### Securing Legal Funding for Long-Term Care Expenses Related to Dementia
Dementia is a serious condition that affects millions of people worldwide, causing significant financial burdens on both individuals and their families. The costs associated with caring for someone with dementia can be overwhelming, including medical bills, home modifications, and other living expenses. However, there are ways to secure the necessary funding for long-term care without depleting your savings or falling into debt.
#### Understanding the Costs of Dementia Care
The total lifetime cost of care for a patient with dementia is estimated to be around $412,936 in 2022 dollars, with 70% of these costs borne by family caregivers through unpaid caregiving and out-of-pocket expenses[3]. These costs include home health support, medications, and other essential care services. The average annual cost for Medicare beneficiaries with dementia is about $41,757, which is significantly higher than for those without the condition[3].
#### Managing Medical Bills
When dealing with the financial strain of dementia care, managing medical bills is crucial. Pre-settlement funding can help cover medical expenses, including hospital bills, prescription drugs, and inpatient care. This type of funding allows you to access necessary healthcare services without delay, ensuring that you or your loved one receives the best possible care[1].
#### Coordinating with Healthcare Providers
Your pre-settlement funding company may coordinate directly with healthcare providers to manage your medical bills. This can alleviate the stress of dealing with multiple invoices and provide peace of mind while you focus on recovery. By having a single point of contact for all medical expenses, you can better manage your finances and prioritize your loved one’s health[1].
#### Covering Living Expenses
While medical bills are a significant concern, other living expenses also need to be managed. Pre-settlement funding can help cover costs such as meals, monthly payments, personal care services, and other essential expenses. This ensures that you can maintain your standard of living without falling into further debt. For families with dependents, it’s crucial to account for the needs of children or foster children, ensuring they are adequately provided for[1].
#### Planning for Future Care
For individuals with severe injuries resulting in long-term or permanent damage, settlement funds can be used to plan for future care. This includes covering costs for qualified long-term care services provided by licensed healthcare practitioners. By securing funding now, you can ensure access to necessary healthcare services for dependent care and make necessary improvements to property that may be required for the well-being of dependents with disabilities[1].
#### Exploring Medicaid and Other Options
Medicaid is a common source of funding for long-term care, especially for those who have already used up their own assets to pay for care. In Virginia, for example, Medicaid (also called “Cardinal Care”) pays for nursing home stays for individuals without a lot of income who need help with activities of daily living. However, Medicaid eligibility rules must be met, including specific income and asset limits[4].
#### Building a Comprehensive Financial Plan
To secure the necessary funding for long-term care expenses related to dementia, it’s essential to build a comprehensive financial plan. This should include:
– **Emergency Fund**: Set aside at least 6-12 months’ worth of living expenses.
– **Health Insurance**: Review Medicare, Medicaid, and any private insurance policies to understand coverage.
– **Long-Term Care Insurance**: Consider adding this to your financial plan if it’s feasible. Premiums can be high, but it’s often less expensive than paying for care out-of-pocket.
– **Estate Planning**: A will and trust can help safeguard your assets and ensure they’re distributed according to your wishes[5].
By understanding the costs associated with dementia care and exploring various funding options, you can better manage the financial strain of caring for a loved one. Securing legal funding through pre-settlement funding or Medicaid can provide peace of mind and ensure that you or your loved one receives
