The Future is Now!
It's time to prepare for your loved one's legal and financial futures
Dear Caregivers,
Planning for your loved one’s legal and financial future is a vitally important part of any caregiver’s duties. However, even in the most loving families these subjects are often taboo, especially between parents and adult children.
Unfortunately, when Alzheimer’s disease is progressing there are many ways legal and financial affairs can become problematic. What is the plan for the future if you, the caregiver, are suddenly unable to continue your duties? How do you figure out how to access and pay for care for your loved one? And for many there will come a time when your loved one is no longer mentally able to make decisions for themselves — who will speak for them?
Given these challenges, there is a critical need to have a strategy for the future, and equally important to have a strategy for how to discuss this with your loved one.
Sometimes getting started on this conversation is the hardest part! One way to begin is to write out your thoughts, first, and craft the most succinct version of them that you can, keeping in mind your loved one’s mental abilities. Then you might consider starting that conversation with your loved one using “what if” questions, such as “Mom, what if you were too sick to pay the bills, and I needed to take over? Can you take me through your system?” Even if you don’t reach your goal with the first try at this conversation, if you’ve kept a positive and respectful tone, you will probably get another chance. Keep track of the concerns raised and seek out advice to work around it.
Preparing for the legal and financial hurdles of caregiving can be challenging! Here is some advice on how to make it work.
Have a Caregivers "Plan B":
No family caregiver wants to think they wouldn't be able to help their loved one. But the chance that something could happen to you that would make it impossible for you to provide care and support for your loved one makes it critical you identify an individual who is the best “Plan B” caregiver. This person should be able to quickly take over as advocate and guardian for your loved one in the event that it is needed. Here’s how to create your “Plan B”.
Paying for Care of Your Loved One:
One of the most confusing aspects of helping care for an aging relative can be understanding how to pay for the care they need, now and in the future. There is a misconception that a combination of Social Security and Medicare will provide coverage for most needs. Unfortunately, this is not the case. You need to understand the basic categories of care most often needed by elders, and the payment options available, including what Social Security and Medicare covers for elderly care — and what it doesn’t cover. Here’s an overview.
Learn the Basics of "Advanced Directives":
In situations where your loved one cannot speak for themselves, medical personnel will turn to the next of kin to get help in making important health decisions. It is important to have your loved one’s wishes of how to respond in a serious medical situation be known in advance, through several documents such as an Advanced Directive and Living Will. Here is what to consider in thinking about this important part of your caregiving journey.
Don’t Forget!
As part of the NAN community you have private access to unique content, including our exclusive Caregiving Essentials. This on-demand, educational video series explores critical aspects of caregiving, such as stress and communication. Our NAN Fun series offers videos that help you explore the world and take a healthy diversion from your daily chores.
If you can’t find the information you need on our website, you can always “Ask NAN” by clicking on this link:
And remember, YOUR NAN Navigator is always ready to hear from you so feel free to reach out to them with any questions or concerns.
Best,
Rosemary D Laird, MD, MHSA
Founder and Chief Medical Officer
“The future is not something we enter. The future is something we create.”
— Leonard I. Sweet
