The price of Alzheimer’s care for your loved one can take a toll on your pocket book. Many families are contributing to the $109 billion dollar industry of Alzheimer’s care for both assisted living and nursing home, but some are struggling with the increasing costs of care. Memory care is typically higher in cost than general geriatric care due to the higher level of care required for those individuals. Luckily, there are many options available to help you and your family pay for those costs.
Long Term Care Insurance
One of the most beneficial insurance policies for seniors who live at assisted livings or nursing homes. Accepted at the majority of facilities, but unfortunately many who need the policy did not sign up for it 20 to 30 years ago. If your parent or grandparent has a long term care policy, make sure you check with the Alzheimer’s assisted living or Alzheimer’s nursing home to utilize the policy to its fullest potential.
Another helpful tool in paying for Alzheimer’s care is veterans’ benefits. If your loved one or their spouse served in any branch of the military they qualify for the benefits. The majority of Alzheimer’s care facilities offer assistance in completing the proper forms for your veteran (or their spouse).
Renting or Selling the House
If your loved one no longer lives in their home, an option to help pay for Alzheimer’s care is to sell or rent their home. This gives your family a little extra money and also if you decide to rent, a chance to keep their house for sentimental purposes.
Medicare is a federal government funded program for individuals 65 years and older or qualified as disabled. Medicare typically covers short-term stays in skilled nursing homes or rehabilitation centers while a person recovers from an illness, injury or surgery. Even though Medicare doesn’t pay for long-term care, it can help in the short run if your loved one is recovering from an illness or injury.
Unlike Medicare, Medicaid covers long-term care costs at assisted livings and nursing homes. Coverage varies by state and facility, so make sure to contact your local Elder Law Attorney for a complete list of approved Alzheimer’s care facilities in your area.
For complete details on the options to help pay for memory care, click HERE.