Planning Ahead for Dementia: Financial, Legal, & Health Considerations

By Eric Rohr 6  am On

Living-will

Facing a dementia diagnosis can feel overwhelming, but thoughtful planning can help you create a sense of stability and security for you and your loved ones. By addressing key aspects like health care, finances, and legal matters early, you can ensure your future needs are met while preserving your independence as much as possible. 

Understanding & Accepting the Diagnosis

The first step in planning for the future is fully understanding and accepting your diagnosis. Collaboration with your doctor is key to learning about the progression of your specific type of dementia and what to expect. Being informed allows you to make proactive decisions. 

Equally important is sharing your diagnosis with trusted family members and friends. Open communication fosters understanding and allows everyone to work together to build a plan tailored to your needs. A supportive network can be an invaluable resource as challenges arise. 

A highly trained caregiver with experience in caring for seniors with dementia can be a fantastic resource. Aging in place can present a few challenges for seniors living with dementia. However, you can still live independently at home with the help of professional dementia care. Richmond seniors can rely on Assisting Hands Home Care to provide them with mental and social stimulation, timely medication reminders, assistance with meal prep, and much more. Our caregivers are available around the clock to help you live a happier and healthier life.

Financial Planning & Budgeting

Managing finances becomes increasingly critical when living with dementia, as the condition may impact your ability to handle complex money matters over time. Start by reviewing your current financial situation, including assets, debts, income sources, and monthly expenses. 

Consider working with a financial planner specializing in elder care or dementia-related issues. The financial planner can help you craft a long-term budget that accounts for medical expenses, assisted living costs if necessary, and caregiver support. Additionally, setting up automatic payments for recurring bills can reduce financial stress down the line.

Don’t forget to file for any financial support for which you might qualify, such as government programs, disability benefits, or long-term care insurance. 

Preparing Legal Documentation

Establishing important legal documents early ensures your wishes are honored as your condition progresses. Begin with these essential documents:

  • Power of attorney – Appoint someone you trust to handle financial and legal matters on your behalf. 
  • Health care proxy or advance directive – Detail your preferences for medical care and designate someone to make health care decisions if you’re unable to. 
  • Living will – Outline your wishes regarding end-of-life care and decisions. 

Work with an elder law attorney to formalize these documents. The attorney can also guide you on estate planning, including drafting or updating your will, to ensure your assets are distributed as you choose.

Creating a Care Plan

A care plan is essential for managing your daily life and health needs while living with dementia. Work with your healthcare team to develop a plan that includes key details like:

  • Current and future medical treatments 
  • A schedule for medications, appointments, and activities
  • Contact information for doctors and emergency contacts
  • Options for in-home caregiving or community support services

Including professional caregivers or connecting with local dementia support groups can provide a sense of relief for both you and your family members. 

If your wishes include living at home as long as possible, it’s a good idea to plan ahead for the possibility you may need help with the activities of daily living. Many older adults are choosing to age in place, and some need a helping hand to continue living at home safely and comfortably. Luckily, there is professional homecare seniors can trust and rely on.

Staying Active & Building a Support System

Living with dementia doesn’t mean life has to stop. Staying physically, mentally, and socially active can boost your quality of life and slow the progression of symptoms.

  • Engage in low-impact exercises like walking or yoga. 
  • Participate in memory-enhancing activities such as puzzles or arts and crafts. 
  • Foster social interaction by joining dementia-friendly clubs or events. 

Equally important is building a robust support system. Rely on family, friends, caregivers, and professionals who are equipped to help you manage daily challenges. Don’t hesitate to ask for help or seek guidance from dementia organizations that can offer resources and advice. 

Many seniors prefer aging in place over moving to assisted living facilities. If you need assistance to remain safe and comfortable while living at home, reach out to Assisting Hands Home Care, a leading Richmond at-home care agency. Our dedicated in-home caregivers can assist with meal prep, bathing and grooming, exercise, medication reminders, and many other important tasks. We also offer comprehensive care for seniors with dementia, Alzheimer’s, and Parkinson’s. To learn about our high-quality in-home care plans, call us today.

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