An Alzheimer’s diagnosis is hard enough. But considering the long-term financial ramifications of paying for care as symptoms get worse can be crippling. Instead of worrying too much about what the future might bring, there are ways to help manage eldercare costs associated with your new diagnosis.
For more information on what to do after you receive an Alzheimer’s diagnosis and why it’s important to speak to a financial advisor. Read on to learn more.
People often wonder about the difference between Alzheimers vs dementia. In short, dementia is an umbrella symptom that means a decline in memory, clarity, and sometimes the ability to complete daily tasks or function as a person once did. It can be a normal part of aging and show up with a variety of diagnoses. Alzheimer’s, however, is very specific and will require a plan for long-term care before symptoms worsen. According to the Alzheimer’s Association, Alzheimer’s is one of the most common causes of dementia. Alzheimer’s is a specific disease whereas dementia is not.
Because Alzheimer’s is a serious disease that will eventually mean the lack of ability to make decisions for yourself, you will want to find someone to look out for your best interests starting now. In talking to a financial planner, friends, family, your medical team, and even a therapist, you will set yourself up for better care going forward.
Insurance companies will be the first place medical facilities look and bill when it comes to long-term care costs. But they certainly won’t be the last. Talking to a financial advisor now could save you a big portion of the money you’ve worked your whole life for. For example, financial planners in East Syracuse, NY would be a smart place for someone in that area to call now if they or their loved one have just been diagnosed with Alzheimer’s.
A financial planner will be able to help you compile your bills, assets, equities, and even look at your coverage policies to help you make decisions in your best interest about the cost of eldercare ahead. They might advise selling properties, gifting homes or vehicles, liquidating, and/or moving money around so that you are in the best shape to pay for anticipated medical care.
How to Prepare
While a financial advisor will be important, you don’t want to handle this alone. Bring with you a trusted family member or friend. It will be important to have another contact who can help you navigate the paperwork and proofs required to make financial choices and plans that will save you money in the end. For this, consider your next of kin (closest blood relative) or spouse.
Before setting up an appointment or even making that initial call, work with the person you have chosen to help you to set up your financial portfolio to the best of your ability. Lists of everything you own, expenses, investments, and anything in your bigger financial picture will be helpful. This is important because the financial advisor will want to know everything you own or owe ahead of time in order to assist you when the time comes for long-term care or even in-home services; often not covered by Medicare.
A diagnosis like this is scary to anyone but if you do some quick planning now, you will be in a better spot if your symptoms do get worse. Choosing a financial advisor you trust will go a long way in giving your family peace of mind later on. Not only will they help you retain what you’ve worked your whole life for, but they will know how to navigate the expenses down the road. Like you, they will focus on a plan for the future that will be in the best interest of all.