IT CAN BE ENORMOUSLY CHALLENGING—both financially and emotionally—to care for someone suffering from Alzheimer’s disease or another form of dementia. Your advisor can assist you in developing a plan that helps you manage the extra financial costs involved. But keeping your loved one safe at home often falls on you alone. Cynthia Hutchins, director of Retirement and Personal Wealth Solutions, Bank of America, recommends taking the following simple steps to care for your family member, even as you grapple with the financial challenges of caregiving. For more tips, insights and advice, read the "The Journey of Caregiving: Honor, Responsibility and Financial Complexity,” a Merrill study conducted in partnership with Age Wave.*
“These simple steps can help you keep
your loved ones safe, as you grapple with the larger financial and
emotional issues of caring for someone with Alzheimer’s or another
form of dementia,” says Cynthia Hutchins, director of Retirement and
Personal Wealth Solutions, Bank of America.
These include an advance medical directive, which describes your loved one’s treatment preferences, a durable power of attorney, which specifies who is allowed to make medical decisions for the patient, and an updated will. Talk to your advisor about other documents that might help, plus steps you might take to protect your assets in the future.
Consider installing smoke detectors with flashing lights to help alert loved ones who may have impaired hearing. Find out about the cost of making other structural changes that could increase safety.
This will inform a medical professional about any specialized needs your loved one might have in case she wanders off.
Install childproof locks on medicine and liquor cabinets, on kitchen cabinets containing cleaning supplies and on drawers containing knives, scissors or matches.
Remove scatter rugs, exposed extension cords and clutter. Install grab bars in bathrooms and increase lighting in stairwells, entries and halls. Use night-lights where needed.
Turn down the thermostat on your water heater to prevent scalding from hot water.
Create and post a list of phone numbers for fire, poison control, your hospital and a designated friend who’s willing to help.
3 Questions To Ask Your Advisor
- How can I help ensure
that caring for someone with Alzheimer’s disease doesn’t disrupt my
own financial needs?
- Can Medicare help me cover any
of my caregiving costs?
- How can I prepare for my own
long-term care needs?
Connect with an advisor and start a conversation about your goals.
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* Age Wave is not affiliated with Bank of America Corporation.
This material should be regarded as general information on Healthcare considerations and is not intended to provide specific healthcare advice.
This article does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the author nor any other party assumes liability for loss or damage due to reliance on this material.