I’d wager that many of my readers’ lives have been touched by Alzheimer’s disease – after all, there are over 5 million people who suffer from this affliction, nationwide. Though there is no cure at this time, it is important to know the signs. Early detection can provide the opportunity to begin treatment at the mildest stage of the disease, or, possibly, participate in the latest clinical drug trials. Early detection can also provide the time for an individual to make personalized decisions about future care. If you are experiencing any of the 10 symptoms listed below, please consider a visit to your family physician (source: alz.org):
So, what does Alzheimer’s have to do with your finances? Everything. Please, don’t wait to get your legal house in order. Do you have a Will, Living Will, Health Care Surrogate, and Power of Attorney in place? According to Genworth’s 2017 Cost of Care Survey, Florida’s median cost for assisted living is approximately $3,100 a month, versus $7,908 for nursing home care (semi-private room). If you can afford long-term care insurance, discuss this option with your financial adviser (the earlier the better). Couples might also consider obtaining and holding a reverse mortgage line of credit to help pay for future nursing home expenses, should one of the spouses develop Alzheimer's or dementia. It’s just one of the possible “tools in the toolbox” when planning for your health and your wealth in retirement.
Have a financial question you'd like answered here? Email: Questions@PlanStronger.com