November 2022 Newsletter
Welcome to my November newsletter!
Happy (belated) Thanksgiving!
Yes, when you are reading this newsletter, a new month is coming too, and the holiday of the month, Christmas, is on the way, too.
But I still want to say thanks to you who have subscribed to my newsletter and sent me comments about it.
My intention is to bring you more and more useful information which can affect your future personal finance so that you can make your own decisions. Your support throughout these months has empowered me to write consistently.
November is not only a month to give thanks but also to raise awareness about Alzheimer's Disease and Long-term Care. It is also National Family Caregivers Month.
We are thankful to be able to live longer than the previous generations but also scared of thinking about it, especially when chronic illness or cognitive impairment is mentioned.
"Alzheimer's Disease is the most common form of dementia in 60-80% of all diagnosed cases". This was a fact I read on the internet but I couldn't imagine how a physically healthy person suffers from it until I saw a picture of crochet work posted on Reddit by a daughter of an Alzheimer's disease patient.
I crochet in my spare time. My mom taught me how to crochet when I was a high schooler. Then I taught myself to more crochet techniques when I was expecting my daughter. For me, crochet is considered an instinct, which means whenever I pick up the crochet hook, I can make something out of the yarn. Crocheting is also connected with how you do math where I have to calculate and figure out how long the stitch should be, or how to turn a circle into a square.
So looking at the photograph, the first few squares show that Rene Wuillermin, who was diagnosed with Alzheimer's at the age of 54, still knew what she was making. But the last few works show how her brain could function... the least. The photograph showed how the disease progresses in your brain.
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| Source: Reddit |
You can look at paintings from another Alzheimer's disease here if you are into art.
Others share that their loved ones gradually forget the names of their family members.
It is super hard for the caregiver of the Alzheimer's patient. They suffer from anxiety, guilt, and stress. Their health also deteriorates because they have no time for themselves.
There are cases when a caregiver has to work, so Alzheimer's patient has to be transferred to a nursing home or memory care facility.
However, there are complaints about nursing homes like slow response times, poor-quality food, and social isolation.
Nursing home abuse center suggests that the involvement of younger caregivers helps reduce nursing home abuse and neglect. Your frequent visits help detect abuse and neglect and get help from the proper authorities.
Therefore you should plan a budget for nursing home expenses as well as transportation to visit them often. There are people frequent nursing home to feed and change clothes for their parents in nursing homes after work.
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The others may want to be able to stay in their home until the end of their lives. They are confident to feel that their spouses or their kids will take care of them at home. Studies also find that people "who live in place" may enjoy better overall health compared with those moving into a nursing home. But this theory may work if their spouses or their kids have enough physical and mental strength to take care of them. However, the burden on the caregivers is inevitable and may make them suffer if there is no outside help.
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A study posted on the University of California San Francisco website stated that seniors with dementia endure more pain, anxiety, and poor health if they remain home due to the lack of primary, geriatric, or palliative care. So the option to stay home when you need long-term care is good if you have a long-term care plan put in place.
Both options require careful planning for Long-term care. When people live longer, medical expenses become a financial burden to seniors. A 65-year-old couple retiring this year may need roughly $315,000 for medical expenses. And this cost still increases. However, this amount doesn't count Long-term care expenses yet. An Alzheimer's Disease patient may need about 8-20 years of long-term care service.
When planning for retirement, you should include planning for Long-term care also, especially if you have a family history of cognitive impairment because you can't find any insurance after you get diagnosed with a disease or disorder.
Besides setting some guaranteed cash flow for food, housing, and transportation, you may want to have a few financial tools that protect you from draining out your retirement money to pay for long-term care services.
It will certainly cost you when you plan now. But it will cost you much more if you do nothing. You have a lot of tools available for you now. The thing you need is a good consultation to pick what fits you and your financial status.
In the meantime, you should work out to be healthy, save more for an already set-up retirement plan, and use tax-advantaged health savings accounts(HSA). A piece of advice from CNBC I have to emphasize is "Don't count on employer coverage" because they will cut back those benefits in the future when the company's balance sheets don't look good.
I will see you again via the December newsletter when you finish celebrating Christmas with your loved ones. Just hope that this overwhelming (as usual😉) newsletter may make you stop to think, plan, and budget before going overboard to buy Christmas gifts.
Know the numbers.
Be prepared.
Be frugal.
For a more stable future.
Happy holidays!
Ha Le, CRPC™
Milky Way Retirement
P/s: In order to receive this newsletter every month, please subscribe here.
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