Alzheimer’s disease is already overwhelming for the person suffering from the disease and for the loved ones around. There is currently no cure for this disease and it is in the top causes of death in the United States. If you or a loved one has been diagnosed with Alzheimer’s disease or dementia there are some ways you should plan legally and financially.
Average costs for rooms in a nursing home can be over $7,000 a month. These costs can become difficult and expensive very quickly. So how do you go about handling and paying for these costs with Long Term Care Insurance?
There are three main documents that you should have in line first.
- A financial power of attorney: This document helps someone who is not able to make their own financial decisions work with someone who is able to make these decisions
- Medical power of attorney: This document helps someone who is not able to make medical decisions for themselves work with someone who is able to make these decisions for them
- Financial and medical power of attorney: This is personalized to the individual but it’s a document that instructs both the financial and medical power of attorney on how to provide the best care for the person they are working with.
All three of these documents will come into place and create a foundation of the best decisions for the person that is diagnosed with Alzheimer’s or dementia. After you have these documents in place then you can move onto the next step which is how you are going to pay for the expensive costs. Long Term Care Insurance is the best way to go, but there are many different options on long term care so it’s important that you determine which one is the best for you or a loved one.
Families can choose to pay for long term care privately which would mean that they would use their savings account or retirement savings to help fund the proper care. Most families tend to start here but it can be challenging and stressful to depend on their personal funds alone. This tends to lead some of the costs falling onto the children to help pay for the costs. It’s not often that the children will handle the costs of Alzheimer’s disease but they do spend a lot of time helping their loved one who is suffering from this disease.
Choosing the right type of Long Term Care Insurance have really great benefits just be sure to set this up prior to the diagnoses of Alzheimer’s or dementia.
For more information on Long Term Care Insurance be sure to checkout LTC TREE