Let's Talk About Money

1. 

   "A thought of love is always healing." Science of Mind, p 233
   
   

   I continue to be surprised that some people have little idea of the cost of caregiving.  If a person keeps the loved one at home and pays for caregivers to come in, the cost in the intermountain west of USA is a minimum of $60 an hour -- and I imagine it is much more in other areas.  If you seek assisted living, the cost is between $3000-$6000 a month.  Nursing homes in our area are now about $8000 a month.   Longterm care insurance -- if bought before obtaining a diagnosis of dementia or other disability -- will pay for part of the cost, but certainly not all.  So, then, from where will the money come to pay for the care?  Some caregivers can keep the loved one at home and provide the care, but with Lewy Bodies Dementia and some other types of dementia, there are so many behavior difficulties that keeping the loved one at home may not be feasible.  A financial adviser told us one can probably pay out-of-pocket if their assets are $3,000,000 or more.  If one has assets of $130,000 or less (plus one home and one car), you can perhaps qualify for Medicaid to pay.  There are a lot of variables, and I recommend that you contact a very good elder-care attorney to help with these decisions.