Planning Ahead: How to Afford Alzheimer’s Long-Term Care

Please welcome guest blogger, Hazel Bridges, AgingWellness.org. In this post she discusses ways to plan for affordable Alzheimer’s long-term care.

Many individuals worry that as Alzheimer’s rates increase that they’ll be caught without a way to pay for long-term care. However, there are affordable ways to pay for Alzheimer’s. Here are a few tips.

Plan Ahead for Medicaid

Qualifying for Medicaid can be an involved process in itself, and there are attorneys and financial advisors who can help to determine what is the best strategy to pay for long-term care. Some financial advisors recommend that if your loved one needs to withdraw from their savings to pay for care, start taking money from IRAs or other taxable reserves because the taxes incurred by paying for those can be offset by tax breaks related to medical care. To determine what works best in your situation, consult with your financial advisor.

Remember that there is a review period of five years where Medicaid tracks your finances and determines eligibility, so do this as soon as possible.

Reverse Mortgage

For individuals whose net worth is composed largely of the value of their home, reverse mortgages are a way to quickly access money from the home’s equity and use it to pay for unexpected expenses. You can still live in the house, and you won’t have to make any payments back on the loan. As long as this is done responsibly, it can be beneficial and helpful.

Local Council on Aging

There are often local resources such as senior care offices or Councils on Aging, which gather data on local resources and can help individuals identify care and resources that best fit their individual circumstances. They can help provide for any expenses that might incur, including rides to care facilities and home visits.

Community Care Services

Nursing care doesn’t always have to be the first option that a person turns to when they look for care options for their loved one with Alzheimer’s. There are programs like adult day care and visiting aides who can meet a patient where they’re at and give them the right level of care. The first step is receiving an evaluation by a medical professional to determine the level of mental and physical care that your loved one might require, which can also help you figure out where your costs will go.

Long-term Insurance

The sooner you acquire long-term insurance, the cheaper the premiums, so try to purchase it as soon as possible. Long-term insurance can help you cover any costs that aren’t covered by Medicare or Medicaid, which is why it’s so important.

Go Where Costs are Low

A recent article from Forbes mentioned data that shows the cost of long-term care across different states is widely divergent. Some states are much more affordable and provide better care for less. If you live in a state where care is more expensive, it might be worth considering moving. However, this is a big decision. Talk with your loved one and family about different options for care that might involve changing locations and see what your best options are. Weigh the pros and cons before making any big choices.

The National Institute on Aging offers information regarding signs and symptoms associated with different levels of Alzheimer’s or dementia. Use this to understand your loved one’s health status. This can be beneficial as you plan out finances for the future and help you know what to expect. It takes extra care and effort, but saving money is definitely possible.

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Hazel Bridges is the creator of AgingWellness.org, a website that aims to provide health and wellness resources for aging seniors. She’s a breast cancer survivor. She challenges herself to live life to the fullest and inspire others to do so as well.