Financial Planning Issues for a Loved One with Alzheimer’s Disease
If you have a loved one who has been recently diagnosed with Alzheimer’s disease, it’s important to engage in sound financial planning so that you can project the costs of long-term care — both now and in the years to come.
As you likely know, Alzheimer’s disease is progressive, which means it worsens over time. As a result, the costs of caring for someone with the disease tend to increase over time, as well.
The most common costs associated with Alzheimer’s disease are ongoing, including regular doctor’s visits and treatments, along with medical equipment and home safety modifications to protect the individual with the disease.
There are also the costs of personal care supplies, medications, adult day services and in-home care. Eventually, your loved one may need to enter a full-time residential care facility, which tends to come at an enormous expense.
Exploring your options
There are a number of financial resources available that may help your family pay for these costs, including Social Security Disability Insurance (SSDI) for individuals who are younger than 65 years old. Supplemental Security Income (SSI) is another public benefits program to explore, as is Medicaid for low-income individuals and families. Once the individual turns 65, he or she may begin collecting Medicare benefits.
You may also need to draw on retirement and veterans’ benefits, if they are available.
Financial planning when you have a loved one with Alzheimer’s disease can be a stressful and overwhelming experience. To learn more about your options, speak with a knowledgeable Florida Medicaid planning lawyer at the Charles Law Offices.