If you are caring for a loved one with Alzheimer's disease, you may want to plan for the future. You should start as early as possible. This way, your loved one may be able to take part in some of your family's discussions about the future.
Some caregivers may need to make plans that involve finances. Legal issues may also need to be addressed. These are complex issues, and laws are not the same from state to state. If you need to make such plans, it may help to seek advice from a lawyer and a financial planner with expertise in these matters.
- Durable Legal/Medical Power of Attorney: allows you to make legal or healthcare choices for your loved one when they no longer can
- Living Will/Advance Directive: allows your loved one to express wishes about medical treatment before they become unable to communicate these wishes
- Will: records your loved one's decisions about what happens to property (estate) inheritance
- Personal income — joint checking and savings accounts, expenses
- Pension or retirement funds — penalties for early withdrawal, payment schedule
- Social Security — benefits, eligibility, payment schedule
- Healthcare insurance — coverage, medical benefits, prescription plan
- Medicaid — a program that pays for medical assistance for certain people and families with low incomes and resources
- Medicare — a federal health insurance program for people age 65 and older
Note: If your loved one had prescription drug coverage through Medicare, their benefits may have changed. If your loved one's resources are limited, they may be able to get extra help from Medicaid. It may also mean lower co-pays.