Alzheimer’s. It’s an aggressive disease that wreaks havoc on the brains of millions of adults every year. Being diagnosed can be devastating in so many ways, for you and your loved ones. You may be left wondering what to expect and how you will ever afford to pay for care. There’s no easy way to deal with this diagnosis, but there are ways to ease the financial strain of Alzheimer’s care. Here’s what you need to know.
When You Need Cash Now
Often times, the need for Alzheimer’s care hit families without warning. This leaves them scrambling to come up with the money they need to pay for care options. One way you to get cash quickly to help pay for care is to look into selling your life insurance. This kind of transaction, also known as a life settlement, can be a low-risk solution for individuals and loved one to meet unexpected financial needs. Selling your policy also frees you from paying premiums, which can be helpful when you need that money to pay for care. Some other ways to pay for care include taking out a loan, dipping into savings, or even selling a home. For the latter, you need to be aware of how much profit you can expect to get, so you can determine if that is your best option for covering all of the costs of Alzheimer’s care.
How to Know What to Expect
Alzheimer’s care can differ from other forms of long-term care in that the need for care is progressive. In many long-term care cases, a sudden injury or illness results in the need for a nursing home or assisted living center. This makes it a bit more simple to plan for care costs. With Alzheimer’s, however, the various stages of the disease typically require varying levels of care. Though this condition is still shrouded in mystery, most experts agree Alzheimer’s evolves through seven stages. Assistance is not typically required until Stage 5, but care requirements do progress from there. In the beginning, providing care may be as simple as a family member stopping in from time to time, or relocating to live with a loved one. In the next stages, assistance with basic daily tasks, such as eating, bathing and dressing, is needed. This is when it may be beneficial to hire home-healthcare aides or look into adult daycare. Finally, around-the-clock care will be needed at some point, and this is when it is important to find compassionate, affordable nursing home options to keep individuals safe.
What Will Happen in the End
In planning for the financial and emotional costs of Alzheimer’s care, it is important to remember this is a terminal condition. There is no cure for Alzheimer’s yet and it is always fatal. It’s a hard fact to come to terms with, but doing so means a better chance of preparing for the final stages. When a diagnosis is made, individuals should take steps to put their estate in order as soon as possible. Making updates to insurance policies and wills can protect family members from leftover costs of care in the future. It may also be helpful to decide ahead of time what kind of palliative or end-of-life care you are comfortable with. This way, you can make medical directives in advance, and save your family members some emotional and financial stress of making those difficult decisions on their own. Finally, think about planning your funeral in advance as well. This is a tough thing to do, but taking care of arrangements now will ensure your insurance and estate will cover the costs.
There’s no good way to protect yourself and your loved ones from the pain Alzheimer’s causes. You can, however, shield them from the financial costs care can bring. So, as hard as it may be, make your plans now, talk to your loved ones, and make sure everyone is prepared.
We hope you found this article on Important Ways to Prepare for Alzheimer’s Care Costs useful. If you would like to learn more about the home care services that All Heart Home Care provides, contact us today at 619-736-4677.
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