How can Alzheimer’s affect your finances?
Alzheimer’s can be a difficult illness to deal with and most often comes with debilitating emotional impact. It can be tough on the person suffering from it and equally hard on the family and close friends who may have to step in for caregiving.
However, Alzheimer’s can be equally devastating for your finances and if not planned well can be severely financially draining.
The lifetime costs associated with Alzheimer’s are around $341,840 according to estimates by Alzheimer’s Net. This is also a conservative figure and in many cases, the costs can go significantly up.
Money woes and Alzheimer’s are deeply connected
Dementia may be slow to diagnose but the signs and effects can be seen early on. This happens in the form of people forgetting crucial things and starting having troubles managing their finances, paying their bills and keeping notes, among other things.
Things like a poor credit card score, delayed card payments, etc. are common among people who have this problem. And we aren’t saying this. There is scientific evidence to prove this.
Alzheimer’s and money issues: Signs to watch out for
If you or a loved one is suffering from this ailment, watching out for obvious signs can be helpful and may help you deal with the problem better. Here are the signs you should watch out for:
- Issues with accurately counting money.
- Problems opening and maintaining a checkbook.
- Unnecessary credit card expenses for things that may not be useful.
- Unaccounted or missing money.
- Difficulty building and managing budgets.
- Accumulated, unpaid bills that are past their due date.
This list is not exhaustive by any means and you should look out for similar signs. Basically, anything that is a departure from the regular and involves inconsistencies with money needs to be taken into account.
How to broach the money question with a family member suffering from Alzheimer’s
Discussing money with someone can be uncomfortable and more so, with someone who is dealing with Alzheimer’s. But it is something that needs to be done to avoid major financial problems later on.
Here are a few tips that can be of help:
Use a hook
To sensitively approach this issue, you can take the help of a news story on similar lines. This will help you drive the point forth without sounding harsh to the recipient.
Have an open discussion
Honest and open conversations can solve all the problems in the world. If it is an elderly person that you are dealing with, try having an open discussion about planning finances better and share tips to do that by referring to an expert or a book. This will make the conversation seem authentic and also drive home the point you are trying to make.
Offer to help
Offer to help them by paying their bills and running small financial errands for them that they might be missing.
The final word
Having Alzheimer’s or being a close friend or family member of one suffering from it is not the easiest to deal with. And while it can be debilitating for finances, but with planning, one can work around it.
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