Caring for those with Alzheimer’s can be a challenge.
You recently had a loved one diagnosed with Alzheimer’s disease.
Perhaps this condition runs in your family.
Maybe it took you completely by surprise.
In either instance, the news is devastating.
According to a recent Think Advisor article titled “4 Things Advisors Should Know About Cognitive Disorder Caregiving,” the emotional and financial toll of Alzheimer’s is high.
Providing care for your loved ones struggling with Alzheimer’s is not impossible, but it will take planning and attention to detail.
What are things you should consider?
Expect expenses to increase over time.
Post-diagnosis, those afflicted with cognitive decline live on average between five and fifteen more years.
The early stages of caretaking cost about $750 per month.
Here in the Kansas City Metro area, it is not unusual to see long-term care facilities costing $8,000 per month for “memory care” units.
If your loved one did not have a long-term care insurance policy, you should work with an experienced elder law attorney to explore alternative funding.
Regardless, if you need assistance finding just the right care facility, then I recommend Senior Care Consulting.
I have known the founder Steve Kuker since he was a sophomore in high school and I was a senior.
Set up safeguards against mismanaged finances.
Those with Alzheimer’s often make mistakes with their finances.
This includes not paying bills and making uncharacteristic purchases.
Having a cognitive disorder also makes these individual targets of financial elder abuse.
If you see something amiss, take action to protect your loved one from financial harm.
Women often carry most of the caregiving responsibilities.
About 66 percent of family caregivers are female.
This often leads to a decrease in wages, early retirement, or a short-term leave from work.
As a result, women often take a significant financial hit to their Social Security, 401(k) plans, pensions, and future earned income.
Experienced professionals can help caregivers.
You need to navigate many issues when you have a loved one with Alzheimer’s.
Caregivers require the support of family and friends.
They also can benefit from working with experienced estate planning attorneys, CPAs, social workers, and other professionals.
Alzheimer’s is an unpleasant reality.
Providing care for a loved one who has this disease is challenging, to say the least, for all concerned.
Planning ahead and seeking wise counsel can help alleviate some stress in the midst an emotionally difficult situation.
Reference: Think Advisor (Oct. 13, 2020) “4 Things Advisors Should Know About Cognitive Disorder Caregiving”