How to Pay for Alzheimer’s Care
The Costs of Alzheimer’s Care and How to Pay For It
Alzheimer’s can cost quite a bit. According to a Forbes article, it’s estimated that the costs of Alzheimer’s care in 2017 alone totaled about $259 billion. Given that this can cost a lot, it’s important to know what your options are when it comes to Alzheimer’s and how you can best afford it. For instance, you may want to consider purchasing long-term care insurance at an earlier age than you previously thought in order to keep costs down. There are many factors to take in account when planning for Alzheimer’s care. Here’s what you should know.
Home health aides
Friends and family members often share the caregiving responsibility, but when the circumstances are extenuating or a little extra help is required, home health aides are trained to work with individuals suffering from dementia or Alzheimer’s. They help ensure the safety and well-being of patients. This is one option to consider to help prevent the costs of putting your loved one into an assisted living facility or nursing home. They can make it more personal and allow you to still interact regularly with your loved one
Prescription drugs
The National Institute on Aging outlines some of the primary medications that people with Alzheimer’s will take and also discusses why they can be beneficial. Most medications work best for people in the early or middle stages of Alzheimer’s. Some medications can help prevent the breakdown of memory and thinking. Other medications that are meant for later-stage Alzheimer’s can decrease symptoms and allow more independence for the individual
Adult day services
In some areas, these facilities are opening up quickly, and the cost of attendance is much less than a facility that requires full-time assistance. This also allows your loved one to remain at home and reduces stress for you and your loved one. Many caregivers have experienced less stress and depression as this can be a harrowing experience.
Long-term care
Data shows that opting for an assisted living facility over a nursing home is one way to substantially reduce the cost of care for Alzheimer’s patients that require residential assistance. This will also help your loved one maintain independence as they continue to live their life and go through treatment.
How to pay for Alzheimer’s Care
The Alzheimer’s Association highlights the fact that Medicare can help pay for medications and some in-home care, but expenses often go beyond what it covers. Some things to consider include long-term insurance, which can cover medical expenses that are chronic.
And while there are countless horror stories about reverse mortgages, these loans are still a viable option to homeowners to help pay for medical costs. However, it’s important to find the right company to guide you through the process. Before you decide to seek a reverse mortgage, it’s important to do plenty of research and read up on lenders to ensure you’re getting involved with a reputable company.
Major scientific findings continue to progress the hope that Alzheimer’s will become more manageable and possibly even treatable. Until that time, it’s important to make sure that you’re prepared. As long as you put money away and are aware of all the costs that come with Alzheimer’s, you can rest assured knowing what’s in store
Photo Credit: Pixabay
Guest Post by Christopher Haymon of AdultingDigest.com
Your Financial Freedom Journey (YourFFJ.com) provides tools to create more financial freedom, time freedom, and peace of mind in your life.
VIEW SHOP for more info!
