Help With Planning for the Financial Impacts of Dementia
When a spouse, parent or other family member is diagnosed with Alzheimer’s or any other type of dementia, it can be a challenge. I feel there are two unavoidable realities that families will have to face. First, there are the challenges of being a caregiver. Secondly, families need to plan for and deal with the costs of care.
As if the symptoms of dementia are not enough to have to deal with, other concerns begin to come into focus. Families must navigate the new challenges of providing the kind of care necessary for someone with dementia. Moreover, families also have to try to figure out how to pay for the often, long-term care expenses.
It was difficult to watch my grandfather progress through the stages of Alzheimer’s. I was much younger when this happened and I was not involved in providing care or dealing with any of the financial aspects of his disease. Frankly, back then, it was all I could do to process and cope with the changes in his thinking and behavior.
If there is ever a need for me to be a primary caregiver for someone with Alzheimer’s or dementia, this would be a new experience. Honestly, I would be more than a little lost and unsure of how to financially plan for the possible costs.
A Resource for Alzheimer’s: Financial Planning
Blake Hughes is a Content Coordinator at Bankrate.com, a site typically known for its financial rates and mortgage data. However, he and his team recently created a resource to help patients and their families financially plan after being diagnosed with Alzheimer’s or dementia.
In corresponding with Mr. Hughes, he relayed the following information:
Patients and their families can be left devastated by the emotional and financial toll of an Alzheimer’s or dementia diagnosis, with many care costs not covered by health insurance.
To help those who have been diagnosed and their families plan for future expenses, we created a guide which discusses the legal and healthcare costs that may arise with the progression of the illness.
We also compare financial assistance options that may make long-term care more affordable.
For the guide that Blake discussed above, click on the link below:
Video Below is from Fox Business
Video below from WVU Medicine