Alzheimer’s action plan
Many Alzheimer’s patients are in denial, which prevents them from getting their legal and financial affairs in order until it’s too late. But there are ways to minimize the damage and ensure their well-being
KNOW THE WARNING SIGNS
If your mom calls three times a day to ask the same question, something may be wrong. The inability to learn new information is a red flag. Additionally, you can ask her what day of the week it is or when she was born, data that should be very familiar to her. When you visit, be concerned if you spot mystery dings on her car or if she’s getting lost driving familiar roads.
BUY A LONG-TERM-CARE POLICY
Alzheimer’s care costs up to $75,000 per year, and regular health insurance covers nothing beyond doctor visits, lab tests, and some prescription drugs. If your parent is still healthy, look into buying long-term-care insurance ($4,000 to $8,000 per year), which cannot be purchased once a diagnosis is made. Purchase a policy for your parent at age 55; if there is a family history of early-onset Alzheimer’s, consider earlier coverage.
CONTACT AN ELDER-LAW ATTORNEY
Unlike a trust-and-estate attorney, whose focus is transferring wealth from one generation to the next, an elder-law attorney will create a care strategy for Dad. This may involve getting power of attorney, then selling his house and creating an investment portfolio to cover his assisted-living expenses. An elder-law specialist may also mediate a family dispute over who should have power of attorney or go to court if you are unable to get it signed before Dad is incapacitated. To find one, go to naela.org.
TAKE OVER THE DAY-TO-DAY FINANCES
Alzheimer’s patients are easy victims of fraud. Open a joint bank account so you can supervise your parent’s finances. Take away ATM and credit cards. To ensure that the utilities remain on, have bills mailed directly to you.
CHOOSE A TYPE OF CARE
Home care may include hiring a professional caregiver with no medical training ($18 per hour) or a registered nurse ($30 per hour) for day and/or night duty. Residential-care facilities include assisted living (for those who need help with daily tasks but are sound in body, $5,000 to $7,000 per month) and nursing homes (medical facilities for the aged or chronically ill, $5,000 to $8,000 per month).