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Proactively planning financially for Alzheimer's

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(WQOW) - During January's financial wellness month, plan for the unplanned, the financial burden of Alzheimer's.

According to the Alzheimer's Association, the disease is the most expensive in the country, with a lifetime price tag of over $370,000.

That's why the association, and Elder Care Law Firms are encouraging families to proactively plan for the financial toll of the disease by taking inventory of your financial resources.

Estate planners suggest you check to make sure you have the right documents like having the power of attorney and that you understand the limitations of insurance services, especially when it comes to Medicare and Medicaid for long-term care.

Experts also say the sooner you plan, the better.

"It's never too late to protect things. It's never too late to protect the finances, whether that's for the healthy spouse, or that's for the children or the family. How much you can protect, does make a difference depending on how soon you do it, or how how far in advance you do it, but it's never too late," said Alan Hougum, estate planner, elder law attorney at Hougum Law Firm.

Financially planning for Alzheimer's isn't just limited to the affected person, but the family. According to the Alzheimer's Association, 70% of the total lifetime cost of caring for someone with dementia, is borne by families.

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