Money Talks!
Dear Caregivers,
Now that the sparkle has faded from the new year’s celebrations, it’s time to get down to some basics. One of those basics, which most people don’t enjoy thinking or talking about very much, is money. Yet doing a financial overview at this point in the year can help you prepare and adjust for the following months, giving you peace of mind and reducing your stress levels.
It’s critical to include your loved one as much as possible in these discussions, if at all possible, as talking with them about financial matters might become more challenging as the years go by. It’s best to start those conversations now, if you can!
Here are a few steps you might consider:
Get Organized: Do you have all your loved one’s financial documents in one place, where you can access them easily? These might include bank statements, insurance policies, and any retirement accounts and other income sources. Talk with your loved one about putting yourself as a co-signer on their bank accounts. That way, if there is an emergency or they become unable to act on their own behalf, you can manage their account for them.
Review Estate Planning, Wills, and Beneficiaries: It may have been a while since these documents were first drafted, and so you may need to reconsider who the beneficiaries are. Make sure that all your loved one’s accounts have beneficiaries, including bank accounts. This is important because assets that have designated beneficiaries will bypass the probate court process, which can be lengthy and costly, should your loved one pass away.
Check Your Loved One’s Insurance: Even if your loved one has had the same insurance coverage for a while, it’s not a bad idea to check to see if some other plan structure might be more financially beneficial or give your loved one access to more resources and services.
Plan Financially for Your Loved One’s Long-Term Care: As Alzheimer’s takes its toll over the years, your loved one may require more resources, such as in-home care, memory care, or assisted living. Make sure you have a plan for covering the costs of these services, and if you don’t have the resources needed, explore your options with Medicaid. Also look into Veterans’ benefits, if applicable.
Revisit Your Tax Options: Certain elements of caring for your loved one, such as medical equipment and in-home care, may be tax deductible. It may also be possible to claim your loved one as a dependent if they meet certain criteria.
Get Help! There’s no reason for you to grapple with these financial questions all alone. Ask your NAN Navigator for help in finding the appropriate local agencies and other expert resources that can give you trusted and accurate advice.
Here’s some more guidance on financial preparation:
How Families can Navigate the Costs of Caregiving:
Depending on your loved one’s illness and the financial and family resources they have, caregiving can have a significant impact on the financial stability of both the patient and the family members. Here’s how to prepare and plan.
Difficult Conversations: Financial Affairs:
Even in the most loving families, money is often a taboo subject of conversation, especially between parents and their adult children. Unfortunately, when Alzheimer’s disease is progressing there are many ways financial affairs can become problematic. Here are some strategies for beginning that important but often difficult conversation.
Paying for Care for Elderly Loved Ones:
Here’s an overview of the basic categories of care most often needed by elders and payment options available, including what Social Security and Medicare covers for elderly care — and what it doesn’t cover.
Remember, if you can’t find the information you need on our website, you can always “Ask NAN” by clicking on this link.
Best,
Rosemary D Laird, MD, MHSA
Founder and Chief Medical Officer
“Our goals can only be reached through a plan in which we must fervently believe, and upon which we must vigorously act. There is no other route to success.”
— Pablo Picasso
