Cambium Group Managing Director, Kenyon Lang was recently quoted by Care.com, in the article, "Paying for Alzheimer's and dementia care, according to financial advisors."
The cost of quality care for an aging loved one can get pricey. If your loved one has dementia or Alzheimer's, the costs go even higher...The average lifetime cost of care for a person with Alzheimer’s in 2018 (when the most recent data was recorded) was $350,174, according to the Alzheimer’s Association.
Nonetheless, few individuals with Alzheimer’s or dementia have planned for long-term care that's sufficient to cover services nor can they afford to pay for care out of pocket, according to a 2020 Alzheimer’s Association report.
Additional tips on paying for Alzheimer’s and dementia care:
Work with a trusted professional. It is important to find a financial advisor who is willing to work with you, your elder care attorney and your loved one,” says J. Kenyon Lang, a Managing Partner with Cambium Group, LLC and a financial advisor with Park Avenue Securities. “As one enters dementia, they often will not be able to make sound decisions,” reminds Lang. The financial professional will have to work with your power of attorney to make sure that all wishes are carried out.”