Kerry Morris discusses the cost of Dementia in caring for an aging parent.
Listen to the interview on the Business Innovators Radio Network:
Caring for an aging parent with dementia can be a taxing experience, both emotionally and financially. According to Dementia Care Central, nationally as of February 2023, the average cost of Assisted Living/Memory Care (for persons with Alzheimer’s or other related dementia) is on average $6,160/ month ($73,920 per year). This number will vary depending on the individual needs of the family member or loved one. People may have to pay out-of-pocket costs for medical treatments related to their dementia, medications to manage symptoms, and services such as home health aides or assisted living facilities. They may also find themselves having to take time off work or make other lifestyle changes to properly care for them. All of these costs add up quickly, making it important for families affected by dementia to plan ahead and budget accordingly when preparing for the financial costs of care.
It is also important to remember that caring for someone with dementia can be emotionally taxing as well. Seeking counseling or support services can help caregivers process their emotions, gain coping skills, and build resilience in difficult days. It is also critical to make sure they are taking care of themselves and getting adequate rest, nutrition, exercise, and time away from their duties as a caregiver. Taking the time for self-care will help ensure that people have the energy necessary to properly provide care for their loved ones.
Kerry Morris explained: “The cost of caring for an aging parent with dementia can feel overwhelming but it is possible to financially prepare and mitigate some of the expenses associated with providing care. Talking to a Care Funding Specialist can help to build a plan that works for their family and provides the best care possible for loved ones. Carefully budgeting and seeking out resources can help make caring for someone with dementia more manageable financially and emotionally.”
By understanding the financial costs of caring for a loved one with dementia and preparing accordingly, people can ensure that their parent or family member receives the best care possible.
In conclusion, caring for an aging parent with dementia can be a physically and emotionally demanding experience. It is important to consider the potential financial costs that come with providing care for someone with dementia. By budgeting ahead and seeking out resources such as Care Funding Specialist, people can make sure that their parent receives the best possible care while also managing the financial costs associated with their caregiving needs.
Additionally, it is critical to remember to take time for themselves and practice self-care in order to ensure that they have the energy necessary to properly provide care for their loved ones. With proper planning and preparation, families affected by dementia can successfully manage both the emotional and financial costs of caring for their loved ones.
About Kerry Morris
Kerry Morris, Author of When Retirement Goes Bad, Life Sucks and Financial Survival for Families in the Grip of Dementia, Certified Financial Educator, and CERTIFIED FINANCIAL PLANNER™ professional.
Kerry Morris has been serving families for the past twenty-five years as a financial planner and advisor. He has recently launched HonorShield, LLC., as a way to challenge the current thinking and behavior of consumers and financial advisors preparing for the potentially high cost of aging.
He has spent several of his twenty-five-year career advising hundreds of families experiencing the nightmare of paying for care. The question, always, was “How to make the money last”?
Morris has watched too many families, too many men and women not be fully prepared for retirement. The financial industry has put this cost-of-care issue on total “ignore” mode, often shoving it onto a small-but valiant band of “insurance specialists” around the country. Only about 1 in 100 Americans embrace this model. That is a problem for American families and our country.
Morris found a better way, a win-win solution that more Americans could feel good about embracing. It’s a whole new way to approach and solve this problem: the LCAP—the Longevity Care Allocation Plan. Every person, every family deserves to know how an LCAP works. Kerry Morris has made it his life’s goal to ensure that those he helps can hold their head high and know that no matter what curve balls retirement throws at them, they will be prepared.
“We are on a mission to train Care Funding Specialist across the country to improve the way America ages one family at a time.”
Learn More: http://www.honorshield.com/
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