Alzheimer’s is affecting 13% of people aged 65 and above and the proportion is increasing every year. One of the symptoms of the condition is the declining ability to handle one’s finances, from making simple calculations, to forgetting to make payments to inability to write an ordinary check as the numbers seem incomprehensible.
Medical professionals say this begins as a mild cognitive impairment that eventually fills out as Alzheimer’s in later years, and its financial impact has been studied in detail in recent years. It was discovered that patients were unable to comprehend letters in the mail or follow simple phone conversations. With increasing inability to understand personal finance seniors were quickly becoming victims of financial scams specifically targeting them.
These are the basic steps one can take to physically protect and financially secure Alzheimer’s affected seniors:
Drawing up legal papers
- The family and their inner circle of close friends and relatives need to hold joint consultations to identify a responsible adult (mostly a son or daughter or friend) who can be entrusted with healthcare responsibilities and a power of attorney if the person becomes powerless to take financial decisions.
- The problem gets compounded if the spouse who is entrusted with daily care becomes immobilized through sickness or disability; in such cases one has to go through a court to secure guardianship. Therefore, it is better to see the responsibility rest in younger hands.
Select professional advisers over the longer term
- A healthcare adviser benefits the family as he attempts to create a long term plan to pay the expenses associated with healthcare for the affected person and his spouse in the event the spouse also suffers chronic ailments like heart disease. This would require a professional review of all the assets and income sources of the seniors and the scope of their existing insurance policies. The health care adviser will also determine the Medicaid eligibility of the Alzheimer’s patient and the healthcare needs of the healthy spouse.
- A legal adviser could also step in to mediate and clarify issues that may be heatedly debated within the family circle. He could also be instrumental in setting up special trust funds that will secure the wealth of the seniors and deliberate on how expenses are decided.
- A geriatric care manager will involve himself in the daily care of the senior and handle the expenses connected with the day care center.
- The professional money manager would be of help in organizing the mail, scrutinizing medical expenses and affecting payments through a checking account that could be periodically audited to account for expenses under different heads.
The time may not be far away when advances in neurological and psychiatric sciences may permit an intensive physical assessment of the individual’s condition like a brain scan. Such a diagnostic tool may help reveal cognitive impairment when it strikes in its infancy so that we can state with certainty that a person is likely to suffer from Alzheimer’s in old age. This would in turn improve our financial decision making capability to protect Alzheimer’s affected individuals.
The car equity loan can ease any financial crisis in the twinkling of an eye
Only the family caring for a person afflicted with Alzheimer’s can understand the enormous sacrifices that family members have to make to look after their loved one. When expenses get out of hand the loan for vehicle title can help raise a substantial sum equivalent to almost 60% of their vehicle value. The auto equity loan rests on the collateral of the car and charges a reasonable interest rate of 25% APR considering it is a short term loan given even to bad credit clients. The auto collateral loan repayments do not strain one’s salary income. This is one of the easiest ways to fund an emergency cash demand.