Family caregivers of those with Alzheimer’s disease (AD) may be looking for ways to plan ahead for health care expense such as the cost of long term care. Long term care can include in-home assistance or a residential facility such as an Assisted Care Facility, or even a Skilled Care Facility.
Although it’s impossible to use a magic mirror to look ahead and see into the future, as an AD caregiver, you know that Healthcare expenses are a reality and those costs will be increasing as time goes on. But did you know that many families pay for services such as respite care and many other expenses for AD out of pocket. It’s important to plan ahead in order to maximize resources and to alleviate worry and stress about future expenses.
The first step to financial planning is to get together any legal documents including: medical and durable powers of attorney, bank account info, pension and retirement benefits, savings bonds or stock certificates, insurance policies, social security benefit info, and all bills-including recurring and outstanding bills.
Using these documents as a guide, determine current expenses, assets and income.
Reaching out to employ financial and legal experts can help you learn about tax deductions and to identify financial resources to help pay for health care expenses now and in the future.
Consider all of the expenses you have in the present as well as the future including: cost of drugs, supplies, adult day services, medical treatment not covered by insurance, professional in-home care services and respite care.
Consider financial resources that may be available to cover costs include: medical insurance, personal family finances, retirement benefits, government assistance such as social security income, disability income, veteran’s benefits and more.
Questions to ask about long-term care insurance: Does the policy cover Alzheimer’s disease? Is there a specific level of care that has to be required before benefits kick in? What is the daily benefit amount? Is there a maximum payout? Will the policy cover skilled nursing care, assisted living, or professional in- home care? How long after the AD diagnosis will benefits begin?
To learn more about Alzheimer’s treatment and prevention, CLICK HERE to sign up for our 25 topic AD Caregivers’ course at AlzU.org today.