An Alzheimer’s diagnosis is a life-changing event. The disease progresses slowly, giving elderly patients and their families plenty of time to plan for care. An important aspect of future plans involves finances. Here are expectations for families that are involved in financial planning for Alzheimer’s care.

What costs can be expected during the early stage of dementia?

Alzheimer’s disease advances in stages. During the early phase, when symptoms are mild, the senior can remain socially active and continue to work. However, minor memory lapses can occur and the individual can feel challenged with physical coordination. This stage lasts 2 to 4 years.

Families can manage the care of an elderly loved one who is in the early stages of Alzheimer’s. Support can be provided by making regular calls and checking in, visiting over the weekends, and using medical technologies, such as medical alert devices and medication reminders.

Outside support is mostly unnecessary in the early stage of the disease. Families might utilize companion care services, however. A professional caregiver can be hired for one, 4-hour visit per week at a rate of $400 to $500 per month. Per year, this averages $4,800 to $6,000.

 

What costs can be expected during the middle stage of dementia?

The longest stage of Alzheimer’s is the middle stage, where memory loss worsens and speech capabilities noticeably decline. The senior in the mid-stage of Alzheimer’s likely displays behavior changes. The ability to reason is impacted, and driving is no longer an option for the individual.

Safety is paramount in this stage, considering an Alzheimer’s patient should never be left alone for extended periods. The senior is likely to wander, which can lead to severe consequences. Not only can the individual become lost but they may fall, become injured, or be exposed to harsh weather.

Due to the fact that the senior cannot remain alone at home, supervision is required. The senior will also need help with the activities of daily living, such as getting dressed, using the bathroom, and preparing meals. A caregiver can provide in-home care and supervision for middle-stage Alzheimer’s.

If the family is unable to provide around-the-clock monitoring, a professional caregiver can be hired. In-home care, depending on the part of the country, ranges from $2,500 to $4,000 per month. Annually, the cost of home care amounts to $48,000 to $72,000.

Family caregivers who work may admit the senior to an adult day center during the day. The monthly cost for adult day care is between $1,500 and $2,000. When the family caregiver provides a portion of care at home, the costs for caregiving professionals and adult day centers decrease dramatically.

What costs can be expected during the last stage of dementia?

The final stage of Alzheimer’s is when symptoms are most severe. The senior experiences nearly a complete loss of memory and verbal communication skills. Many Alzheimer’s patients at this stage remain bedridden or immobile. Delirium can set in. This stage lasts 1 to 3 years.

Families that do not want to admit their aging loved one to a nursing facility, where costs are extremely high, may opt for in-home care. Assisted living is not an option at this final stage, as these facilities are not equipped to handle the around-the-clock needs of the senior.

A more practical and affordable option is in-home memory care. The senior receives compassionate care in the comfort and security of home. Living at home is ideal for older adults with Alzheimer’s, as it allows them to remain in familiar surroundings. Moving to a facility, however, can be disorienting.

In this third and final stage, the cost for care can reach $90,000 per year. A memory caregiver monitors the senior throughout the day and night and is prepared for emergencies. Care options include live-in care or 24-hour care, both of which provide ongoing care for the Alzheimer’s patient.

Caring for a senior with Alzheimer’s can be an expensive journey. Families should be aware, however, of the difference between paying for custodial care, such as non-medical in-home care, and medical care. Expenses for the latter are largely covered by insurance, such as Medicare.

Seniors with Alzheimer’s disease may be prescribed medications, for instance, which are covered by Medicare or Medicare Supplemental Insurance. While Medicare covers the medical care received by Alzheimer’s patients, it does not cover the costs associated with personal care services.

 

What financial resources are helpful for families?

Planning for Alzheimer’s care should begin immediately upon the diagnosis of the condition. Families can expect a steady progression of the disease, and knowing future costs of care is a good starting point when making financial plans. Long-term care insurance is helpful, but not after diagnosis.

Traditional financial planners are available to assist with Alzheimer’s financial planning. Alternately, families may seek advice from a Medicaid Planner or Alzheimer’s Planner. Medicaid Planners help clients qualify for Medicaid. Working with these professionals can cost between $2,500 and $7,500.

Similarly, Alzheimer’s Financial Planners are experienced in helping families with Medicaid eligibility but can also assist them with various programs, such as veteran’s programs and state-specific programs. Depending on the state, fees for these professionals range from $1,500 to $3,000.

 

Call Assisting Hands Home Care

When your aging loved one has been diagnosed with Alzheimer’s disease or another form of dementia, it is critical to start making long-term care plans. Memory care from Assisting Hands Home Care should be an integral part of every family’s future care plans. We offer high-quality dementia care at home.

Our memory caregivers are skilled in identifying dementia symptoms and helping calm patients. We offer several options, including live-in care and 24-hour care to ensure the senior is supervised at all times. Care managers are available 24/7 to assist families with care needs.

Seniors at any stage of Alzheimer’s receive compassionate care from experienced memory caregivers at Assisting Hands Home Care. We support the elderly living in Winter Garden, Florida, and the surrounding communities. Call today to schedule your free in-home consult and learn about in-home dementia care.