Chicago Elder Law, Estate Planning Attorney

The Cost of Alzheimer’s Care is Rising | Chicago Estate Planning & Eldercare Attorney-CPA Anthony B. Ferraro

Yes, the cost to care for Alzheimer’s patients is rising and the rapid cost increases show no sign of stopping.  And unfortunately, that is not the only figure rising; the percentage of seniors with Alzheimer’s is also steadily increasing.  Statistics show that between 2010 and 2050, the number of people with Alzheimer’s is expected to jump from 5.5 million to 14 million. So, how do we pay for adequate Alzheimer’s care? In reality, many people do not understand the difference between Medicare and Medicaid.  Medicare simply does not pay for long-term care.  Medicare actually only cares about your loved one if they are going to get better, i.e. if they suffer from a stroke or a heart attack, and can recover with rehab.  And as we know, Alzheimer’s disease does not fall into that category; so if your loved one has Alzheimer’s, your loved one will have to rely on Medicaid if they do not have enough money to pay privately for care. Medicaid expenses for people with Alzheimer’s are very high due to the uninsured cost of long-term care.  Approximately half of Medicare beneficiaries with Alzheimer’s disease also qualify for Medicaid, because they exhausted their own financial resources to pay for all of their long-term care.  And when someone is relying on Medicaid, often times they can only keep $2,000 in savings and $30 per month. At least that’s what the federal and state governments want you to believe. There are numerous exceptions to this general rule however. And, there are certainly ways to protect you and your loved ones’ well being  assets so that you can work around this. Stay tuned for more. -Anthony B. Ferraro