Managing Financial, Legal & Insurance Issues

When you’re caring for someone with Alzheimer’s disease, financial, legal, and insurance issues can seem overwhelming and complex. Seeking the advice of a professional and becoming informed about the issues is recommended. This will help you feel confident as you make difficult decisions in your role as Alzheimer’s caregiver.

Financial Issues

An Alzheimer’s disease diagnosis is often accompanied by new financial demands that are required to maintain care both within the home and outside the home. To ensure that enough money will be available to provide continuing care, keep in mind that as the disease progresses, so do the care requirements. Consider evaluating the following:

• Care expenses, both now and in the future, such as doctor visits, prescription medications, home health aide services, and housing (such as assisted living or nursing homes).
• Current sources of income, such as insurance, personal savings, investments, and employee or retirement benefits.
• Other financial resources available through government organizations.

Legal Issues

It’s important to plan ahead and address legal issues as soon as a diagnosis is made. Advance directives are documents that help a person with Alzheimer’s disease state his or her wishes regarding treatment and end–of–life issues. These documents can include:

• Durable power of attorney for healthcare – appoints a person to make all decisions associated with health care.
• Living will – states a person’s preferences on decisions for medical treatment and artificial life support.
• Last Will & Testament – states, among other things, who has been appointed to manage the financial assets and beneficiaries of the person with Alzheimer’s disease.

Insurance Issues

Healthcare insurance can play a key role in helping to ease some of the financial burden of long–term care. Some families have private insurance and it’s important to research coverage and speak to the appropriate company representatives to make sure you understand all the benefits available under the policies.

The most common forms of insurance, provided by the U.S. government, include Medicaid and Medicare.

• Medicaid – Medicaid is a federal program whose eligibility and benefits vary by state. The program is typically administered by a state welfare agency. Medicaid covers all or a portion of nursing home costs. A person with Alzheimer’s disease can qualify to receive long–term care only if he or she has minimal income and cash assets. For more information, visit http://www.cms.hhs.gov/medicaid/.
• Medicare – Medicare is a federal health insurance program for people over age 65 who are receiving Social Security benefits, however, not everyone is eligible. Medicare covers inpatient hospital care and a portion of other medical expenses. Medicare covers some, but not all, of the services a person with Alzheimer’s disease may require. Applications for Medicare may be sent to a local Social Security office. For more information, visit  http://www.medicare.gov.
• Medicare Part D – The Medicare Prescription Drug Program is an optional program. If you elect the Medicare Prescription Drug Program, which is also called Medicare Part D, you can sign up with any one of several health insurance companies that serve your geographical area. In return for a monthly premium, the health insurance company provides you with some or the drugs you are taking are covered. For more information, visit http://www.medicare.gov.

As always, incorporating time for yourself and creating a network of support will be critical in helping you not to feel overwhelmed and alone. Do not forget that you and your loved one are managing this time together, and that both of you deserve the highest level of care and consideration.

Enjoy your week and as always please feel free to reach out to me if you have questions about your particular situation.

Sincerely,

Wendy

Wendy McIlnay is General Manager of Regency On Whidbey. Wendy has over 24 years in the senior living industry and is considered an expert in her field.  Regency is a nationally recognized leader in senior living, providing exceptional care and first-class amenities for its residents.