By Lydia Chan
How To Cover The High Cost Of Alzheimer’s Care
If you have a loved one with Alzheimer’s, he may require specialized, costly care for his health and safety. According to Alzheimers.net, the cost of caring for this disease in the United States in 2017 was $259 billion. 1 in every 10 Americans over the age of 65 has Alzheimer’s. With costs projected to skyrocket up to $1.1 trillion, how can you protect yourself and cover the cost?
Here are some things you’ll need to consider.
How Much Will You Spend On Alzheimer’s Care?
When a loved one has Alzheimer’s, there are numerous health risks. Many patients have been prone to wandering, putting their lives at risk. The Alzheimer’s Association lists other symptoms including forgetfulness, confusion, bladder control and personality & behavioral changes such as delusions. The advanced stages of this disease are challenging to manage without a specialized care facility.
When looking for an assisted living facility, you’ll need to find one that specializes in Alzheimer’s, dementia, or “memory care.” According to LongTermCare.gov, these facilities provide services such as specially trained staff and secured exits.
Of course, this often means that they are more costly than typical assisted living facilities, which weighed in at a national average of $3,750 per month in 2017, according to a Genworth survey. Keep in mind, too, that many patients live with Alzheimer’s for eight to 10 years, if not more.
Planning Ahead With Final Expense Insurance
According to Lincoln Heritage, final expense insurance is not like life insurance. It can be beneficial because it helps pay for expenses you leave behind, such as funeral costs or medical bills. It is quite low, usually no more than $20,000.
Finding Affordable, Quality Care
So how do you start to find affordable, quality care for a loved one with Alzheimer’s or dementia? It won’t be easy. You’ll have to do your research on local facilities and tour them to see what they are like on a day-to-day basis. You might also want to get recommendations. The National Institute on Aging has a comprehensive guide that can help get you started.
Medicare & Medicaid: Can They Help?
Most people are not aware of this, but Medicare does not cover assisted living costs. However, if you qualify for Medicaid due to low-income levels, some long-term care costs may be covered if a program is available in your state. Learn everything you need to know about this type of Medicaid coverage at Paying For Senior Care.
Alternative Funding Options
Most people will have to resort to alternative funding options such as these:
A diagnosis of Alzheimer’s can be frightening but taking the time now to plan ahead will help your loved get the care he needs for the long-term.