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Everyone knows that Alzheimer’s strikes some senior citizens, but many folks assume that it is a relatively minor percentage. In fact, the numbers are surprising, and not in a good way. Overall, 10 percent of people that have attained senior citizen status have contracted the disease, and the number exceeds 30 percent when you focus on elders 85 years of age and older. This is a significant number, and it is likely that you will live into your mid-80s once you reach the age of 67. And of course, there are other conditions that cause dementia.
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People with Alzheimer’s disease tend to lose the ability to reason and solve problems. It can be harder and harder to identify certain common items, and folks become disoriented and confused. There can be behavioral changes including anger and hostility, and some people with Alzheimer’s disease become depressed and withdrawn.
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Breast cancer is highly publicized for its lethal nature, and the same can be said about prostate cancer. Alzheimer’s disease actually kills more people than these two cancers combined. One out of every three seniors will die with dementia, and the deaths have been increasing. Between 2000 and 2019, Alzheimer’s deaths increased by 145 percent. During that same time period, heart disease deaths decreased by 7.3 percent.
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They are certainly working on it, but the numbers are actually going in the wrong direction. Over 6 million people have Alzheimer’s disease at the time of this writing, and the number is expected to increase to 13 million by 2050. How many people are caring for loved ones with Alzheimer’s disease? This disease is devastating for the patient, and it is very tough on family members as well. There are over 11 million unpaid caregivers in the United States, and the duties are demanding on multiple levels. It is hard to watch a loved one lose their ability to function normally, and as we have stated, there are behavioral changes. There is physical work to be done, and caring for a person with Alzheimer’s disease can be time intensive. To compound the challenge, there is a phenomenon known as the “sandwich generation.” This group is comprised of people that are simultaneously caring for older parents and their own children, so they have a lot on their plate.
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It is logical to assume that Medicare would cover the costs since it exists to meet the health care needs of seniors. Unfortunately, whether it makes sense or not, Medicare does not pay for in-home care or a stay in a nursing home. Is there any other government program that will fill the void? It is not necessarily intended for this purpose, but Medicaid will pay for long-term care if you can gain eligibility. There is a low asset limit, but your home is not counted with an equity limit of over $900,000. The fact that your home is not counted is a positive on the one hand, but you have to be aware of Medicaid estate recovery. A lien can be placed on your home if you were enrolled in the Medicaid program and you were in personal possession of the property at the time of your death.
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You can give direct gifts, and you could alternately fund a Medicaid trust. This would be an irrevocable trust, and you would be able to accept distributions of the income. The principal would not be accessible to you, but it would not count if you apply for Medicaid with one major stipulation. The funding of the trust must take place at least five years before you submit your application for Medicaid coverage.
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Schedule a Consultation!
We are here to help if you are ready to work with a Rochester, New York estate planning attorney to put a plan in place. You can send us a message to request a consultation appointment, and we can be reached by phone at 585-374-5210.
