Paying for care for a loved one living with Alzheimer’s or dementia can be one of the biggest challenges families face.
If you are facing the decision of placing your loved one in a care facility, but wondering how to cover the costs, you’re not in it alone. There are many resources that may be available to help cover the costs of your loved one’s care.
Here is a breakdown of some of those resources and how they can be used to cover the costs of care for your loved one living with dementia.
Medicare — This is the main source of health care coverage for people 65 years of age and older. If your loved one with dementia is younger than 65, he or she may have private insurance or an employee health plan to help cover costs.
Long-term care insurance — If your loved one was fortunate enough to have planned ahead and purchased long-term care insurance, it will go a long way in helping to pay for dementia care either at home or in senior living facility, such as The Cottages.
Personal savings, investments, property and other personal assets — Selling these assets can be sources of income to help pay for care. Consider selling artwork, jewelry or other valuables to help pay for care. Be sure to have it appraised first to be sure that it is sold for what it is worth. The equity in a home can also be converted into income by using a reverse mortgage, which allows the person to remain in their home while converting some of the equity into cash.
Retirement benefits — Even if your loved one living with dementia hasn’t yet reached retirement age, retirement benefits can often be utilized for an individual who is defined as disabled.
Government assistance — If your loved one doesn’t have much in the way of financial assets, in addition to Medicare, he or she may also qualify for a number of public programs. If under 65, this includes Social Security Disability Income, Supplemental Security Income, Medicaid (which requires a spend down of almost all assets). Your State Medical Assistance office is the best source of information about qualifying for Medicaid and long-term care services as the eligibility requirements can vary from state to state.
Veterans benefits — Those who have served our country in the military may be eligible for certain long-term care benefits. More information about veterans’ benefits for home and community-based services can be found here. If you are the caregiver of a U.S. veteran, click here for additional support and resources.
For those with dementia who are still able to remain at home, many community organizations provide low cost or free services such as respite, support groups, delivered meals, transportation to medical appointments, day care. Some families are able to make informal arrangements for care using family, friends, neighbors and faith-based community groups.
We know these decisions can be overwhelming for family members trying to make decisions in the best interest of their loved one. If you have questions about dementia care at The Cottages, contact us today.