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Planning for care costs for Alzheimer's

Alzheimer's disease can have a range of major impacts on its victims and their families. This includes financial effects. Significant care costs can arise in connection to Alzheimer's disease.

There are many different types of care services a person with Alzheimer's could end up needing. Some examples include nursing home care, assisted living facility care, the assistance of a home health care aide and adult social day care programs. The costs of Alzheimer's-related care can vary considerably depending on the person's care needs and where they live. However, such costs can easily build up to very big levels for an Alzheimer's victim and their family, such as tens of thousands of dollars annually or higher.

The financial implications of such costs on an Alzheimer's sufferer and their family can be substantial. Such costs could deplete a person's retirement savings. The costs could also impact what sort of financial legacy a person can leave. The costs could also end up draining the financial resources of family member caregivers, and putting added financial stress on such caregivers.

Substantial Alzheimer's care costs are something many individuals here in the U.S. could potentially end up facing. It is currently estimated that there are over 5 million Alzheimer's sufferers in America. Some estimates have predicted that this number could balloon to 16 million by 2050.

Planning for future care costs can be an important thing for Alzheimer's sufferers and their families. Proper preparation could help soften the financial blow such costs could dish out. There are a variety of different long-term care planning devices that may be available to an Alzheimer's sufferer and their family. Estate planning lawyers can help Alzheimer's sufferers and other individuals with significant medical conditions with understanding what long-term care planning strategies might be well-suited for them.

Source: The Huffington Post, "Alzheimer's Caring Costs"  Allan S. Vann, Sept. 15, 2015

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