Financial Tips After Receiving an Alzheimer’s Diagnosis
Receiving an Alzheimer’s diagnosis can be devastating for many families simply because of the financial aspect; even before the enormity of the diagnosis itself and what it means sets in, stress and anxiety can rear their ugly heads for the individual and for their family members. That’s why it’s so important to become educated on all the costs associated with a diagnosis and how best to pay for them. Knowing how much you might be expected to pay out of pocket for care and medications will help you plan for the future accordingly.
There are some options available to you, fortunately. Supplemental health care coverage is one, along with a life insurance policy payout that can provide a large sum of cash quickly to use for medical bills or a stay in the hospital or an assisted living facility. It’s never fun thinking about the future in these terms, but it’s crucial to have a plan in place that will help you keep control of the situation.
Keep reading for some great tips on how to cope with the costs of an Alzheimer’s diagnosis.
Consider Alternative Coverage
Coverage through a Medicare Advantage Plan can help you pay for the rising costs of Alzheimer’s disease because these plans provide additional coverage for medications as well as dental and vision care — coverage you won’t get through Medicare alone. You’ll want to find the best plan for you as there may be limitations on the prescriptions you can receive or specific sign-up dates when you can take advantage of this extra coverage.
Social Security Insurance
Social Security Disability Insurance may be available to you after an Alzheimer’s diagnosis as long as you meet certain criteria. This is a huge benefit for anyone who is unable to work as a result of their condition, as not having a steady paycheck can be devastating for many families. Talk to your doctor about whether you might be eligible for SSDI, or visit their website.
Find Out the Cost of Home Health Assistance
With an Alzheimer’s diagnosis, you may be in need of help at home in the future, and these costs can fluctuate. It’s important to know what to expect, especially when it comes to your specific needs. Many caregivers opt for flat or hourly rates, though they will likely charge more for healthcare services. Either way, you want to have an idea of what it will cost. The Alzheimer’s Associated notes the median costs for a home health aid is $22/hour and $132/day. Those numbers can add up quickly when you’re paying out of pocket.
Calculate the Cost of a Hospital Stay
It’s also wise to get familiar with your health insurance policy and to calculate the cost of a hospital or nursing home stay, especially since Medicare will only pay for a certain number of days. If you should need long-term care, you may want to consider selling a life insurance policy for a quick cash payout. Know the terms before you make any decisions, however, as this can greatly affect the amount available to your loved ones in the event of your death.
Look Into Memory Care
There will come a time when you will need to transition to a memory care facility. And while these are great options for seniors with Alzheimer’s and dementia, they can also be quite costly. A Place for Mom points out that the median price for a private room in a memory care facility is $8,562 a month. Considering the expense of this type of community, it’s important to research these facilities now so you can determine which will best fit your needs and budget.
Coping with the costs of a diagnosis that will affect you for the rest of your life can be extremely stressful, so it’s important to have a plan for how you will take care of yourself. Talk to a counselor or therapist who can help you handle the feelings associated with a diagnosis; boosting your mental health will help you enjoy life that much more. With a good plan, you can ease your mind and start preparing for you and your loved ones.