We often avoid difficult financial conversations until they become unavoidable, which is always too late. This also tends to hold true for discussions about our health and the health of our loved ones, particularly when it comes to diseases like Alzheimer’s and other types of dementia. Despite the widespread impact of Alzheimer’s, which currently affects one in nine Americans aged 65 or older, the reluctance to address the financial challenges associated with the disease persists.
Unfortunately, putting off this process can have dire consequences. If discussions are held in time, there is a greater chance that the person living with dementia will be able to participate in the discussions. Without this, it’s more challenging for caregivers to make accommodations, which is why helping retirees plan for the financial impact of Alzheimer’s and dementia starts with early communication. Alzheimer’s and finances: Getting the conversation started In 2022, the lifetime cost of care for an individual living with dementia was nearly $400,000, with 70% of those costs falling on caregivers. Out-of-pocket costs for healthcare, unpaid caregiving, and long-term care services (those costs not covered by Medicare, Medicaid, or private insurance) take a financial toll on caregivers and individuals with Alzheimer’s and other dementias. Most of us cannot face this burden alone. We recommend having these conversations as early as possible to ensure caregivers fully understand their loved ones’ preferences and can put plans in place for current and future care needs. Whether we are presented with a diagnosis or suspect a loved one is showing signs of dementia, we must understand that initiating conversations about the financial burden of the illness as early as possible is crucial. While approaching the topic is uncomfortable, delaying such discussions can lead to increased financial and emotional strain on both patients and caregivers. To make thes …
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Unfortunately, putting off this process can have dire consequences. If discussions are held in time, there is a greater chance that the person living with dementia will be able to participate in the discussions. Without this, it’s more challenging for caregivers to make accommodations, which is why helping retirees plan for the financial impact of Alzheimer’s and dementia starts with early communication. Alzheimer’s and finances: Getting the conversation started In 2022, the lifetime cost of care for an individual living with dementia was nearly $400,000, with 70% of those costs falling on caregivers. Out-of-pocket costs for healthcare, unpaid caregiving, and long-term care services (those costs not covered by Medicare, Medicaid, or private insurance) take a financial toll on caregivers and individuals with Alzheimer’s and other dementias. Most of us cannot face this burden alone. We recommend having these conversations as early as possible to ensure caregivers fully understand their loved ones’ preferences and can put plans in place for current and future care needs. Whether we are presented with a diagnosis or suspect a loved one is showing signs of dementia, we must understand that initiating conversations about the financial burden of the illness as early as possible is crucial. While approaching the topic is uncomfortable, delaying such discussions can lead to increased financial and emotional strain on both patients and caregivers. To make thes …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]