Lack of planning for Alzheimer’s
More than 15 million people care for loved ones suffering from Alzheimer’s disease. Most people are aware of the emotional toll of caregiving, but another unwanted result might be personal financial loss by the caregiver. On average, a person suffering from Alzheimer’s disease lives for eight to 12 years after diagnosis. Part of that time you may find yourself in a nursing home with costs approaching $6,000 per month.
The AgingCare survey found that 38 percent of Alzheimer’s caregivers provide more than 30 hours per week in unpaid care. The survey polled more than 1,600 caregivers for family members suffering from Alzheimer’s or another form of dementia. Almost two-thirds of caregivers are looking after a parent, and another fifth are caring for a spouse.
Caregivers specifically described their financial turmoil. More than half of the caregivers polled reported that their family finances had been strained as a result of the care, and around one-fifth polled had to take on a significant debt. In addition, caregiving for Alzheimer’s patients also costs some caregivers their careers. Nearly 30 percent of caregivers had to reduce their working hours, 25 percent had to quit their job and 17 percent had to take a pay cut or unpaid leave.
The best plan to protect assets from nursing home costs is to buy adequate long-term care insurance. If you don’t have adequate long-term care insurance, the next best plan is the Medicaid Asset Protection Trust that protects assets from long-term care costs after five years. If this interests you the time to act is more than five years before you face this possibly otherwise you looking at crisis planning with which the options are much more limited and your ability to protect assets is more limited. Call my office to discuss now.
You can read more about this in a blog written by
Bonnie Kraham: Cost of caregiving for those with Alzheimer’s
William Wombacher, your Central Illinois Certified Elder Law Attorney (CELA) and Social Security Disability Specialist. I’ll help you! http://www.wombacherlaw.com
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