How to financially prepare for alzheimer’s

Herrera helped care for his in-laws as part of a team — he, his spouse and his father-in-law all worked together as his mother-in-law’s dementia progressed and she needed more care. “I was

able to take off from work when things got a little more difficult,” he says. “And at one point, we just moved in, and we were able to do more hands-on care. Sometimes somebody slept at

night, and sometimes they didn’t.” 2. GET LEGAL AND FINANCIAL DOCUMENTS IN ORDER. Talk with your loved one about their wishes and find out about their insurance and financial accounts.

Experts suggest establishing a well-organized filing system as soon as possible for tax, legal and insurance purposes. Herrera’s mother-in-law had a file cabinet with all the important

paperwork, account numbers and contact information, which became especially helpful with managing finances as her dementia progressed. The Alzheimer’s Association has a Legal and Financial

Worksheet that can help organize this important information. AARP has a wealth of resources to help you during this critical stage. As soon as possible after a diagnosis, complete the legal

documents giving a family member or trusted person the legal authority to make financial and medical decisions on behalf of the person with dementia when they are unable to do so themselves

— even though they are not at that stage yet. A power of attorney lets someone make financial decisions and access bank accounts to help pay bills. A health care proxy lets the caretaker

make medical decisions. Maria Maldonado of Syracuse, New York, who cared for her mother for 10 years before she died in January, wished she would have taken this step earlier in her mother’s

battle with dementia. Her mother’s Alzheimer’s was relatively stable for about eight years, then she had a stroke, and everything changed. “My mom could no longer walk on her own, eat on

her own, and things became really scary,” Maldonado says. “I could not get power of attorney because my mom could not give the attorney permission to add me and she couldn’t sign, so I had

to fight for rights to her bank account.” An elder law attorney can help you with this paperwork — you can find one in your area at the National Academy of Elder Law Attorneys (NAELA)

website. Some elder law attorneys work with local bar associations to provide these documents pro bono once a year, says Bridget O’Brien Swartz, vice president and fiduciary counsel at

Mission Management and Trust Co. in Phoenix. Some banks require their own power of attorney forms. You can find advance directive forms by state at AARP.org, which can include a health care

proxy. 3. FIND OUT ABOUT ELIGIBILITY FOR BENEFITS FOR EARLY ALZHEIMER’S. Someone with early-onset Alzheimer’s who is younger than 65 can qualify for fast-track eligibility for Social

Security Disability Insurance (SSDI) benefits, which provide monthly payments. After two years of receiving SSDI benefits, they can qualify for Medicare before age 65. See the Alzheimer’s

Association guide for more information about applying for these benefits. 4. KEEP ON TOP OF HEALTH AND DRUG COVERAGE. Even though Medicare doesn’t cover custodial long-term care, it does

cover other medical care. You may have to pay some out-of-pocket costs for health care that is covered by Medicare, such as deductibles and copayments, but you can buy a private supplemental

policy (Medigap) to cover those expenses or a Medicare Advantage plan that provides health and drug coverage. Under Medicare Advantage, make sure the patient’s neurologist and other

specialists are included in the plan’s network. People with low income and assets may qualify for health coverage from Medicaid or a Medicare Savings Program to help with Medicare premiums

and copayments. Choose a Medicare Part D prescription drug plan or Medicare Advantage plan that includes their medications. They may qualify for the Extra Help program to help pay Part D

premiums and copayments if their income is below a certain level. You can compare all of the Medicare Advantage and Part D plans available in the area using the Medicare Plan Finder, which

is available in English and Spanish. Each state has a State Health Insurance Assistance Program (SHIP) that can provide free personalized assistance to help enroll in Medicare and choose

plans. People can switch Part D or Medicare Advantage plans during open enrollment every year from Oct. 15 to Dec. 7. 5. FIND OUT ABOUT LOCAL RESOURCES THAT CAN HELP. Even if you are

providing care at home, you may get help from several programs, such as Meals on Wheels, adult day programs, transportation to doctor’s appointments, respite for caregivers, programs that

provide home modifications and caregiver support groups. You can find out about many of these programs from your local Area Agency on Aging (find contact information for programs by ZIP code

through the Eldercare Locator). “We help them piece together the care that they need,” says Tatiana Fassieux, who provides counseling in English and Spanish at the Passages Area Agency on

Aging in Chico, California, and for the local SHIP. Sometimes it’s hard to take the first step to seek help. “Being Hispanic myself, I see this in the culture that they don’t seek out help

because it’s a community where we want to take care of our own,” says Jessica Melchor, program services and education specialist for the Passages Caregiver Resource Center, one of 11 such

centers in California that are part of the Area Agencies on Aging. “Talking with some Hispanic clients in the past, what’s been beneficial is you build that trust, so they feel comfortable

calling you and contacting you for resources and providing them with tools. It’s never too early to start researching.” The resource center helps them navigate the state and local support

programs. One of the most popular is short-term respite care, which provides vouchers to pay a home health aide so family members can get a break. Eligibility is based on an assessment from

a family consultant who determines the long-term care needs. Senior centers may host regular caregiver support meetings and provide other resources. Herrera provides financial counseling in

Spanish and English at senior centers in San Antonio through the city’s Financial Empowerment Center (FEC). FECs provide free one-on-one financial counseling through more than 40 local

governments throughout the country. STAGE 2: MIDDLE-STAGE ALZHEIMER’S The middle stage of Alzheimer’s is often the longest and can last for many years. Symptoms vary from forgetting one’s

personal history to wandering off. The disease becomes more apparent, and the person with Alzheimer’s will need greater care to carry out daily activities. At this stage, you may realize you

need extra support to care for your loved one. Some questions to consider: Will you be able to get extra help from a home health aide? Is there an assisted living facility with a memory

care unit in your area, and is there a waitlist? Does your relative qualify for any programs that can help with the costs? HERE ARE TWO OF THE MOST IMPORTANT STEPS TO TAKE: 1. FIND OUT ABOUT

THE COST OF DIFFERENT TYPES OF LONG-TERM CARE IN YOUR AREA, which can vary widely by location. In San Antonio, for example, home care workers receive about $28 per hour, 24-hour home care

costs about $15,000 per month, and assisted living generally costs about $4,000, but memory care in assisted living is about $6,000 per month, and nursing home care is about $7,000 to

$9,000 per month, says Byron Cordes, a professional in aging life care with Sage Care Management in San Antonio. The AARP Long-Term Care Cost Calculator can help you get an idea of these

expenses.