Discovering the Best Coverage Plans for Alzheimer’s
Memory – it’s something that some people can take for granted. While there are some who would rather forget about their most embarrassing experiences, there are always more who would want to hold onto treasured and unforgettable moments in their lives.
And we saw the effect of what memory has in a recently posted video by Cut Video, which highlighted individuals diagnosed with Alzheimer’s. The production team asked six people (with ages between 49 and 75) different facets of their lives, ranging from their earliest childhood memories to more recent incidents. Although the interviewees do have vague recollections of their earliest years, their last memories tend to be a blur, with most not even able to recall what they were doing before the interview.
That is where and when the fear sets in – the thought that one’s most precious memories will eventually disappear because of Alzheimer’s. To emphasize more on this fear, the video showed that although all interviewees may have a different set of answers to the questions asked of them, one concept seems to be the most important for all patients: family, and the fear that a patient will forget about their faces and names.
As part of June’s celebration of Alzheimer’s & Brain Awareness Month, we would like to help people (especially seniors and their families) prepare more efficiently for Alzheimer’s. And an important step to do this is by identifying the different options a person has to gain coverage.
Medicaid – a joint state and federal program that gives assistance to individuals who only have access to low income, Medicaid can allow people diagnosed with Alzheimer’s medical and caregiving resources. However, the individual must first be qualified (must have low to no access to assets; or if possible, all assets are to be transferred to the individual’s children) before receiving any benefits.
Medicare – a national social insurance program that first started in 1966, Medicare allows individuals aged 65 and older coverage for inpatient hospital care and outpatient prescription medication. As commonly misinterpreted by most (which and can prove to be a big source of frustration and regret for families with an Alzheimer’s diagnosed individual), Medicare does not cover long term care. Although home health care may be provided, this is limited only to medical attention and only for a set number of hours in a day (dependent on the caregiver’s required hours stated by a doctor). As such, Alzheimer’s patients may consider another option, if only for the ADLs (activities of daily living) that they would need to have assistance for due to their mental condition.
Supplemental Security Income – the Social Security Administration can also provide minimum monthly income for individuals aged 65 and above. The individual first needs to qualify to the organization’s definition of disability in order to receive benefits.
Disability Insurance – particularly for individuals aged 50 and above, disability insurance can provide coverage for Alzheimer’s, just as long the policy has been in place before any signs or symptoms of the disease have manifested. Typically given by employers, this type of plan assures workers that they will be given access to the right resources and medical attention in case the mental condition appears. However, the elderly may not be granted the same level of benefits once they’ve stopped working (which in this case, the individual may opt to have a different policy to sign up instead).
Life Insurance – this type of plan can be a source of funds to help pay for mental condition bills. A viatical loan allows people diagnosed with dementia to be able to receive a loan from part of the life insurance policy’s face value. The loan is then paid upon that individual’s death.
Long Term Care Insurance – for the best form of coverage there is to tackle Alzheimer’s, patients (and their families) may consider long term care insurance. LTCI gives policy holders coverage and assistance for their ADLs, a must for people suffering from dementia. Additionally, insurance for long term care can be provided for both in-home care and in nursing homes and care facilities, which works best for a patient’s individual circumstances or preferences.
Any person or their family can use their savings to pay for conditions like Alzheimer’s. But with the many bills and expenses associated with the condition, hard-earned savings may be depleted at a very fast rate. And given the message of the Cut Video above, only the best options should be considered when dealing with mental conditions (people shouldn’t settle for less by solely considering their own savings to pay for coverage!).
With the given coverage plans, LTCI may be the best option there is to address Alzheimer’s and other dementia mental conditions that seniors may experience. The great thing about this type of insurance is the potential health discounts one can get by starting early – aside from a higher chance to be qualified for benefits, early applicants are more likely to receive discounts because of good health.
Interested individuals can start planning by requesting for LTC quotes here.