How to Pay for Memory Care
Everything to Consider When Managing a Loved One’s Finances for Memory Care
Navigating care options and adjusting to a new reality following an Alzheimer’s diagnosis of a loved one can feel overwhelming. To simplify the financial piece during this season, we’ve outlined the payment options for memory care and five steps you can take to effectively plan for your loved one’s needs.
Payment Options for Memory Care
When considering how to pay for memory care, several financial avenues are available.
- Insurance- If your loved one has a long-term care insurance policy, it may cover a portion of the costs. Reach out to your insurance provider for more information on what is covered by your plan.
- Medicare– While Medicare does not cover the cost of living in a memory care community, it will pay for some medical services and equipment related to dementia care such as, cognitive assessments and prescriptions to delay the progression of memory loss.
- Veteran’s Benefits – Veterans and their spouses may also be eligible for financial assistance through programs like the Aid and Attendance benefit. This benefit can provide a significant monthly payment to help cover the costs of long-term care.
- Life Insurance Policies- Avalon Memory Care offers a unique arrangement where we can take assignment of a life insurance policy, which eliminates a portion of the financial burden during your loved one’s stay. This makes the upfront monthly cost more affordable by allowing for partial deferred payment, which is made when the policyholder passes away.
- Private Pay- This is a common method for covering memory care costs. It involves using personal funds, which may come from savings, retirement accounts, or the sale of assets.
5 Steps to Get Started on Financial Planning
Here are five actionable steps to financially plan for memory care.
- Assess Loved One’s Resources: Begin by taking a comprehensive look at the financial situation. This includes savings, investments, retirement funds, and any other assets that could be used for care.
- Explore Benefit Eligibility: Investigate whether a loved one qualifies for benefits, such as those for veterans and their spouses. These programs can offer substantial financial support.
- Review Insurance Policies: Carefully examine any existing long-term care or life insurance policies to understand what is covered and what options are available.
- Consult with a Professional: Speak with a financial advisor who specializes in senior care. They can provide tailored advice and help create a long-term financial plan.
- Tour and Discuss with Communities: As a move to memory care is considered, discuss financial options and payment plans with the communities of interest.
Need Support in Taking These Financial Steps?
Our team at Avalon Memory Care would be happy to help! Our team simplifies the process by serving as a “one stop shop” when navigating these policies, and can help complete paperwork, gather physician info, submit monthly certification forms, and more – at no additional cost.Interested in learning about pricing at Avalon Memory Care? Set up a financial consultation.
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