Preparing for the Financial Impact of Caregiving with Joy Johnston

·27 min·2 clips

Joy Johnston's father's hospital stay triggered a $4,000-a-month memory care bill, revealing hidden costs like adult diapers and grooming.

The episode begins with an introduction of the show and hosts, followed by Joy Johnston's background as an award-winning author and caregiver advocate. Johnston shares her caregiving journey, starting with her father's Alzheimer's diagnosis and a medical issue that led to hospitalization and an inability to return home due to a staircase in their condo. This triggered a transfer to a skilled nursing facility, which refused to keep him due to dementia, resulting in placement in a memory care facility an hour and a half away at a cost of $4,000 per month in 2011. She explains that Medicare did not cover room and board or additional expenses like adult diapers, grooming, and partial medication costs, leading to thousands in out-of-pocket charges. The hosts discuss the broader financial impact, with Carol Zernial noting that quitting a job for caregiving can cost a woman up to $320,000 in lost wages and retirement. Johnston advises listeners to plan ahead by assessing finances, job transferability, and researching resources like veteran benefits. The conversation shifts to Medicaid, with Johnston explaining look-back periods and asset transfer rules, and she recommends creating wills, end-of-life plans, and financial powers of attorney. Johnston describes her blog, The Memories Project, started as a tribute to her father, which now includes dementia care advocacy and caregiver tips. She compares caregiving for dementia versus physical ailments like cancer, stating dementia is harder due to identity loss. Johnston reflects on her experience as a 'reluctant caregiver,' learning tasks like changing a colostomy bag and finding resilience, and she emphasizes the importance of sharing stories to support others. The episode concludes with advice on long-term care insurance, reading fine print, and consulting professionals like elder care planners.

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