The symptoms of Alzheimer's disease may make it difficult to take care of your loved one's financial matters alone. In addition, the disease may make new demands on your loved one's financial situation. But the person with mild to moderate Alzheimer's disease and the caregiver can work together and help get additional assistance when it is needed. This way you can make the numbers add up for your loved one.
Organizing Your Loved One's Paperwork
The first thing to do is locate important financial papers. Items that you need to find include:
Bankbooks
Checkbooks
Insurance policies
Stock certificates and investment statements
Property and car titles
Retirement or disability benefits
Knowing where these key items are will help you handle things more easily in the future.
Planning for Today and for the Future
The diagnosis of mild to moderate Alzheimer's disease means that the two of you, and perhaps other members of your family, need to make some financial and legal decisions. It is important to plan now so that the person with mild to moderate Alzheimer's disease will be able to participate fully in decision making.
Among the things you will need to consider is the cost of care. Alzheimer's disease care can be costly. Families may pay close to $40,000 a year for home health aides. For those living in assisted living facilities or nursing homes, the cost varies from $40,000 to more than $70,000 a year. These costs are not paid by most health insurance policies or Medicare.
Get a worksheet that will help you figure out your monthly finances
