When it comes to dementia, there exists a lot of information regarding the disease itself and what individuals can do to prevent it. However, there is little information on how the disease affects a family’s financial wellbeing or what they can do to soften the blow. This makes it difficult for Pennsylvania residents to adequately plan for life post-diagnosis. Alzheimer’s Association strives to change that by offering advice on how to prepare financially after a dementia diagnosis.
After you or someone you love receives a dementia diagnosis, it is understandable if the last thing you want to do is talk money. However, dementia causes considerable financial strain on the families it touches, thereby causing even more stress as the disease progresses. You can reduce the financial stress by preparing for care costs ahead of time. By doing so, the person who received the diagnosis can participate in the decision-making process.
Alzheimer’s Association discusses 10 tips you can implement to prepare for life with dementia. First and foremost, discuss your finances and future wishes as soon after receiving the diagnosis as possible. Next, organize and review important documents, including your estate plan. You may wish to retain the help of qualified legal and financial advisors as well.
Discuss with your loved ones all possible costs associated with the disease, including care and management and long-term living arrangements. Check your insurance policies to see what options you have available for reimbursement. Also, look into government programs for which you might qualify.
Meet with a tax consultant to figure out what, if any, tax breaks you might qualify for. Delve into your own finances to see what type of support you yourself can give. Look into free and affordable senior community services. Finally, consider how your personal property and benefits earned through work can work as a source of income as your health further declines.
This post is for informational purposes only. It should not be used as legal advice.