Having an older relative with Alzheimer’s can be overwhelming. You have to face the challenges of increasing memory loss together as a family, which takes its toll on your time, patience and energy. As a loving and caring person, you’re ready to stand by their side and do what it takes to ensure they have the care they deserve and spend their golden years as comfortably as possible despite the negative effects of this condition.
Though it may seem unfair, money plays a major role in your efforts as treatment does not come free. In fact, it bears a price tag of almost $330,000 over the course of the disease, with 70 percent of that paid out of pocket by the patient and their family, according to HealthDay. Fortunately, there are a variety of ways to lower costs and finance care. Here are a few things you can do, brought to you by Reverse Mortgage Loan Advisors.
Find the Right Services
Your relative does not need to move into a nursing home immediately after diagnosis. Custodial care at home may be enough to keep them living happily and healthily in place during the early stages of the condition, as long as they don’t need medical attention and just need help with the chores. To be sure of the quality of service, look into licensed agencies with at least five years of experience. If your loved one is receiving at-home care, you’ll likely need to make some modifications to the home, such as adding a ramp to the entrance, moving their bedroom to the ground floor, and making sure everything is well lit.
Keep an Eye Open
Pay close attention to your relative’s condition because as Alzheimer’s advances, they’ll need more intensive care at a nursing home or assisted living facility. Talk to the caregiver if you’ve hired one and keep your eyes and ears open for telltale symptoms such as increased aggression, wandering or “sundowning,” which is when a patient gets agitated toward the end of the day.
Tap Into Savings
If you have a reason to believe that an older relative may face this condition later in their life, encourage them to look into savings plans with tax-advantages before retiring. A health savings account is designed to pay for medical treatment including home health aides, nursing homes and assisted living facilities. However, it must be paired with a high-deductible health insurance plan.
Take Advantage of Your Home
One way to raise money is with a reverse mortgage, in which a home’s equity is paid out monthly to homeowners over the age of 62, and the money is often used to pay for medical expenses. To figure out how much equity you have in your home, subtract your mortgage balance from its current market value. Reverse mortgages have gotten negative press, but they’re often the right choice when working with reliable companies like Reverse Mortgage Loan Advisors that act on your behalf and guide you through the process.
Learn About Medicare
Medicare does not offer coverage for long-term care, though it can cover stays in a skilled nursing facility, long-term care hospital, or hospice care depending on the situation. Long-term care insurance can be the solution for covering long-term care costs, though premiums can increase up to 8 percent annually for seniors in their 60s. That’s why it’s a good idea to get long-term care insurance sooner, if possible, in order to better afford the premiums and the costs of care.
Get Final Expense Insurance
Long-term care costs aren’t the only financial aspect you and your loved one will need to be ready for. You’ll also need to take into account funeral costs, which can be high. Final expense insurance is one good way of paying for these expenses, and it can help ease the burden of making funeral arrangements. Typically, when seniors apply for final expense insurance, they don’t have to take a medical exam, and they’re able to pay fixed premiums.
Take a close look at all available financial assets, as well as options available for treatment, and you may be surprised at the possibilities.
Author – Chelsea Lamb
Chelsea Lamb has spent the last eight years honing her tech skills and is the resident tech specialist at Business Pop. Her goal is to demystify some of the technical aspects of business ownership.