If you are caring for a parent or spouse with dementia you understand the challenges you and your loved one face each day. There are several strategies you could employ to help you take care of them. These “memory aids” can, in some cases, help a person in early dementia feel more comfortable. Many experts say words of reassurance become very helpful to reduce the anxiety the person feels. The goal is to help reduce the stress and burden on the family caregiver while making the person suffering from memory loss feel comfortable and less fearful for as long as possible. At some point, additional care will be required, either at home or in a memory care unit in an assisted living facility or nursing home. Unless the person has Long-Term Care Insurance the cost of that care is substantial.
Recently on social media, one daughter shared her use of a whiteboard. The board listed key items to help reduce the anxiety felt by the individual.
Can you imagine how your children would deal with the responsibility of being your caregiver in the decades to come? How do you think it would impact their life? They would have a career or job responsibility. They may be a parent and spouse on top of their job responsibilities. As your needs become greater the stress of being a family caregiver increases. There is a better solution. Take a look at how you are planning for your retirement. As you look at your 401(k), IRA, and other assets, think about how long they would last if you, at some point, would need to use them for long-term care services. Either your family will be caregivers or you will have paid care. You could have both. Your need for extended care will change your lifestyle and that of your spouse or partner. It places an emotional and financial burden on your loved ones.
The easy solution is affordable Long-Term Care Insurance. These policies will provide access to your choice of quality care either at home or in a facility. Most policies include professional case management which will assist the family in finding appropriate care based on your individual needs and preferences. Long-Term Care Insurance is custom designed so you can have the benefit level you want and can afford. Most states participate in the Federal Long-Term Care Partnership Program. This gives you “asset disregard”. In the event, you exhaust your benefits you get dollar-for-dollar asset protection. Your able to shelter part of your estate based on the total amount of benefits paid out and still access Medicaid benefits which are usually limited to those who are poor.
If you are caring for a loved one now imagine if your family member had a policy which was paying for even part-time care? If you had some help you would have more time for yourself and your family. It may be too late for your loved one but it is not too late for you as you plan for the financial costs and burdens of aging.
You should take action now. Be sure to find a qualified Long-Term Care specialist to help you design and shop for the best plan. Click here to find a specialist. Meanwhile, look at the LTC News Map and find your state. You will see the current cost of long-term care services and the availability of partnership plans and tax incentives. Click here for the LTC News Map.
Remember, you need to plan before your health changes. Every insurance company has different rules. It is always best to start your research in your 40s or 50s but a specialist can help you at most ages.