The Unexpected Crisis – Preparing for the Unexpected Impact of Aging is contributed, in February of 2024, by The Alzhemier’s Association, as an online article.
With the tax season in full swing, the Alzheimer’s Association is encouraging individuals and families to take stock and make financial plans that will create some security in preparing for an unexpected crisis of caring for someone with a chronic condition such as Alzheimer’s or another dementia.
Free Online Education with Alzheimer’s Association
To help families navigate these and other financial challenges, the Alzheimer’s Association recently launched a free online education program, Managing Money: A Caregiver’s Guide to Finances. This guide can be used in planning for multiple health scenarios, not just Alzheimer’s and dementia. Tips from the program include:
- Plan early — There are many benefits of planning early when it comes to your finances – both for the caregiver and the person with the disease.
- Start a positive discussion about finances — Bring in trusted family members or close friends for a discussion about what the person with the healthcare concern wants for the future.
- Organize your finances — Conduct an inventory of your financial resources (savings, insurance, retirement benefits, government assistance, VA benefits, etc.). A financial planner or elder care attorney can help.
- Create a backup plan — Designate a trusted back-up agent for the person’s power of attorney and consider designating responsibilities to more than one person.
Why Should You Plan for Financial Impact?
Detailed financial plans are especially useful and important for those living with dementia and their caregivers. A population which is rapidly growing. One in nine Americans age 65 and older are living with Alzheimer’s disease – that’s more than 6 million Americans across the country and 120,000 here in Washington State. The disease not only takes a tremendous physical toll on diagnosed individuals, but the costs associated with the disease can be overwhelming and put a huge economical strain on families. Disease-related costs can jeopardize a family’s financial security, and many families and caregivers make enormous personal and financial sacrifices.
Financial Literacy is Important for Caregivers
“Many caregivers experience stress around finances because they have to reduce their hours or take time off work,” said Erica Farrell, MSW, Senior Clinical Manager at the Alzheimer’s Association, Washington State Chapter. “As the disease progresses, many caregivers will need to pay for services or support for the person living with Alzheimer’s. Financial literacy is especially important for caregivers, because it provides them with the knowledge and skills needed to better support themselves and others.”
For more information on financial planning, visit alz.org and search for “Plan for Your Financial Future.”
