Caring for a loved one with dementia or Alzheimer’s disease presents unique challenges. Early planning can help families navigate these challenges with greater ease and confidence.
Assessing care needs
Begin by assessing the level of care your loved one requires. This can range from assistance with daily tasks to full-time residential care. New York offers various resources, such as adult daycare services and in-home support, to help families manage these needs. Once you learn your options, it can help you choose the most appropriate care setting.
Financial considerations
Long-term care can be expensive, so it’s crucial to explore financial resources. Medicaid is a significant option for many families, covering nursing home care and some home-based services. To qualify, you must meet specific criteria, including:
- Income Limit: For a single individual applying for Community Medicaid, the 2024 income limit is typically $1,752 per month (which includes the $20 disregard). For married couples where both spouses apply, the combined income limit is $2,371 per month.
- Asset Limit: For a single applicant, the asset limit is $31,175 for 2024. For married couples where both are applying, the asset limit is $42,312. Certain assets, such as the applicant’s primary home (up to a certain equity limit), a vehicle, and personal belongings, may be exempt.
Legal planning
Setting up a durable power of attorney allows a designated person to make financial decisions if your loved one becomes unable to do so. Similarly, a healthcare proxy allows someone to make medical decisions on their behalf.
Staying informed and prepared
Staying informed about the progression of dementia or Alzheimer’s is vital. Keep communication open within your family to ensure everyone knows how to support your loved one as their needs change.