Dementia & Alzheimer’s: Save yourself stress & money
When we partner, we don’t think that one may one day be diagnosed with dementia or Alzheimer’s. Nor do we think about our later years and the care that may be required. Most likely a memory impacting diagnosis or significant care will be required, however, has any pre-planning been done to prepare for such an occurrence? It is estimated that 54% of Americans have not done any preparation.
What does this mean?
Given that at this time, memory care can cost on average $6,000 to $10,000 a month, it can quickly become an overwhelming situation if there are not enough funds to meet the need.
If you foresee it will be a concern, then speak with an estate attorney who works with Medicaid and understands the system. This should be your first call even before a call to Medicaid. They will be able to help in creating a successful plan so that you can be accepted to receive assistance. There are stipulations and time can be of the essence so you do not want to get bogged down in the application process, only to have to redo it.
Secondly, a few notes related to Medicaid.
Currently, one of the criteria to be accepted is that you cannot have over $125,000 in assets. What happens if a spouse goes to memory care and the remaining partner is needing to sell the couple’s home as it is too much to manage? As of now, a spouse has three months to purchase a replacement property.
Additionally, did you know that Medicaid will want to be reimbursed for the funds they gave to you?
If one spouse required Medicaid and the other did not, once both parties pass, Medicaid will seek reimbursement when the home is sold. This is important to know if planning to leave an inheritance to children or for the Executor of the estate to be aware as part of the estate disbursement.
Take time to educate yourself by reading and attending seminars, you will be grateful you did as it will save you immensely when the time comes to help a loved one.
If you would like to learn more about real estate and move management services, please call 971-227-1302 or email Kimberly@mmret.com. Visit www.mmret.com.