/s will be involved in financial planning.
Consider how much cost will be incurred today, and down the road as well. Because Alzheimer’s is a progressive disease, be aware that costs may increase over time. Consider the expense for medications, physician’s visits, medical equipment such as a wheel chair or other durable medical equipment. Future costs may include adult day centers and/or in-home care. You may also want to budget for any expense you may incur for home improvements for safety and/or wheel chair accessibility.
Take a look at any benefits your loved one is entitled to from insurance, retirement funds as well as government sources. There may be many more resources than your family is aware of for individuals with AD such as assistance with meals, cost of medications and even free transportation to physician’s appointments and/or Adult Day Centers.
If your loved one has ever served in the armed forced, be sure to check to see if he/she has any veteran’s benefits that he/she is entitled to.
Decide in advance who should manage the finances when your loved one is no longer able. This includes paying bills, filing for claims, managing bank accounts, paying taxes and more.
You will find many helpful online resources online.
Some ideas for financial resources to explore online include: Medicare, Medigap, Medicare Part D, life insurance or long term care insurance policies, retirement funds, Social Security income or Social Security Disability benefits. Some families also consider a reverse home mortgage loan, but you will want to speak to a financial expert or advisor to get all the facts straight about how these mortgage loans function. AlzU.org does not necessarily recommend a reverse mortgage, we simple offer it as a suggestion for one recourse to explore. When searching for a financial advisor be sure to check his/her background and credentials to ensure you select an ethical and qualified person to help guide you through potentially difficult financial decisions regarding your loved one with Alzheimer’s.
Learn more about Alzheimer’s disease and prevention by CLICKING HERE to sign up for our 25 topic course for caregivers at AlzU.org.
