As you and your family evaluate your long-term care needs, it is important to consider financing options including health coverage, Medicare, and Medicaid. Long-term financial planning is important for everyone, but it is essential crucial if you are coping with the expense of a long-term illness such as Alzheimer's disease. Many people pay careful attention to their health after they are diagnosed with Alzheimer's. They research their treatment plan, take their medications on schedule, and consult with their doctors regularly. However, it may take some time for people with Alzheimer's disease and caregivers to realize that a progressive illness like Alzheimer's can have a tremendous effect on their financial well-being.
I didn't know anything about Alzheimer's before my mother and
my stepfather developed it at roughly the same time in the spring of 2005. I
was living outside of Portland, Oregon; they were living in Mission, Texas.
They were 86 and 84, respectively. I had tried to talk them into moving to an
assisted-living community in Portland previously, but they always said they
were doing fine. So I was surprised when my mother called one morning out of
the blue and said, "We need help."
My husband and...
Alzheimer's disease gets worse over time, and dealing with a progressive illness is difficult. There is no way to know how you will feel or what you will be able to do days, months, or years from now. But for your own security and that of your family, you need to plan ahead, knowing that Alzheimer's disease will lead to increasing disability. There are professional financial managers and medical lawyers who focus on financial planning for people with long-term or progressive illnesses. Ask your doctor for a referral, or speak with a national association or support group to find a reputable professional in this area.
If you are insured, either through your employer or a retirement policy, read all of the policies pertaining to long-term/progressive illnesses and make sure you understand what is and isn't covered by your plan. If you are unsure about the language or terminology, contact the personnel department or your financial planner.
If you are unemployed and don't have coverage, you should look for the highest level of coverage that you can afford. The Alzheimer's Association may be able to give you a list of insurers with a high level of Alzheimer's coverage.
If you are 65 or over, you qualify for Medicare. You can supplement this insurance with a "Medigap" policy available through a private insurer. Note also that many states have prescription assistance/reimbursement programs for low-income senior citizens.
If you are disabled but too young to qualify for Social Security, you may be eligible to receive a form of Medicare for the disabled.
If you cannot get insurance and your income is low, you may qualify for Medicaid, a government "safety net" program that pays for medical costs that exceed a person's ability to pay.
Investigate Long- and Short-term Disability Insurance
If you are no longer able to work, look into these options:
Private disability insurance. Check to see if your employer has private disability insurance, and contact your human resources department to investigate your eligibility, the cost of enrolling, and how much of your salary it will cover.
State-run disability programs. If you are too young to qualify for Social Security, state-run disability programs may be an option, unless you are enrolled in your employer's disability coverage.
Supplemental Security Income (SSI). If your total income is below a certain level, you may qualify for federally subsidized SSI. If you collect SSI, regardless of your age, you are a candidate for Medicaid.