If you’re thinking about estate planning, good for you! Your goal is to make…
The Alzheimer’s Association has released the 2009 Alzheimer’s Disease Facts and Figures report, which reveals a disturbing statistic. Those over 65 with Alzheimer’s and other dementias have total health care costs that are three times greater than others who are not afflicted with these illnesses. This fact translates into an often unbearable financial situation for the victims and their families.
According to the report, today Alzheimer’s Disease is the most common cause of dementia. How specifically do these illnesses increase expenses by a factor of three? In the following ways:
- Alzheimer’s patients have a higher frequency of hospitalization, nursing home residency, and other costly long-term care health services.
- There is often a cluster of other degenerative medical conditions that appear along with Alzheimer’s, which in themselves require expensive health care procedures and prescriptions.
- Out-of-pocket health care costs that are not-reimbursable through insurance are greater for these patients.
The current recessionary environment imposes additional financial strain on people with dementia, along with their families. It’s for this reason that Elder Law strategies are especially valuable right now. With an attorney’s guidance, these techniques can allow an individual to become Medicaid eligible and receive full payment for needed treatment and health care services. Additionally, these strategies can preserve the money, income and assets of the ill person, so that this money can be used to keep the patient’s lifestyle intact as long as possible.
See Lamson and Cutner’s Special Report, 25 Strategies to Prevent Financial Ruin to learn more about specific solutions and case studies relating to Alzheimer’s patients. Home care and nursing facility options are both discussed in detail. You can also see an overview of a detailed Elder Law approach to your specific situation. Just click on the scenario that matches your circumstances.
You may also view the Alzheimer Association’s 2009 Alzheimer’s Disease Facts and Figures report.