Alzheimer’s Care: 4 Effective Ways to Save Big Bucks
Medical treatments, prescription pills, personal care supplies—these are just some of the common expenses that make up the cost of Alzheimer’s disease. However, it does not stop there. Family members and loved ones also have to contend with home modification costs, facility care fees, and insurance claims.
Understandably, many family caregivers get overwhelmed and frustrated with the situation. After all, so many of them are struggling to build a stable retirement fund for themselves. And on top of that, the rise in the costs of living has already overtaken income growth. It is a difficult circumstance to be in, and yet it is impossible to say no to Mom or Dad when one of them needs help.
On a bigger scale, the cost of Alzheimer’s also delivers a significant blow to the nation’s finances. In fact, Alzheimer’s and other types of dementia are expected to cost the nation $259 billion in this year alone.
Long Term Care Tax Deductions
Family caregivers are no stranger to the financial weight that comes with caring for a parent. This is why they can certainly gain from tax breaks. In order to do so, adult children must be able to claim their parents as their dependents. Qualifications are detailed on the IRS website, but here are the preliminary criteria:
• Family caregiver must not be a dependent of another tax payer
• The dependent must be a resident of the US, Canada, or Mexico
• The dependent cannot file a tax return with his or her spouse
Take Advantage of Apps and Devices
Assistive technology can improve both the person with Alzheimer’s and the family caregiver’s the quality of life. Not only does it help maintain independence and autonomy, it can also help reduce the risk of accidents and falls.
Instead of paying for an extra pair of hands or adult day care services, you can make use of devices and apps that monitor the activities at home. Some are designed to track medications and detect falls. Having these gadgets installed in your home not only feels like you have an extra pair of eyes but they can also help you save more money in the long run.
Track All Costs of Alzheimer’s
Setting a budget and sticking to it can save household substantial money. However, you must have a good overview of all your expenses and income to make the budget you set realistic.
Remember never to underestimate the importance of a well-organized overview of all your expenses.
Equip Yourself for the Aftermath
Often, the cost of Alzheimer’s is not just financial. Family caregivers sacrifice their emotional, physical, and social well-being to meet the demands of care. Studies show that caregivers of loved ones with Alzheimer’s or other dementias are 3.5 times more likely to say that the greatest challenge of their task is that it creates or aggravates their own health problems.
Once the dust settles, family caregivers can end up needing long term care services themselves. However, those who have provided financial support to their loved ones with Alzheimer’s are likely to have depleted nest eggs. This makes covering the high costs of long term care close to impossible.
This situation is why family caregivers are called to invest in long term care coverage as early as possible. After all, the aftermath of caregiving for a loved one with Alzheimer’s can be devastating.