Everyone has heard of Alzheimer’s disease, but many people assume it is confined to a small percentage of the oldest old. In reality, this is a misconception.
The Alzheimer’s Association is a great source of information about this terrible disease. According to research that they cite, approximately 10 percent of all seniors have contracted Alzheimer’s, and the number goes up to 32 percent for people 85 years of age and older.
As of 2021, 6 billion people have Alzheimer’s, and the number is expected to grow to 13 million by 2050. This is because the population is aging due to the maturation of the baby boomer generation.
These are some attention-getting statistics, and Alzheimer’s is not the only cause of dementia.
This is an interesting question. The average lifespan is 78 years or so, but this includes people that pass away while they are still young.
Once you reach the age of 67, your life expectancy is 85 years if you are a man, and it is 87 years for a woman. You become eligible for a full Social Security benefit when you are between 66 and 67. If you think you will live long enough to get a benefit, this will be your life expectancy.
In addition to memory loss and forgetfulness, there can be a general sense of disorientation, and some patients are delusional. They can lose their math skills and ability to reason, and some people with Alzheimer’s cannot recognize commonly used items.
There can be behavioral and mood changes as well. These would include anger, depression, irritability, aggression, and the inability to attend to their ordinary personal care needs.
The answer to this question underscores the impact of Alzheimer’s disease on the people that are close to the sufferers. Over 11 million individuals are providing unpaid assistance, and this level of professional care would cost over $250 billion.
This is a $10,000 question, and the answer is no. Medicare will pay for convalescent care after an injury or illness, but it does not cover the custodial care that nursing homes provide.
These facilities are very expensive, so the cost can be devastating if you have to pay out of your own pocket.
Fortunately, the answer is yes. Medicaid will pay for a stay in a nursing home, and there is a Medicaid waiver that will cover in-home care provided by a professional health aide.
Yes, Medicaid is a need-based program, and there is an asset limit of just $2000. However, some things do not count, including your home with an equity limit that is significantly higher than the median cost for a single-family home in Cincinnati.
That’s the good news with regard to home ownership, but there is also some bad news. If you are in direct personal possession of a home at the time of your passing, Medicaid could place a lien on the property.
Absolutely, and this course of action is sometimes called a Medicaid “spend down.” You can give direct gifts to your loved ones, or you could alternately convey assets into an irrevocable Medicaid trust.
If you use a trust, you would be able to receive income that is generated by the assets, but you would no longer have access to the principal.
Timing is the key to the successful execution of the strategy. You have to fund the trust at least five years before you submit your application for Medicaid or a Medicaid waiver.