One in 10 people over the age of 65 suffer from Alzheimer’s, & another victim joins their ranks every 65 seconds. These are sobering facts that should encourage you to start planning financially for long-term care. There are ways to pay for care, as long as you’re prepared in advance. Here are a few suggestions.

SERVICES

During the early stages of the disease, the most expensive types of facilities aren’t always necessary as patients can get the level of care they require from home health aides, who visit patients to administer medication, change bandages & check vital signs under the supervision of a registered nurse. This is not cheap, however, costing as much as $45,000 per year, according to USA Today. As Alzheimer’s progresses, so does the likelihood that more intensive care becomes necessary, & that generally means an assisted living facility or nursing home, which can be significantly more expensive.

MEDICARE

Though Medicare doesn’t cover long-term care, only stays at a nursing home of less than 100 days, there are some benefits for Alzheimer’s patients. They include coverage for annual wellness visits, diagnostic testing if requested by a physician, along with home health services & even caregiver training for family members in some states. Medicaid, on the other hand, offers more significant coverage but only for those below a certain income threshold.

OTHER GOVERNMENT AID

There are other programs available to help patients pay their medical bills, including for long-term care. Information is available from area agencies on aging as well as state departments of health & human services. Some locales even offer funding specifically for those who suffer from Alzheimer’s such as Alaska Alzheimer’s Disease & Related Dementias mini grants.

INSURANCE

There are policies specifically for long-term care, though you may not qualify with a pre-existing condition, & you’ll get the best rates if you apply in your mid-50s. Don’t fret if it’s too late for you as you can also tap into your life insurance plan via a living benefits rider, which pays out your death benefit early to pay for medical care. As a last resort, you could sell your policy via a third-party broker.

SAVINGS

You’ve heard of 401(k) plans & IRAs, but recently financially investors have begun touting the benefits of Health Savings Accounts, which are designed to pay for medical treatment, including long-term care. They’re tax-advantaged but only available to those who are already enrolled in a high-deductible health plan, with a limit on contributions that you or your employers make each month.

REVERSE MORTGAGES

Reverse mortgages allow you to tap into your home’s equity & collect payments from your lender rather than the other way around when you were buying the property. However, it’s important to do your research before taking the plunge.

DOWNSIZING

You could always sell your house & buy a smaller one, using the difference to pay for long-term medical care. Downsizing allows seniors to maintain their independence, especially if some of the profits from the previous property are used for home modifications.

Downsizing seniors can save substantially, but they will also need to consider the cost of moving. Whether moving furniture into their new place, a storage facility, or a family member’s home, they’ll likely need to hire furniture removal services. Before choosing to work with a moving company, it’s a good idea to explore reviews & feedback from previous customers.

CONTACT CHARITIES

People all over the country are helping Alzheimer’s patients by donating their time & money to numerous organizations that are there to help you. One of the largest & most well-known is the Alzheimer’s Association, which provides information & support to patients & caregivers alike. You’ll find similar resources via the Alzheimer’s Family Services Center.

It’s vital to put a plan in place & tap into resources to help you get through any complications. The better prepared you are, the easier it will be to get through the challenges that an Alzheimer’s diagnosis brings.

Quality Care of Howell assisted living offers exceptional care & supportive services for seniors who can no longer live independently. Schedule a tour today!

Written by:

Jim McKinley