About Financial Planning in Alzheimer's Disease
Learn about the disease, illness and/or condition Financial Planning in Alzheimer's Disease including: symptoms, causes, treatments, contraindications and conditions at ClusterMed.info.
Financial Planning in Alzheimer's Disease
Financial Planning in Alzheimer's Disease |
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Financial Planning in Alzheimer's Disease InformationDeveloping a PlanAlzheimer's disease gets worse over time, and dealing with a progressive illness is difficult. There is no way to know how you will feel or what you will be able to do days, months, or years from now. But for your own security and that of your family, you need to plan ahead, knowing that Alzheimer's disease will lead to increasing disability. There are professional financial managers and medical lawyers who deal with financial planning for people with long-term or progressive illnesses. Ask your doctor for a referral, or speak with a national association or support group to find a reputable professional in this area. IntroductionAs you and your family evaluate your long-term care needs for dealing with Alzheimer's disease, it is important to consider financing options including health coverage, Medicare, and Medicaid. Long-term financial planning is important for everyone -- but is essential if you are coping with the expense of a long-term illness, such as Alzheimer's disease. Many people pay careful attention to their health after they are diagnosed with Alzheimer's. They research their treatment plan, take their medications on schedule, and consult with their physician regularly. However, it may take some time for patients and caregivers to realize that a progressive illness like Alzheimer's can have a tremendous effect on their financial well-being. This article offers some basic information on how to handle your finances while living with Alzheimer's disease. Investigate Long- and Short-term Disability InsuranceCheck to see if your employer has private disability insurance, and contact your human resources department to investigate your eligibility, the cost of enrolling, and how much of your salary it will cover.
Medicaid CoverageMedicaid coverage varies from state to state. For specific coverage guidelines, contact your state's Department of Human Services. Generally, Medicaid benefits include: Transportation
Medical Coverage
Medicare Coverage of Home CareIn order to receive home care under Medicare:
Medicare Coverage of Skilled Nursing Care FacilitiesIn order to receive care in a nursing home under Medicare:
How Do People Receive Medicaid Benefits?There are two ways to receive Medicaid:
What Are Medicare's Coverage Options?Medicare has two parts:
What Is Medicaid?Medicaid is a joint federal-state health insurance program providing medical assistance primarily to low-income Americans. It also is available to people under 65 if they are blind or disabled. The purpose of Medicaid is to provide preventive, therapeutic, and rehabilitative health services and supplies that are essential to attain an optimum level of well-being. What Is Medicare?Medicare is a federal health insurance program providing health care benefits to all Americans age 65 and over, as well as some disabled individuals under age 65. Eligibility for Medicare is linked to Social Security and railroad retirement benefits. Medicare has co-payments and deductibles. A deductible is an initial amount you are responsible for paying before Medicare coverage begins. A co-payment is a percentage of the amount of covered expense you are required to pay. Who Is Eligible for Medicaid?Medicaid eligibility requirements depend on financial need, low income, and low assets. In determining Medicaid eligibility, officials do not review rent, car payments, or food costs. They only review medical expenses. Medical expenses include:
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