ALZHEIMER’S ASSOCIATION: Iowa Chapter Tips to Help Families Facing Alzheimer’s Plan for Financial Impact During Financial Wellness Month By Lauren Livingston Alzheimer’s Association: The Alzheimer’s Association wants to remind families of the importance of financial planning during Financial Wellness Month in January. After a diagnosis of Alzheimer’s or other dementia, financial planning often gets pushed aside because of the stress and fear this topic evokes. However, you can reduce stress by planning ahead. The Association offers tips to help reduce the financial stress and ways to proactively plan for the financial impact of Alzheimer’s and dementia. Some of these tips include: • Look at retirement planning as a time to think about how to prepare for the need for long-term medical care. After an Alzheimer’s diagnosis, your options may be more limited. • Conduct an inventory of your financial resources (savings, insurance, retirement benefits, government assistance, VA benefits, etc.). A financial planner or elder care attorney can help. • Understand the role and limitations of Medicare, Medicaid and other insurance options. An Alzheimer’s Association report found that nearly two out of three people incorrectly believe that Medicare helps pay for nursing home care, or were unsure whether it did. Disease-related costs can jeopardize a family’s financial security causing many families and caregivers to make enormous personal and financial sacrifices. The 2021 Alzheimer’s Association Alzheimer’s Disease Facts and Figures report found some staggering results: • In 2020, the lifetime cost of care for a person living with dementia was $373,527. • Average out-of-pocket costs for health care and long-term care services not covered by Medicare, Medicaid and private insurance exceed $11,500 annually.
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