Preparing for Dementia: Financial, Medical, and Safety Considerations for Aging Loved Ones

Dementia is a devastating disease that affects millions of people worldwide. In the U.S., Alzheimer’s, one of the most common forms of dementia, is estimated to impact 7 million people today and is expected to grow to 13 million by 2050. Women are affected at twice the rate of men. Planning ahead for the financial, medical, and safety needs of a loved one with dementia is crucial. Financial considerations include appointing a durable power of attorney, ensuring access to financial records, and reviewing long-term care insurance policies. Medical considerations involve creating a living will and appointing a health care directive. Safety and security at home are also important, including reducing fall risks, monitoring medications, and organizing daily needs. Technology can play a role in ensuring the safety and well-being of an aging loved one, such as tracking their location through a smartphone. While there is currently no cure for dementia, taking proactive steps to address these concerns can help ease the burden on both the patient and their caregivers. Seeking advice from financial advisers and medical professionals can provide additional support and guidance in preparing for the challenges of dementia care.