It is devastatingly hard to live with a loved one suffering from Alzheimer’s disease. The situation becomes even worse when it is time to begin paying for the cost of care. From routine checkups and medical visits to long-term care, Alzheimer’s can be a very expensive disease. However, there are various services in place that may be able to help you deal with the cost. Here are some ways you can plan for the total cost of care while starting to cover your current payments.
Government Programs May Cover Some Medical Bills
In the months following your loved one’s initial diagnosis of Alzheimer’s, you should do your research and find out what level of care they will require in each stage of the disease, as well as the associated costs. Don’t let yourself be blindsided by the large price tag associated with all the various forms of care — long-term care is extremely expensive, particularly over the long term, and is not covered by Medicare. (Medicaid will fund part of the cost of long-term care, but only if your family meets the requirements.) Medicare will cover inpatient hospital care, certain medical fees, and some prescription medicines, which are also covered by Medicare Part D.
Finally, it will also help with cognitive assessment and care planning in the early stages of Alzheimer’s disease. If you qualify for it, Medicaid will fund part of the cost of long-term care, including most of the expenses of in-home care, adult day care programs, nursing homes for 100 days, and memory care units in certain plans. It will not, however, cover retirement homes with incorporated care or family-style residential homes, and keep in mind that Medicaid will not necessarily cover all of your long-term care expenses (the exact amount of coverage depends on your economic situation and current plan).
These forms of government assistance can be very useful; however, the average out-of-pocket cost for Alzheimer’s care is still about $5,000 per month, though the exact number depends on current prices in the area. This means that a significant amount of planning and preparation is required to maintain your finances while still managing to provide care to your loved one.
Additional Sources of Coverage
Even if you have an emergency fund to pay for medical expenses, you probably will still need to find some source of additional payment. If your loved one has a life insurance policy, you could sell it for a one-time cash payout. While this can be useful immediately, it will mean that your beneficiaries will not receive a payout, and the lump sum may still be taxed. Always do your research carefully before making the decision to sell your policy. One good way to protect the future finances of your family is by investing in burial insurance, which is a special kind of life insurance that is designed to cover medical bills and funeral expenses. Burial insurance is typically much more affordable than other types of insurance, and it can significantly ease the burden on your loved one’s family.
Find Assistance to Help Pay for Care
There are a number of non-profit organizations that raise money to help people fund Alzheimer’s care. It can be helpful to find a lower-cost plan of treatment. You can always research online to compare different treatment plans and long-term care options, but one effective way of finding a deal is to ask your doctor directly, or talk to Stacie at Spring Ridge Park.
Alzheimer’s care can be extremely expensive and complicated. However, by using a combination of government assistance, non-profit charity, lower cost alternatives, and alternative funding options, you will be able to provide your loved one with the care they deserve.