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Planning for Alzheimer’s Disease

| Aug 29, 2019 | Long-Term Care Planning

Many Michiganders may have to face the consequences of Alzheimer’s Disease. This risk increases with a person’s family history. Regardless, this may be a good time to engage in long-term planning addressing the financing of the treatment and care of Alzheimer’s.

Paying for long-term nursing care, medications and other expenses for a terminal illness should be considered. Savings may cover some of these costs. Nursing home services, which is usually needed for this disease, is costly. This care can cost almost $100,000 each year. Medicare does not pay for long-term residential assistance. Medicaid usually covers this expense, but at a very high price.

Unless covered by insurance, medications for treatment of this disease are also expensive. These drugs, according to Consumer Reports, can cost up to $400 each month, even if a patient is eligible for Medicaid or has private insurance.

Long-term insurance may pay for custodial costs. This care goes beyond necessary medical treatment and covers eating, getting out of bed, bathing and using the toilet. But, Medicare does not pay for these expenses under most circumstances.

The federal government may provide some veterans’ benefits. Veterans and their eligible spouses may be eligible for certain in-home care service benefits depending on their length of service. Receiving Medicaid may also leave children and grandchildren without an inheritance. Medicaid, Supplemental Security Income and other benefits are based on a patient’s income and assets.

Accordingly, an Alzheimer’s patient cannot have income or assets above $2,000 in Michigan. Medicaid usually does not take effect until this level is met. Personal property, primary real estate, a car and some insurance and funeral plans are not part of the asset calculation. Options may be provided by an attorney that help deal with these issues. They can also draft legal documents that cover future health care issues.

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