Alzheimer's disease doesn't just come with a high emotional expense. The financial requirements are also enormous. Basic care in an assisted living facility starts around $43,000 a year, which is a considerable investment. If you are financially responsible for the care of someone with Alzheimer's, it's helpful to be informed on some of the ways to keep your financial contribution more manageable.
Start Early
Don't want until your loved one needs assisted living care to start considering finances. Once your loved one has been diagnosed with this disease, start speaking with an elder law attorney. Given their medical standing, accessing your loved one's financial information can be quite complicated. You will need the assistance of an attorney to see what financial contribution your loved one will be able to make. Since this process can take some time, make sure you start early.
Don't Overlook Military Service
Some overlook benefits offered by the Department of Veterans Affairs because there is a misconception that benefits are only extended to those who served for a lengthy period of time. While some service length requirements do exist, there are many exceptions. No matter how long they served, anyone who was discharged due to a non-preexisting health concern or served in Vietnam can be awarded benefits to help cover the cost of long-term health care.
Research Life Insurance Polices
Research the terms of your loved one's life insurance policy. If they have a universal or whole-life insurance policy in good standing, they may be able to take out a loan on the policy to help cover the cost of care. Some polices also offer what is known as an accelerated death benefit to people who have been diagnosed with a chronic or terminal condition. You can contact a representative from the company for specific details about their policy.
Speak With A Facility Representative
Don't overlook the assistance a representative from the assisted living facility can afford you. These professionals aren't just well versed on the center, but also a host of programs designed to help families pay for the care their loved one needs. There are some companies that offer grants and other financial assistance to help with expenses. The facility may also have an in-house program for applicants who need care, but are facing financial difficulties.
Getting your loved one the care they need is important; however, keeping your contribution to their care manageable, is also a priority. Keep your eyes open for ways to help cover costs. For more information, contact Haven Care or a similar organization.
