Alzheimer’s disease is a progressive brain disorder that affects memory, thinking, and behavior. It is the most common cause of dementia in older adults and has no cure.

The cost of Alzheimer’s care varies depending on the level of care needed and the location where care is received. According to the Alzheimer’s Association, the average annual cost of care for a person with Alzheimer’s or other dementia is $56,800 for in-home care and $102,200 for care in a nursing home.

There are several ways to prepare for the financial cost of Alzheimer’s care, including:

• Creating a budget and saving for future care expenses
• Purchasing long-term care insurance
• Exploring government programs such as Medicaid and Veterans Affairs benefits
• Consulting with a financial advisor or elder law attorney

Long-term care insurance is a type of insurance that helps cover the cost of long-term care, such as care in a nursing home or in-home care. It can help protect your assets and provide peace of mind knowing that you have a plan in place for future care needs.

Medicaid and Veterans Affairs benefits are two government programs that can help pay for Alzheimer’s care. Medicaid is a joint federal and state program that provides health coverage for low-income individuals and families, including long-term care. Veterans Affairs benefits may be available for eligible veterans and their spouses who need long-term care.

Planning for the financial cost of Alzheimer’s care can help ensure that you or your loved one receives the care they need without causing financial hardship. It can also help protect your assets and provide peace of mind knowing that you have a plan in place for future care needs.