Parkinson’s disease is progressive. Although treatments can help cope with the worst of the effects, the simple fact is that you will be dealing with this healthcare crisis for the remainder of your parent’s life. It’s time to start planning for how you are going to afford their required care.
Financial Options When Your Parent Has Parkinson’s Disease
Whether your parent remains at home or moves into a nursing home, any care option you choose is going to be expensive. Out-of-pocket costs can become financially devastating, as care associated with Parkinson’s disease can easily reach thousands of dollars per month and hundreds of thousands per year. To protect your parent and yourself, you need to consider all the available options, such as:
- Grants and financial assistance from various Parkinson’s foundations and funds
- Your parent’s health insurance plan
- Medicaid coverage
- Other state assistance programs which can become available if your parent begins exhibiting signs of dementia
- Social Security Disability Insurance (SSDI)
- Supplemental Security Income (SSI)
- Veterans benefits if your parent served in the military
Talk With an Attorney
You should discuss these possible options with an elder law attorney as soon as possible to find the best combination of sources that will work for your family situation. Medicaid in particular can be a crucial element to affording nursing home care for your parent with Parkinson’s disease, but there are several potential stumbling blocks that may require legal assistance.
Medicaid utilizes a five-year lookback period you may not have planned for that looks at your parent’s assets and finances in the past. Financial decisions they made years ago may prevent Medicaid coverage now when they need it most. That’s where an elder law attorney becomes critical, as there are ways to reverse gifts and other financial moves that can impact your parent’s Medicaid coverage. An attorney may also be needed to grant you power of attorney if the disease has progressed to the point that your parent can no longer make their wishes known.
Planning ahead is the best option to deal with the financial burden of serious medical issues like Parkinson’s disease. For more info on protecting your family’s assets in this trying time, we have a free book explaining what you need to know. Legacy Lawyers can still help even if you are in a financial emergency right now due to your parent’s Parkinson’s disease diagnosis, however.
Ready to take the next steps? Call us or send a message through our online form to schedule a free 15-minute consultation.