Most adults fail to think ahead when it comes to long-term care for conditions like Alzheimer’s. However, planning for these costs can save patients and caregivers so much stress in the future. Here are some steps you may want to take when tackling the costs of Alzheimer’s care.

Determine Your Out of Pocket Expenses

The staggering costs of long-term care can come as a big shock to seniors who do not plan ahead and figure out what costs they will be paying out of pocket. Many seniors should expect to spend over $100,000 on long-term care costs, and health insurance and Medicare will rarely help with these expenses. Most of what Alzheimer’s patients need is non-medical care, such as help preparing meals and getting dressed. Medicare offers little in the way of custodial care coverage, so you may be left paying most of these expenses in other ways.

Look into Ways to Save With Medicare

Medicare does not cover the long-term care costs associated with the help Alzheimer’s patients need the most. However, this is where supplemental plans, like Medicare Advantage plans, can make a real difference. These plans may not offer direct long-term care coverage, but they do save seniors more on prescriptions, dental and vision care, and fitness services to keep them healthy. For caregivers, Medicare Advantage coverage offers support and a 24/7 nursing home to help lessen the load. Look into whether these plans are right for you, as well as information regarding Medicare open enrollment, to save on healthcare costs.

Use Life Insurance to Cover Costs

Life insurance coverage is a smart choice for all adults, but it is especially important for those at risk of Alzheimer’s disease. In addition to providing death benefits, life insurance can help cover long-term care costs or other expenses Alzheimer’s patients may need in the long term. By selling a life insurance policy, you can easily access cash for any unexpected expenses. However, it is also important to remember that Alzheimer’s is not curable, and some coverage will still be needed to protect loved ones in the future.

Think About Selling Your Home

Homeowners may be open to more options to help pay for care, which should give you peace of mind. If a senior loved one moves in with you and they own a home, you can consider selling it to obtain any extra cash needed for their care. This is also an option if you anticipate you will need to be cared for in the future, whether in a loved one’s home or in a skilled nursing facility. Even if the home is still occupied, there are options to cover expenses. Home equity loans can be a low-stress option, and reverse mortgages may make sense in some cases.

Do Your Homework Before Hiring Help

Caring for someone with Alzheimer’s can involve much more than help with simple tasks. It takes a lot of compassion, focus, and patience to care for seniors suffering from memory loss and reduced cognitive function. Safety is a huge concern, so tour facilities to ensure that they are equipped to care for Alzheimer’s patients who may wander or harm themselves. If you hire in-home help, take the time to conduct interviews and ask questions. You may also need to perform a background check to protect yourself and your loved one from crime and fraud.

Know What Home Modifications to Make

Living with Alzheimer’s does not have to mean living in a nursing home. Although many advanced stage patients will need more dedicated assistance, in-home care is possible. In order to keep an individual with Alzheimer’s safe, however, accessibility and safety upgrades may be needed. Home monitoring is a good option for those who live or spend a lot of time alone, and a security system should be considered as well. Removing access to sharp objects, fall hazards, and other household dangers is also important to ensure safety.

Dealing with Alzheimer’s disease can be distressing. However, figuring out how to pay for care does not have to be. Planning ahead, no matter your age or current health, is a smart move to make sure needs will be met and finances will not become a mess.

6 Tips for Taking on the Costs of Alzheimer’s Care

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