Alzheimer’s Diagnosis and Financial Planning

forgettingThe cost of Alzheimer’s in America in 2014 was 214 billion, of which 36 billion was out of pocket. For this reason, it is imperative that you have a financial plan in place should an Alzheimer’s diagnosis affect your family. Read on to learn more, and thanks for visiting us at Advocare. We assist seniors and families with life care planning every day throughout the South Florida areas of Boca Raton, Delray Beach, Palm Beach, Jupiter and more.¬†

Alzheimer’s and other forms of dementia are degenerative and fatal diseases that steal a lifetime of memories and experiences. When a loved one receives an Alzheimer’s diagnosis, financial planning may not be top of mind — but it should be.

As the disease progresses, financial acumen is generally one of the first skills to go. For patients, families and caregivers, getting the finances in order as soon as possible may help lessen the anxiety down the road.

The fact that Alzheimer’s is the most expensive condition to treat only heightens the urgency. The cost to Medicare to treat the average Alzheimer’s or dementia patient is three times the amount spent on people without that condition. Medicaid pays out 19 times more for dementia patients than for other seniors, the Alzheimer’s Association reports.

In 2014, the total cost to treat people with Alzheimer’s was estimated to be $214 billion in that year alone, with $150 billion being paid by Medicare and Medicaid. Much of the remainder, $36 billion, is paid for out of pocket by individuals, according to the Alzheimer’s Association.

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