Ways To Pay For Memory Care
It’s important to keep any existing health care or insurance plans active that may support your loved one’s needs. Different insurance policies – including Medicare, private insurance, group employee plan, retiree health coverage, disability insurance, veterans’ benefits or long-term care insurance – may contribute to cover the cost of care.
Medicare does not cover long-term care – although Medicare coverage may help with any medical costs incurred with memory loss. Medicaid coverage is not accepted at our community; however, you can look into these additional types of coverage in order to find assistance.
- Employee or Retiree Health Plan: Coverage may be available through private insurance, either a group employee or retiree health plan. It may help pay for some the expenses for or an individual diagnosed with Alzheimer’s or another form of dementia long before turning 65.
- Long-Term Care Insurance: To be eligible for long-term care insurance for memory care, a policy must be in place before a diagnosis of dementia or Alzheimer’s. For those planning ahead for memory care, be sure to compare how much a policy pays per day and how many days or years it will pay out.
- Veterans Benefits: Using Veterans Aid & Attendance, veterans and their spouses may be able to qualify for monthly benefits to help pay for the costs of care. It’s important for eligible veterans to apply early through the Veterans Administration. The process can take several months to complete.
- Disability Insurance: If a worker cannot work due to illness or injury, a disability policy provides income for the worker. This may be an option for some individuals; however, this type of plan must be in place before symptoms of memory loss begin.
Memory Care at The Crossings at Riverchase ensures families a comfortable, compassionate and safe environment for their loved ones. We work together to confront the challenges of memory impairment and serve as a supportive resource when determining how to pay for memory care.