Time & Life Update Newsletter

What Resources Are Available for The Alzheimer's Family?

Posted by Wellesley Estate Planning Attorney, Dennis B. Sullivan, Esq., CPA, LLM on Nov 7, 2011 4:25:00 PM

With the number of families affected by Alzheimer’s Disease growing daily, it is becoming vital information for almost everyone to learn how to manage this dread disease and its far-reaching ramifications.   

What Are The Predictions? 

Latest studies indicate that the number of Americans with Alzheimer’s Disease could double by 2020 (9 million people) and quadruple (to 16 million) by 2050.

What To Do.

The first step is to tap available resources and become informed about the disease.  The Alzheimer's Resource Kit  (retail value of $197) can be downloaded free and is an invaluable source of information for the patient, family, and caregiver. 

Next, it’s important to build a support network that may include other families dealing with Alzheimer’s, relatives and friends.  Individuals who are suffering from memory loss and their families should, of course, also address the health-related issues with their doctors. While there is no cure yet for Alzheimer’s, there are a variety of treatment options and significant research continues.

Another crucial step is estate and asset protection planning with a reputable elder law attorney. Establishing powers of attorney for both health care and financial matters is the only way a family member can legally make decisions for a loved one if he or she becomes mentally incapacitated. There are multiple other legal issues to discuss during the Alzheimer’s estate planning process, and each individual’s needs vary.

How To Pay for Alzheimer's Care?

Medicare is a type of public health insurance for age 65 and older.  However, Medicare does not pay for long-term care. The criterion is that there must be some actual improvement to your condition. Since diseases like Alzheimer's and Parkinson's have no known cure today, rehabilitation is not possible, so Medicare will not pay.

Unlike Medicare, Medicaid will pay for Alzheimer's, Parkinson's, or dementia-related diseases, or a decline in functioning due to the aging process. You must, however, exhaust all your resources (including your spouse's) before you will be eligible, that is unless you take steps to protect your home, spouse and life-savings so you can avoid nursing home poverty. We can help. To learn more, call our office.  In addition, visit our website, www.DSullivan.com to download our free elder guide The Massachusetts Elder Guide to Medicaid, Nursing Homes and Asset Protection or watch our educational video on "How To Avoid Nursing Home Poverty."

Take Control - Establish A Life-Care Plan.

With longevity, comes expense.  (We are all living longer and may have many years ahead of us post-retirement, so it is all the more important that we plan ahead for those years.) Life-care planning is an integrated planning approach that addresses the health care, legal, and financial issues of aging and disability.  As such, it is critically important for seniors and their families to begin talking about a life-care plan.  If executed properly, a life-care plan can save seniors and their families lots of trouble and heartache.

The goals of a quality life-care plan include, maintaining the health and well-being of your loved one; assessing long-term care options in the home and outside the home; identifying all sources of income available to pay for care; obtaining eligibility for public benefits programs like SSDI, VA, and Medicaid benefits; protecting assets.   In addition, the life-care plan provides the services of a Geriatric Care Manager (GCM) to assist with the development and implementation of the plan.  It also provides assistance with living arrangements and placements, coordination  of available community resources as well as working with the family to provide support, guidance, and advocacy.

What Are The Special Benefits for Veterans?

The Veteran's Administration (VA) has reported that thousands of Massachusetts veterans may not be receiving the disability benefits they deserve.  One of the VA's best-kept secrets, which is an excellent potential source of funds for long-term care, is a veteran's benefit for non-service connected disability.   

Most VA benefits and pensions are based on a disability that was incurred during a veteran's wartime service.  This particular benefit, however, is available for individuals who are disabled due to issues of old age, such as Alzheimer's, Parkinson's, multiple sclerosis, and other physical disabilities and have the additional requirement of needing the aid and attendance of another person in order to avoid the hazards of his or her daily environment.  

These benefits can be a blessing for the eligible disabled individual who is not yet ready for a nursing home.  A veteran married to another veteran can receive a maximum of $1,949 per month in benefits and a widow can receive up to $1,056 per month (for the year 2011).  The applicant must be “permanently and totally disabled” based on VA standards, which means  he/she need only show that he/she is in need of aid and attendance on a regular basis.  Someone who is housebound or in an assisted living facility and over the age of 65 is presumed by the Veterans Administration to be in need of aid and attendance. 

For more about these benefits, download our free guide entitled, "The Nuts and Bolts Guide to Veterans Benefits".  If you have questions, please call our office 781-237-2815.  To learn more about how to protect yourself, your spouse, your home and life-savings from increasing medical and nursing home costs, you may register online or call 800-964-4295 (24/7) to attend one of our Trust, Estate & Asset Protection Workshops.  Upcoming dates in Wellesley are as follows:

Friday, November 18 @ 10AM & 2PM   

Thursday, December 8 @ 10AM & 2PM

Thursday, December 15 @ 10AM & 2PM.

Tags: Medicare, Alzheimer's Disease, asset protection, Medicaid, veterans benefits