We all dread discussions about finances, but as your parent ages, it’s important to make sure that he or she has a well-planned budget and overall money situation well in hand. If your San Francisco Bay Area senior has additional needs (such as dementia care), a financial planning meeting is even more necessary.
Of money and dementia care: Topics for discussionNuevaCare offers dementia care assistance to San Francisco Bay Area seniors living at home. Services such as meal preparation, personal grooming and companionship can offer the missing component your senior needs or can make life so much easier for family members struggling to juggle their own home / work lives and provide care for an aging parent. Don’t underestimate the time and attention your senior may need as part of his or her dementia care. Below are some basic topics for discussion as you begin to think through the process of allocating funds for care.
- Is your senior still earning money or working? What is his or her budget (or what will it be including dementia care expenses)?
- How much money does your senior have in savings, investments, personal property etc?
- Does your senior have all the necessary legal paperwork (like a will, power of attorney etc) taken care of? These aren’t specifically related to finances, but are still important – what about a list describing your senior’s wishes at his or her funeral? If your aging parent has to go on life-support for some reason, when does he or she want the plug pulled?
- Have you considered talking to a professional financial planner about your senior’s monetary needs?
- What kinds of ongoing existing expenses does your senior have (mortgages, car payments or other debts)? How about smaller expenses like utilities, groceries, entertainment and personal needs?
Don’t assume that Medicaid, Social Security or an insurance company will pay for the non-medical dementia care your senior needs. These home care services usually aren’t covered. However, take some time to do research and talk to as many professionals as you can in order to make the best and informed decisions possible for your loved one. NuevaCare can help your San Francisco Bay Area senior get the dementia care he or she needs. Don’t let finances stop you!
Sources: https://www.alz.org/care/alzheimers-dementia-common-costs.asp, https://www.alz.org/care/alzheimers-dementia-costs-paying-for-care.asp, http://www.pbs.org/wgbh/caringforyourparents/handbook/finances/startplanning.html, http://nuevacare.com/how-to-pay-for-home-care/