Preparing for the Financial Future of a Senior with Alzheimer’s

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Once a senior has been diagnosed with Alzheimer’s, family members need to begin thinking about the elder’s finances. As the disease progresses, the amount of medical services needed will increase, which may mean more out-of-pocket expenses are needed. Before the elder’s disease progresses and they are unable to communicate with you, sit down and come up with a financial plan together. This is never an easy topic to discuss, but is necessary to keep your loved one’s money and assets safe.

 

  1. Include family members. What family members should be included in the financial plan? This person or people should be trustworthy and good with money. You should also consider adding the primary caregiver in this plan.
  2. Think about the costs. Before any surprise costs sneak up on you, calculate how much to expect to spend out of pocket. Check the insurance documents to find out how much will be covered by insurance. Also make sure to check long-term insurance coverage to determine how much will be covered in the future.
  3. Check government benefits. If your loved one is a veteran, there should be government benefits available to them. They may cover the cost of prescriptions, hospital stays, and transportation.
  4. Costs of home care. As the elder’s health deteriorates, they will need around-the-clock supervision from a home care provider. This person will monitor the elder to ensure they do not wander, remind them to take their medication, and transport them to doctor appointments. Include the cost of a home care professional in the financial plan.
  5. Other resources that will help pay for care. There are a number of resources aging adults may qualify for to help with care costs. Medicare, insurance, retirement benefits, veteran benefits, and social security disability insurance are just a few options that may be available.
  6. Consider hiring a financial planner. One of the best ways to ensure your loved one is prepared for their financial future is to hire a financial planner. This professional will be able to give you and the elder the advice needed to prepare for any unexpected costs. Before hiring one, do your homework to make sure the financial planner is qualified. Check their educational background, employment history, professional associations they are members of, and the areas they specialize in.

 

Caring for an elder with Alzheimer’s disease may take a great deal of energy and time. While you can’t always predict what challenges you will face each day, you can at least prepare for the costs that will be needed in the future.

 

If you or an aging loved one are considering home care in Toronto, contact the caring professionals at Staff Relief Health Care 24/7 at 905.709.1767.

 

Source:

http://m.alz.org/financial-matters.asp

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