Alzheimer’s disease is often called “the long goodbye.”
It can take decades for a person with the disease to fade away and gradually lose the ability to care for themselves and make decisions about how and where they’ll live.
The Alzheimer’s Association recommends families begin making long-term plans as soon as a loved one is diagnosed with dementia that looks like Alzheimer’s.
Their tips:
- Don’t put off talking about finances and future care. The sooner the process starts, the more the person with dementia can participate and make their wishes known. You’ll need to talk about what kind of care will be necessary as the disease progresses. In addition, you’ll need to talk about designating someone who can make decisions for the person with dementia about financial and medical matters once they’re no longer able to make those decisions themselves. You’ll also need to make plans about finances and what will happen to the person’s property, including real estate and financial assets, to figure out the best way to protect those assets and pay for long-term care.
- Get help from professionals, including medical experts, attorneys, financial planners and long-term care providers. An attorney can help set up a living will and medical power of attorney, and offer advice on whether you need to set up trusts or other financial options to help pay for long-term care. Starting the process early means everyone involved, including the person with dementia and the designated decision maker, understands what’s happening. The Consumer Financial Protection Bureau (consumerfinance.gov) offers a free set of guides on managing your loved one’s financial assets.
- Look at all insurance options. Medicare, retiree coverage, employer-based coverage and COBRA are a few options. Some people with dementia may be eligible for disability insurance. Long-term care insurance is also available, and life insurance can sometimes be accessed. In some cases, the person with dementia may become eligible for Medicaid as the disease progresses. In most states, Medicaid can help pay nursing home costs as well as medical expenses.
- Learn about income tax breaks that might be available to help cover the costs of care. You’ll probably end up paying out-of-pocket for some care and services. Some of those expenses can be taken off your income taxes. In addition, many states offer tax credits for caregivers, and flexible spending accounts can help cover care costs as well.
- Take advantage of community-based services, including respite care, adult day programs for people with dementia and caregiver support groups. Caring for someone with dementia can be stressful and isolating, for you and your loved one. Getting help means everyone ““ including the caregiver ““ gets the best possible care as the disease progresses.
