Sometimes it is difficult to face a challenging idea early on. For example, it is natural to reject the fact that your aging parents may need care.
It is understandable that you may want to wait, but you should not make the same mistake that many people do. Do not wait too long before you establish a strategy to pay for the long-term medical attention your parents might need. Consider your finances and those of your parents if one of these three diagnoses comes up.
Alzheimer’s disease is a frightening diagnosis. Often, doctors will catch the early signs of the disorder. While treatments are improving with research, a prognosis still often includes many years of medical supervision. The later stages of this disease may include some devastating symptoms that the trained professionals at nursing homes may be able to ameliorate.
Treatment for Parkinson’s disease has come a long way. Regardless of that fact, there is no known cure for the condition. This makes therapy a lifelong commitment.
Similar to Alzheimer’s disease, Parkinson’s attacks the central nervous system. If your parents are in the later stages of the development of this degenerative disorder, it could be difficult for them to perform basic personal tasks. That would probably necessitate finding them a nursing home. Starting asset preservation planning early could make it much easier to find a proper home if and when the need arises.
You would probably want to look into asset preservation strategies in the case of some cancers. While insurance may cover some of the costs, there could be significant exceptions. Qualifying for Medicaid may sometimes be the best long-term strategy for diagnoses with costly, extended treatments.
There is a lot of information out there regarding Medicaid, asset preservation and nursing homes. You may want to look at your parents’ exact diagnoses before deciding on any one course of action. Regardless of what you choose to do, you will probably be better off by starting earlier rather than later.