Currently, millions of Americans aged 65 and older are living with Alzheimer’s disease, and an estimated two million more individuals are expected to become affected by the disease within the next five years. Alzheimer’s disease presents many challenges to seniors and their loved ones, as it often causes memory loss, impaired cognitive and speech function, and other difficult symptoms. Many Alzheimer’s patients require specialized care, especially as the disease advances and prevents individuals from living independently. As the number of individuals affected by Alzheimer’s continues to grow, here are some ways to prepare yourself and your loved ones for what lies ahead.
Significant Challenges For Alzheimer’s Patients
In addition to impaired cognitive functioning and other physical symptoms of the disease, those who develop Alzheimer’s often face substantial financial costs when considering their options for long-term care. According to the Alzheimer’s Association, Medicaid will likely face more than $51.2 billion-worth of payments to Alzheimer’s patients aged 65 or older in 2020 alone. Other families will face significant financial hardship when determining how to afford long-term care for a loved one afflicted with Alzheimer’s. While there are several care options available, such as adult day centers, in-home care, residential care, and more, they all require payment of some kind and can pose major challenges for individuals and their families.
Planning Ahead
The most useful step you can take right now is to plan ahead for long-term care, whether for yourself or your loved one. It’s helpful to meet with a financial planner or long-term care planning attorney to understand your options and discuss your goals. By examining all aspects of your financial situation, including insurance benefits, government assistance, retirement benefits, and personal savings, you can plan for a variety of care options depending on what the future may bring. Many people wish to remain in their homes for as long as possible, so it’s common to plan for an in-home caregiver until more skilled assistance is required. Whatever your circumstance and your goals may be, starting a conversation with a knowledgeable professional sooner rather than later can help you feel more confident and in control of your future.
Getting Started
While it may not be pleasant to think about a time when you can no longer care for yourself, it’s essential that you take some time today to protect yourself and your loved ones against an uncertain future. Make an appointment with a skilled long-term care planning attorney to learn more about your options.
Reach out to the dedicated legal team at Legacy Law Group today by calling our Spokane Valley office at (509) 315-8087.
