Alzheimer’s Disease: How To Cover The Costs

4th Jun 2024

When a loved one is diagnosed with a disease like Alzheimer’s, there are so many things to think about. From figuring out what kind of care is required to how it will be paid for, the details can quickly become overwhelming. Some individuals who are diagnosed with Alzheimer’s require long-term care, meaning a hospital or assisted living facility stay, while others can stay at home if they have someone to help them with everyday activities. Every case is different, so it’s important to think about your personal needs.

Fortunately, there are a few different ways you can prepare for covering the cost of treatment and care. Knowing exactly what your insurance covers and how to find supplemental insurance will help in the long run, so sit down with a representative from your insurance company to get a good idea of what to expect. Keep reading for some great tips from Adaptive Clothing Showroom on how to cover the costs associated with an Alzheimer’s diagnosis.

Preparing to Seek Care

Talking with your loved one about beginning memory care for Alzheimer's disease is a delicate but essential conversation. Preparing for the discussion involves gathering information about memory care options and understanding your loved one’s preferences and concerns. It's important to have this conversation well before it becomes necessary to act, allowing your loved one time to process the information and participate in decision-making. Approach the topic with empathy and patience, emphasizing that the goal is to ensure their safety, comfort, and well-being as their needs change.

Making Changes

Helping your loved one make changes due to Alzheimer's involves thoughtful adjustments to enhance their daily comfort and independence. One practical step is purchasing adaptive clothing from Adaptive Clothing Showroom, which offers specially designed garments to make dressing easier. These clothes feature adaptive closures, such as Velcro and magnetic buttons, reducing the frustration and difficulty associated with traditional clothing. By providing adaptive clothing, you can help your loved one maintain their dignity and ease their daily routine, contributing to a more supportive and compassionate care environment.

Look for Supplemental Coverage

While Medicare will pay for some medical costs, there may be some medicines or treatments that don’t fall under their umbrella. Supplemental insurance like Medicare Advantage plans offer the same coverage as Medicare Parts A and B, with some plans like those from Anthem including benefits for prescriptions, dental, vision, and hearing. Just be sure to pay attention to enrollment dates if this is a coverage you want to pursue.

Saving with Smart Tech

Smart technology, such as a smart thermostat at home, can help you save money for your loved one's Alzheimer's care by optimizing energy use and reducing utility bills. These devices learn your schedule and adjust temperatures automatically, ensuring efficient heating and cooling without unnecessary energy waste. To ensure your smart thermostat functions properly, take advantage of free online troubleshooting resources that provide guidance on setup, maintenance, and problem-solving. By maximizing the efficiency of your home’s energy consumption, you can allocate more funds toward quality care and support for your loved one.

Consider a Reverse Mortgage

While many of us have heard horror stories about reverse mortgages, American Advisors Group notes it can actually be a huge benefit if handled correctly and as long as you have enough equity built up in your home to allow for a large enough payout. The first step is finding out how much your home is actually worth by using an online calculator to determine property value, then find help from people who care about your situation. There are many reputable companies that can help guide you through the process without leaving you feeling overwhelmed.

Use Retirement Benefits

Even if the individual diagnosed with Alzheimer’s hasn’t yet reached retirement age, a retirement benefit package can be of great assistance during this time. However, there are many things to consider with this option; for instance, you may be able to draw money from an IRA account without paying a penalty, but it will be considered taxable income. If possible, wait until retirement age to withdraw any money, since you will likely be in a lower tax bracket at that point.

Figure Out the Out-of-Pocket Costs

The out-of-pocket costs of Alzheimer’s disease can vary greatly, with some individuals paying in excess of $900 per month. It’s important to be informed about exactly how much you will be responsible for. Medications to treat the disease can very quickly become overwhelming to plan for, to say the least. Take a look at your insurance coverage to find out what they will pay for and how much generic options are; in some cases, there may be alternatives that will work better for your needs.

Planning for covering the costs of Alzheimer’s can be extremely stressful and could even lead to depression or other mood disorders, so it’s important to take care of yourself during this challenging time. Finding ways to reduce stress and anxiety will help you to focus on taking care of your needs and boosting the energy you need to face each day’s trials. Talk to your friends and family to get everyone on the same page and to garner support while you figure out which steps to take first. With some careful planning and a little assistance from the people who know you best, you can begin to plan for your needs, both now and in the future.