Who bears the financial burden for a dementia patient?

A person with dementia may have complex financial responsibilities that depend on a number of variables. Here is an illustration of the possible financial obligations:

1. The person suffering from dementia

Usually, the person’s personal assets or income are utilized first.

Deposits, pensions, and social security payouts are a few examples of these sources.

2. The spouse

If the property is jointly owned, the spouse has the majority of the financial responsibility.

States may have different laws governing a spouse’s financial responsibility.

3. Attorney Power

The individual’s finances must be handled by the person designated as the financial power of attorney.

Although they are unable to access their resources, they are able to make financial decisions.

4. Members of the family

Unless they have signed agreements to do so, adult children or other family members are primarily not legally liable for any financial support they choose to provide.

5. Government Initiatives

The costs of those who are qualified and have already depleted their assets may be covered by Medicaid.

Medicare usually does not cover long-term care, but it may cover some medical expenses.

6. Insurance for Long-Term Care

If such an agreement is in place, the long-term care insurance coverage may cover some of the expenses for the person with dementia.

Remember that handling financial obligations can be a difficult and complex process that involves a number of these different sources. However, the specifics of the case and local regulations must be filled in through some kind of consultation with a financial counselor or elder law expert.