Alzheimer’s disease is the most common form of dementia. The disease causes a person’s brain to shrink, and it leads to memory loss and other cognitive problems. People with Alzheimer’s need care that goes beyond what friends and family can provide—and it can be very expensive. The costs associated with alzheimer’s care in Greenville, SC are high; however, there are steps you can take now to reduce the burden on yourself later on.
Assess The Needs Of Your Loved One
The first step in managing the costs of Alzheimer’s care is to determine what kind of care is needed. The type of care can be determined by looking at your loved one’s needs, as well as their finances. If you have access to medical records, it will be easier for you to assess their needs and determine the type of care that is required. You should also assess how much care will be needed, how long it will take for your loved one to need this level of support and who will provide the necessary support.
Seek Professional Help For Financial Planning
Even though you may be a whiz at managing your own finances, there are some aspects of caring for an elderly loved one that you should leave to the professionals. Financial planning is one of those areas.
You shouldn’t try to tackle it alone—or even let it wait until later, when you’re facing a crisis and need to make decisions quickly. Take advantage of the time before things get stressful by working with an elder care attorney or accountant who can guide you through the process and help ensure that all your bases are covered.
Once again: don’t wait until things get tough! There’s no reason not to include this important task in your long-term plan—and while your financial advisor may recommend some fairly complex steps (such as placing money into trusts), he or she can also simplify matters by providing an overview of what needs done, whom it should be done by, and why now is the best time for action on these fronts.
Consider A Trust
You may be able to set up a trust that will help you manage the costs of care. The trust can be used to pay for long-term care, medical expenses, and home care services. Using a trust allows you to specify who will receive the money if your loved one dies before she needs long-term care or your family wants to provide financial assistance until she qualifies for government benefits.
Talk To Your Family
If you have a good relationship with your family, talking about financial issues may help them understand why you’re making certain decisions and how it affects the entire family. It may also give them an opportunity to offer assistance or services that could help ease the burden on you while caring for your loved one with Alzheimer’s.
If they do not want to get involved in taking care of their relative but still want to help financially, they might be able to make monthly contributions toward household expenses that would reduce your costs as well as provide support during difficult times. This could include paying a portion of rent or mortgage payments each month instead of having one lump sum payment due every year at tax time.
Get Social Security Involved As Soon As Possible
Social Security may be able to pay some of the costs of care, depending on your income. Social Security will determine if you are eligible for benefits and if so, how much you will receive each month. This can help with medical bills and other expenses related to having someone at home who is caring for an Alzheimer’s patient.
We hope this article has helped you understand the costs of Alzheimer’s care and how to plan for them. We also want to remind you that there are many resources available, from social security to charities like the Alzheimer’s Association. The sooner you start planning your finances, the better off your loved one will be in later years.