This week: the Caregiver's Guide to Smart Finances

Also in this edition: last week's survey results and a shameless bribe; which estate planning documents are critical (and getting your loved one to sign); our new video on the best care practices for changing sexual behaviors

“Victory belongs to the most persevering.”

~Napoleon Bonaparte~

Finances are one of the top stressors of family caregivers

Finances, dementia care, and resources for you

I don’t know about you, but the intricacy of estate and health care-related finances is enough to make me want to crawl under my calculator and die. But there are resources out there for us, and this edition of The Dementia Newsletter is going to explore what’s available so you can start getting more comfortable with the money situation and improve your gameplan.

  • Family Caregiver Calculator (salary.com): do you know your worth, caregiver? Salary.com has put together a salary calculator by zip code to give you an estimated salary for what you do. They say, “This calculator aims to quantify their unseen time and increase appreciation for the invaluable work of family caregivers.”

  • Care Package: Financial Tips for Caregivers (AARP): this is a great toolbox of tips you can start ASAP. Some seem obvious, like ways to implement expense tracking, while others may not be as well known, such as tax credits for caregivers. FMLA, VA benefits, and Medicaid are included in the discussion.

  • Financial and Legal Planning for Caregivers (Alzheimer’s Association): as usual, the Alzheimer’s Association offers a wealth of information on the topics of financial and legal planning. If you need to know more about these topics, this page will keep you busy for a while!

  • Private equity decreases care quality, caregiver well-being in long-term care, HHS says (McKnights): this article from McKnights is not so much about your personal finances as it is about how money flows in the health care and senior living industries. If you’re investing in care for a loved one, it’s important to read about this Dept. of Health and Human Services study of private equity in these settings. Ask smart questions and know what you’re paying for.

“Private equity describes investment partnerships that buy and manage companies before selling them. Private equity firms operate these investment funds on behalf of institutional and accredited investors.” ~Investopedia~

“‘Private equity has infected our healthcare system, putting patients, communities and providers at risk,’ then-Committee Chair Sen. Sheldon Whitehouse (D-RI) said. ‘As our investigation revealed, these financial entities are putting their own profits over patients, leading to health and safety violations, chronic understaffing and hospital closures.’ ~McKnights~

Last week’s survey results, and a shameless bribe

Last week I sent out our first survey about what you like best about the newsletter, and what you’d like to see more of. I got great feedback, but I didn’t get the number of responses I was really hoping for.

So, I’d like to try it again and this week I’m offering a juicy bribe to get you to take it: a free month’s access to the new community I’m forming forming over at the elumeEd website: the elumeNATION! Think of it as a much cooler version of a Facebook group. For those who filled out the survey last week, I wasn’t collecting email addresses then: please email me at [email protected] and I’ll send you the super secret link.

Some features of the community will be:

  • You can post, chat, share, and ask questions of the rest of the group

  • Regular, candid, and unscripted videos from yours truly (you too, if you want to post them!) that won’t appear anywhere else; enjoy my off the cuff thoughts on pretty much everything to do with dementia after 20+ years in the business, and ask questions that I’ll respond to personally

  • Free access to a different premium course every month. The usual subscription price to the elumeNATION is a ridiculously low $3.99/month, compared to our price of $6.99 for our least expensive course. I wasn’t very good at math in school, but if you get a course for free each month then I think that’s a good deal!

So, take the quick survey and look for the coupon code at the end when you submit your answers. Sign up for a month, kick the tires, and see if you want to hang out with the gang. It’s a brand new community, so you’ll have a chance to shape the group and become a foundational voice as an early adopter. I hope to see you there!

Here’s the survey, round 2:

Estate documents that everyone needs in place today!

Strong (but true) statement ahead: unless you hate your family and want to make their lives a living hell, don’t wait on putting together your own end-of-life documents, and do everything you can to get them in place for a loved one you care for. It’s melodramatic, I know, but I learned this first-hand as my mom’s power of attorney. I don’t care if you’re 24 years old and the very picture of perfect health. If something happens to you tomorrow, who can speak to the care you want? Who can authorize financial decisions for you? Does anyone even know what your medical wishes are?

Since my father passed and my mother developed Alzheimer’s disease, I have realized that the greatest gift they ever gave me (apart from karate classes when I turned 8 years old, of course) was having all of their documentation in order in case they were not able to make their own decisions anymore. Their preparation gives me the power to provide my mother with the care that she needs but can no longer understand or request.

This document from the Alzheimer’s Association details seven important documents that you should look at immediately. If you’re missing any of them, please do some research. They are:

Get these ones 6 months ago!

  • (Financial) power of attorney

  • Healthcare power of attorney

  • Living will

  • Standard will

Other important documents covered in the article are:

  • Living Trust

  • Guardians/Conservatorship

  • Portable Medical Orders

At this point in my mother’s journey, the financial and healthcare powers of attorney have been useful beyond measure. They are like magic wands. Suddenly files are opened up for me, her health history is available, I can pay her bills and manage her finances, and professionals listen when I make demands regarding her care.

