‘Take Inventory’ During Financial Wellness Month | News, Sports, Jobs

January is Financial Wellness Month and the Alzheimer’s Association encourages people to proactively plan for the financial impact of Alzheimer’s disease, the nation’s costliest disease.

While the costs associated with the disease can be enormous and put enormous economic strain on families, the Association offers advice to help reduce financial stress and ways to proactively plan for the financial impact of illness. Alzheimer’s and dementia. Some include:

– Think of retirement planning as a time to think about how to prepare for the need for long-term medical care. After an Alzheimer’s diagnosis, your options may be more limited.

– Make an inventory of your financial resources (savings, insurance, retirement, government aid, VA benefits, etc.). A financial planner or an attorney who specializes in elder care can help.

– Improve your understanding of the role and limits of Medicare, Medicaid and other insurance options. A report by the Alzheimer’s Association found that nearly two in three people mistakenly believe Medicare helps pay for nursing home care, or don’t know if it does.

– Find out about long-term care services (for example, home care, assisted living facilities and nursing homes) in your area. Ask what types of insurance they accept and whether they accept Medicaid, because few people with Alzheimer’s disease and other dementias have sufficient long-term care insurance or can afford to pay for services out of pocket. long-term care for as long as they are. needed.

Illness-related costs can compromise a family’s financial security, forcing many families and caregivers to make enormous personal and financial sacrifices. The 2020 Alzheimer’s Association Alzheimer’s Disease Facts and Figures report revealed some staggering findings:

– In 2020, the lifetime cost of caring for someone with dementia was $373,527.

– The average out-of-pocket for health care and long-term care services not covered by Medicare, Medicaid, and private insurance exceeds $10,000 per year.

– Almost half (48%) of contributors have to reduce their own expenses – including basic necessities like food, transport and medical care – to afford dementia-related care, while others have to draw on their own savings or retirement funds.

– Few people with Alzheimer’s disease or other dementias have sufficient long-term care insurance or can afford to pay for long-term care services out of pocket for as long as these services are needed.

– Of the total cost of caring for a person with dementia for life, 70% is borne by families, either through health and long-term care costs or through the value of unpaid care. remunerated

– Alzheimer’s disease can also have a significant impact on the earning potential of a person with the disease or their caregiver. 18% of dementia caregivers moved from full-time to part-time or reduced hours. 9% of caregivers have completely stopped working. 6% took early retirement.

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