THINKING ABOUT LONG-TERM CARE
- When planning for retirement, plan ahead for long-term medical care needs, too. Find out what types of benefits and programs are available through your employer. Long-term health care insurance is not available once a person is diagnosed with dementia.
- Inventory your financial resources — savings, insurance, retirement benefits, government assistance, VA benefits, etc.
- Learn about Medicare and the expenses it covers.
- Learn about Medicaid and eligibility requirements.
- Investigate long-term care services in your area — home care, assisted living residences, personal care homes, nursing homes.
- Find out what community and support services are available — respite care, home maker services, transportation services, Meals on Wheels.
- Looking at your financial resources and what you can afford, create a plan for how to access care.
Source: "2016 Alzheimer's Disease Facts and Figures." Alzheimer's Association Georgia Chapter. alz.org/georgia.
FREE SEMINARS FOR CARE PLANNING
- "The Dementia Maze: Understanding Options & Cost of Care." 7 p.m. Oct. 18. Cobb County Senior Wellness Center, 1150 Powder Springs St., Marietta. Registration is requested, 404-843-0121, cobbdementia.eventbrite.com.
- "Legal and Financial Planning for Alzheimer's Disease," sponsored by the Alzheimer's Association Georgia Chapter. 1-3:30 p.m. Oct. 20. Trinity United Methodist Church, 814 West Ave., Cartersville. Registration is required, 1-800-272-3900, alz.org/georgia/in_my_community_education_calendar.asp.
Alzheimer’s disease is often referred to as a family disease because of the emotional toll it takes on everyone. What’s generally not understood is its financial burden.
Dealing with dementia is expensive, and there are a lot of misconceptions about who will pay the bills, aging experts say.
"Alzheimer's is the single most expensive disease to provide care for because the care that's needed is 24 hours a day," said Leslie Gregory, president and CEO of the Alzheimer's Association Georgia Chapter. Cost estimates range from $60,000 a year for at-home care to $82,000 a year for nursing home care, Gregory said. Some elder care financial experts price estimates much higher.
Most seniors wrongly believe their Medicare health insurance will pick up the costs, according to a national Alzheimer's study published this year.
Attorney Miles Hurley with Hurley Elder Care Law in Atlanta frequently has to give the bad news to families dealing with a dementia diagnosis that Medicare can’t be used to pay for home care services to help with daily living, nor can it be used for assisted living care, adult day care services, or even most nursing home care. Medicare will cover medical costs related to coexisting health conditions, and stays at nursing homes for physical or occupational therapy.
"Almost no one is prepared for the possibility of what it can cost," said Hurley, who provides financial counseling to families seeking care options for loved ones with dementia. He will lead a free seminar, "The Dementia Maze: Understanding Options & Cost of Care," at 7 p.m. Oct. 18 at the Cobb County Senior Wellness Center, 1150 Powder Springs St., Marietta.
Most people end up with a diagnosis and don’t think it’s so bad because they can still function at first, he said. But the disease progresses and “suddenly nobody is around who can take care of mom and dad, so now you’re in a crisis. As you lose functional capacity, the cost of care becomes greater,” Hurley said.
Statistics related to Alzheimer's and other forms of dementia are alarming. One in nine adults 65 and older has Alzheimer's, and one in three seniors will die from it, according to the Alzheimer's Association.
Here’s a care cost breakdown estimated by Hurley:
- Home care contracted through an agency, $15 to $25 an hour.
- Live-in help 24/7 with an eight-hour break at night, starting at $6,500 a month.
- Live-in help 24/7 with multiple shifts, starting at $10,000 a month.
- Personal care home or assisted living, low-end care for $2,000 a month, but should expect to pay from $3,500 to $6,000 a month.
- Nursing home care, $6,000 to $10,000 a month.
Planning ahead is key, but “most people pick the ostrich approach and stick their head in the sand until they’re forced to do something,” Hurley said.
When dementia is suspected, Gregory recommends families get together prior to a dementia diagnosis, look at all financial resources and care options available, then come up with a plan. Long-term care insurance can’t be purchased once a diagnosis is made, aging experts say.
Early signs and symptoms of Alzheimer’s include memory loss that disrupts daily living, difficulty in following plans and not being able to complete familiar tasks.
Medicaid can be used for nursing home care, but only for those who qualify economically, or have exhausted all of their resources and income. Gregory said most people wrongly believe they can transfer assets over to another family member, then move mom right away into a nursing home under Medicaid. She said the government checks the past five years of financial records to prevent families from doing this.
The Alzheimer's Association supports proposed legislation that would require Medicare and Medicaid to pay for cognitive and functional assessment and care planning for those with dementia. The Georgia chapter also provides free educational seminars in financial and legal planning for families, including one from 1-3:30 p.m. Oct. 20 in Cartersville, at Trinity United Methodist Church, 814 West Ave. Those interested can check the chapter website, alz.org/georgia, for an upcoming session in their area.
