If your mother, father, or someone very close to you is suffering from Alzheimer's disease, we know how emotionally difficult it can be. It's hard to put into words the sadness you feel as you watch your loved one gradually change and lose their memory. But there is a very important side to these emotions that we sometimes forget to talk about. That is the financial side. Alzheimer's disease is a condition where symptoms gradually worsen over time. So the journey can be long. So, it is very important to think ahead and plan financially to cope with it.
Let's understand the cost of care
Alzheimer's disease is a condition in which symptoms such as memory loss, confusion, and difficulty expressing thoughts become worse over time. Patients typically live between 4 and 8 years after diagnosis, but some people can live as long as 20 years. This is why it is essential to have a long-term plan.
But remember, as the disease progresses, your plans may have to change.
Whenever possible, if your loved one can talk about their needs, include them in this discussion. Perhaps the whole family can come together to shoulder this financial burden. Perhaps you will have to face this alone. However, if possible, it is best to get family, relatives, and friends together to talk about short-term and long-term plans.
Below are some of the types of expenses you may face as the disease progresses.
| Expense type | Description |
|---|---|
| Medical fees | Fees for doctor visits, diagnostic tests, symptom management, and follow-up. |
| Medicines and equipment | Expenses for things like medications prescribed by the doctor, vitamins, skin care products, and adult diapers. |
| Home security | If the patient wanders out of the house without knowing it, expenses for installing special locks on the doors and windows of the house, and making the bathroom non-slip. |
| Day care centers | If you are going to work, the fees for adult day care services to take care of the patient during the day. |
| Home service | Hiring a nurse or aide to care for the patient at home. |
| Full-time care | The cost of being placed in a nursing home or specialized center that provides 24-hour care if the condition worsens. |
What financial resources are available to help?
It's normal to feel scared when you see these expenses. However, there are several ways that can help you cover these costs.
Your loved one may have a pension, personal savings , or an Employees' Provident Fund (EPF). Also, check out the following:
- Insurance: See if they have life insurance or health insurance. Some insurance policies may include special coverage for long-term conditions like this.
- Community Programs: In some areas, temples, churches, or other community organizations provide services such as free or low-cost meals and transportation to the doctor. These can save money.
- Government Support: In other countries, in such cases, the government provides special benefits (like Medicaid) or disability benefits (like Disability Income). In our country, you can also find out if the Department of Social Services has any relief programs for the elderly or those with special needs. Try to find out more about this from the Divisional Secretariat.
- Property and Investments: If they have land, houses, or other investments, the income from them can be used for these expenses.
Take care of other financial responsibilities as well.
In addition to the cost of care, you also need to pay attention to your loved one's personal finances. This includes paying bills on time, filing insurance claims, paying annual taxes, and managing their investments.
Most importantly: Remember, there may be financial scams targeting elderly or sick people. So be very careful with their money and belongings. Avoid giving out bank details to strangers.
The benefits of getting expert help
Trying to do all this on your own can be overwhelming. Getting expert help with these financial and legal matters can help you focus your full attention on caring for your loved one.
- Lawyer: A lawyer who is knowledgeable about legal matters related to adults can guide you. Especially, preparing things like Wills and Powers of Attorney legally can help prevent many problems that may arise in the future.
- Financial Adviser: A financial adviser who specializes in financial planning for elder care can advise you on how to make the most of your resources and manage your money over the long term.
Keep the necessary documents in order.
Whether you do these financial tasks yourself or delegate them to a specialist, it is very important to keep the necessary documents in one place. This will save you time and effort. As soon as possible, gather the following documents and keep them in a file.
- Bank account information
- Details of bills and debts to be paid
- Investment account information
- Documents related to mortgage or rental income
- Property deeds
- Documents related to things like pensions and Employees Provident Fund
- Stock and bond certificates
- Wills, plus medical and durable powers of attorney
This journey is challenging, but if you plan properly and don't hesitate to ask for help when needed, you and your loved one will be able to get through this time a little easier.
Take-Home Message
- Since Alzheimer's disease is a long-term condition, plan financially as early as possible.
- Don't be alone on this journey. Gather with family and friends to discuss and make decisions.
- Get a clear understanding of all possible costs . Talk to your doctor about this.
- Explore all financial resources, such as savings, insurance, and community-based programs.
- Keep necessary legal documents (last wills, licenses) and financial documents in order.
- Don't hesitate to seek the help of a professional, such as a lawyer or financial advisor.
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