Friday, December 12, 2014
The Cost of Alzheimer's
Each year, more than 15 million people care for loved ones suffering from Alzheimer’s disease. While caregiving can take an emotional toll, the caregiver may also be subject to financial loss. According to a new survey by AgingCare.com, more than one quarter of Alzheimer’s caregivers spend more than $4,000 each month on their loved one’s needs.
The same survey showed that 61 percent of caregivers stated their loved ones had failed to plan for future care. Unfortunately, caregivers would spend substantially less money if there had been proper planning. Although uncomfortable, planning early for the possibility of Alzheimer’s is critical, as it saves substantial assets and avoids untold stress on loved ones.
The best way to protect assets from nursing home costs is to purchase long-term care insurance. If you do not have this, the next best plan is the Medicaid Asset Protection Trust, which protects assets form long-term care costs after five years.
Medicaid is the largest payer of nursing home costs in the U.S. In order to qualify for Medicaid to pay these costs, you may only have a limited amount of assets. By placing some of your assets in the MAPT for five years, they are protected from being used for nursing home costs.
See Bonnie Kraham, Cost of Caregiving For Those With Alzheimer’s, Times Herald Record, Dec. 10, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
https://lawprofessors.typepad.com/trusts_estates_prof/2014/12/the-cost-of-alzheimers.html