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Saturday, July 31, 2021

    Tax Season Tips to Help Families Facing Alzheimer’s Plan for Financial Impact

    Alzheimer's Associationhttp://www.alz.org/iowa
    The Alzheimer’s Association is the leading voluntary health organization in Alzheimer’s care, support and research. Our mission is to eliminate Alzheimer’s disease through the advancement of research; to provide and enhance care and support for all affected; and to reduce the risk of dementia through the promotion of brain health. Our vision is a world without Alzheimer’s. Visit alz.org or call 800.272.3900.

    Muscatine Living

    WEST DES MOINES, Iowa–During tax season, the Alzheimer’s Association is encouraging people to proactively plan for the financial impact of Alzheimer’s – the most expensive disease in the country.

    While the costs associated with the disease can be staggering and put a huge economical strain on families, the Association offers tips to help reduce the financial stress and ways to proactively plan for the financial impact of Alzheimer’s and dementia. Some include:

    • Look at retirement planning as a time to think about how to prepare for the need for long-term medical care. After an Alzheimer’s diagnosis, your options may be more limited.
    • Conduct an inventory of your financial resources (savings, insurance, retirement benefits, government assistance, VA benefits, etc.). A financial planner or elder care attorney can help.
    • Enhance your understanding of the role and limitations of Medicare, Medicaid and other insurance options. An Alzheimer’s Association report found that nearly two out of three people incorrectly believe that Medicare helps pay for nursing home care, or were unsure whether it did.

    Disease-related costs can jeopardize a family’s financial security causing many families and caregivers to make enormous personal and financial sacrifices. The 2020 Alzheimer’s Association Alzheimer’s Disease Facts and Figures report found some staggering results:

    • In 2020, the lifetime cost of care for a person living with dementia was $373,527.
    • Average out-of-pocket costs for health care and long-term care services not covered by Medicare, Medicaid and private insurance exceed $10,000 annually.
    • Nearly half (48 percent) of care contributors must cut back on their own expenses – including basic necessities like food, transportation and medical care – to afford dementia-related care, while others must draw from their own savings or retirement funds.
    • Nearly two out of three people incorrectly believe that Medicare helps pay for nursing home care, or were unsure whether it does.

    For more information on financial planning, visit: alz.org/help-support/i-have-alz/plan-for-your-future/financial_planning

    This content has been provided via press release or other notification systems to Discover Muscatine. It is being re-published as a resource for the Muscatine community and has not been vetted or edited by our staff. All questions regarding this content should be directed to the contributor.

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