If you can afford to have a lawyer draw these up, that’s perfect! But many of us can’t. If you’re in that camp, there are several online services that will give you affordable ways to create them yourself. This is the route that I took to create my own documents. Follow the directions carefully, and make sure to get them notarized as needed. (Pro-tip: a mobile notary will come to you and make the process more convenient.)

One more note: I know these decisions can cause wars within families, but try to have the same person be named the financial and healthcare power of attorney. I saw one particular family where one sibling was named the healthcare POA, and the other was named the financial POA. There is now a deep rift in the family over disagreements about care and money, relationships are irretrievably broken, and the healthcare has surely suffered. In my experience, consolidated power here is important.

“But,” you say, “my parent/spouse/etc. refuses to put this paperwork in order!”

Often, seniors don’t want to deal with these matters. They may shy away from considering the possibility of dementia and the inevitability of death. There’s no perfect way to deal with this that works every time. It can take a lot of indirect work and downright sneakiness to get it done, and at the end of the day you can’t make them. But do everything you can. Here are some ways to approach the conversation:

  1. Be calm and relaxed. If you’re tense and nervous, they will be too.

  2. Avoid telling them what they “have” to do. If someone tells me I have to eat a whole pint of ice cream, I’m not going to! OK, I will. But I won’t like it! Ultimatums make people immediately resistant.

  3. Is your loved one secretly worried about losing control of their life? Let them know that having these documents is how they stay in control, even when they’re incapacitated.

  4. Focus on all of the benefits of having these documents. They will save tremendous time and expense so that medical care can be provided without a team of lawyers and a million trips to the courthouse. Would they rather their money go to a lawyer or toward providing care for them?

  5. You can frame it as a “financial review” to get them to the lawyer’s office. Don’t talk about a POA or will, and coach the lawyer on the context so that they can introduce the subject appropriately.

  6. Present the meeting as a casual consultation. You can even say that you need them to come and help you with advice about your own estate planning. (Again, let the lawyer know to play along before you get there.

  7. Make it feel more social by positioning it as part of a day out. It can be in the middle of two favorite activities to keep them focused on something fun.

Or get creative in your own way. If you can manage to get this documentation in place — for both you and your loved one — you will be far ahead of the crowd should it become necessary later.

Care Practices Video: Changes in Sexual Behavior

This is a tough one, right? But why? Isn’t changing sexual behavior or hypersexuality comparable to other dementia behaviors like refusing care or food? Clearly, however, something is different. In this video, you’ll find out what that difference is and get answers on how to respond effectively, preserve dignity, and set aside any misplaced shame. So, with apologies to Salt-N-Pepa…

Video on deck for next week: our first expert interview!

It’s our very first expert interview, and it’s with my dear friend Miles Coleman. Miles is an exceptional herbalist in the Taoist tradition of the prestigious Gau family. When I met him, I was a skeptic: then I did what he told me to do and found that my various dings, dents, and ailments actually got better. I became interested, then intrigued, and then fascinated with this tradition. I’ve taken some of his in-depth classes since then, and I even hosted him in Arizona for a seminar that he taught.

For the purposes of our discussion, it’s important to note that his own mother lives with dementia and he can speak to that issue with depth and compassion using a paradigm from literally the other side of the world.

I’m excited to get his thoughts on the differences between eastern and western thought on dementia, what eastern methods can and can’t do, and how those different medicinal metaphors compare and contrast. Tune in next week for this exciting video!

Score a win-win in the fight against dementia!

I hope you love reading our newsletter as much I love writing it! If you do, please check out our other reasonably priced educational materials. With your support, I’m hoping to someday break away from corporate health care to focus exclusively on you! There are lots of corporate trainers in the world, but there’s only one of me! Every bit of support carries me one step closer, and gets you valuable information that will revolutionize your care. Click the links below to see what’s on offer!

Ben Couch, Dementia Newsletter author

Ben Couch, Dementia Newsletter author

Hi! I’m Ben, and I’m the author of this newsletter. My history in the field of dementia starts way back in the early 2000s. I was planning on being a literature professor but realized, after receiving my master’s degree, that the academic life was not for me. Elbow patches on my suit jackets just didn’t work with the rest of my fashion ensemble.

Thanks to a truly odd chain of events, I ended up taking a job as a training developer for a major senior housing company in 2001. I ended up leading the training efforts for the whole company - I’m proud that my material touched thousands of employees in an effort to make a better life for our residents.

The fight against dementia has become much more personal for me now that I am watching my mother’s journey with Alzheimer’s disease. I started The Dementia Newsletter as well as it’s parent company, elumenEd, to help caregivers, specifically home and family caregivers, gain access to the very best training available.

At The Dementia Newsletter, we’re dementia professionals but we’re not medical doctors or lawyers. The information provided is for general informational purposes only and should not be considered as medical or legal advice. Always consult with a qualified healthcare professional for medical diagnosis, treatment, or any health-related concerns and consult with a lawyer regarding any legal matters.