Alzheimer’s disease is a progressive brain disorder that gradually destroys thinking skills and the memory of a person. Together with cancer and heart disease, it is one of the primary causes of deaths in older people. Being diagnosed with Alzheimer’s can change your life. It will be very difficult emotional and physically and your financial costs will be higher According to a study, caring for people with dementia or Alzheimer’s worldwide can cost up to $600 billion.
Thankfully, even if the expenses are huge, there are a number of resources that can help with the costs of Alzheimer’s care. Below are some ways that you can do to help with your finances.
There are a lot of insurance plans but some only has coverage with those that have Alzheimer’s. Check with the insurance company to see if they cover it and find out what can you get from them.
- Disability insurance. Disability insurance pays for the insured if they are no longer capable of working due to physical injury or illness. If you have acquired disability insurance before you were diagnosed with Alzheimer’s, you are very lucky. They’ll still be able to honor your contract but might change once it ends.
- Health insurance. It is recommended for you to get health insurance right away if you have Alzheimer’s because medical care can be very expensive. You can opt for an early retirement health insurance if you still fit the bracket because you typically get more benefits the younger you are.
- Life insurance. The amount that you can benefit from life insurance will vary based on your age, health, amount of your coverage and your deductibles. You could take out a viatical loan where it is determined that the life expectancy of the insured is short due to a terminal illness. Some offer accelerated death benefits which is similar to a viatical loan.
- Progressive disabilities insurance. This is not commonly offered in insurance companies. This is specific for people that have progressive disabilities such as Alzheimer’s, multiple sclerosis and muscular dystrophy. They are disabilities that can develop more over time. Because the health condition changes, your health benefits and other aspects will also change.
Personal assets are possessions of the one that has Alzheimer’s or his or her family members. They can be used as a source of income. There are two types, tangible and non-tangible personal assets. Examples of physical personal assets are real estate, bonds, stocks and money coming from savings accounts. Non-tangible personal assets include copyrights, patents, permits, trademarks trade secrets and a lot more.
These are programs or organizations that are sponsored by the government. Examples include Medicare, Medicaid, Medigap Insurance, veteran benefits, Social Security Disability Income (SSDI). To find out more, check on your government’s policy about Alzheimer’s coverage.
Retirement benefits are plans that come from your retirement insurance plan. One good thing about retirement benefits is that you can start using the money even if you are not within retirement age yet as long as the worker is considered as disabled.
Retirement plans have two important ways to acquire your money. These are:
- Individual Retirement Accounts or IRAs. They are either on a tax deferred basis or tax-free. There are three kinds of IRAs.
- Traditional IRA. Any contribution you make can be deducted on tax returns and earnings may be tax-deferred until used in retirement.
- Roth IRA. The contributions you make are after tax and when retired, withdrawals are tax-free.
- Rollover IRA. The money invested can be rolled over to a different retirement plan.
- This is a fixed amount of money that is paid for the beneficiary’s entire life.
If you wish to still work even if you have Alzheimer’s, you can get benefits such as paid sick leaves and get short-term disability benefits.
There are non-profit organizations or community organizations that give free or low-cost services for those with Alzheimer’s. It includes transportation, support groups, respite care and even home cooked and delivered meals. If there’s none in your area, you can arrange informal care using volunteers, neighbors, friends and of course family members.
Always be up to date with the latest news about Alzheimer’s. In order for you to maximize your finances, you can do the steps above. Aside from financial assistance, the best way to cope with Alzheimer’s is having a great support network (family, friends and even support group) and good management skills.