Memory Care communities have trained, qualified and compassionate professionals who are there to help and support residents living with Alzheimer’s disease and other forms of dementia. According to the Alzheimer’s Impact Movement, Alzheimer’s disease is the most expensive disease in America, costing more than heart disease and cancer. Caring for people with dementia is estimated to cost the United States $1.6 trillion by 2050.
When a loved one needs Memory Care, the last thing you should worry about is how to pay for it. Your time should be spent loving, supporting, and being with your loved one.
Here’s everything you need to know about Memory Care expenses and some tips for paying for Memory Care.
Understanding the Cost of Memory Care
Memory Care residents often need constant supervision, highly trained professionals, and round-the-clock care. In addition, activities are explicitly designed to enhance the cognitive abilities of people with memory loss. This specialized care will mean that Memory Care will be more expensive than other types of senior care. Where you live and the type of community you choose will also affect your costs. For example, Memory Care within a larger senior living community may be more or less expensive than the care provided at a stand-alone Memory Care community.
Genworth’s Cost of Care calculator is an excellent resource to get an idea of Memory Care costs in your area. Make sure you carefully compare the cost of each community you consider; you may find that costs can vary even within your city.
Top Resources for Funding Memory Care
Despite the expense of Memory Care, there are several credible ways to help pay for the cost of Memory Care.
Long-Term Care Insurance
Most long-term care insurance policies cover Memory Care if the care is provided in a licensed Memory Care facility or at home by a qualified caregiver. Coverage often includes assistance with activities of daily living (ADLs) like bathing, dressing, eating, or medication management. Many policies have a cognitive impairment clause that explicitly covers care for individuals with cognitive impairments, including dementia or Alzheimer’s disease, provided they meet specific criteria in the policy.
Veterans Benefits
Veterans or spouses with an honorable discharge may enlist the help of the United States Department of Veterans Affairs to pay for Memory Care. The VA’s Community Residential Care (CRC) Program assists Veterans who do not need hospital or nursing home care but are unable to live alone due to medical or psychiatric conditions. The VA Aid and Attendance benefit will provide an additional monthly payment to qualified Veterans already receiving a monthly pension.
Medicare and Medicaid
Medicare doesn’t cover the cost of Memory Care provided in an Assisted Living or Memory Care community. Medicare will help with expenses related to the medical care that may be needed in senior living, like durable medical equipment, inpatient hospital care, and skilled nursing. Medicaid can help pay for prescription drugs, laboratory, X-rays, or transportation to medical appointments for people with limited income or financial resources. Visit Medicaid and Medicare for more information about specific coverage requirements for Memory Care.
Leveraging Home Equity
Selling a home and using equity can help pay for the cost of Memory Care. A reverse mortgage may also be a viable option to pay for Memory Care; make sure you check with a mortgage professional or financial advisor to understand the rules and requirements.
State-Specific Programs
Explore Massachusetts’ Memory Care services and potential coverage eligibility.
Get Professional Financial Guidance
Financial advisors, insurance professionals, and elder care attorneys are excellent resources to help you make the best financial decisions when paying for Memory Care. You can also contact professionals at wonderful communities like Notre Dame Health Care to get additional information on paying for Memory Care.
Harmony Memory Care at Notre Dame Health Care
Notre Dame Health Care (NDHC) offers a home for older adults with Alzheimer’s disease or other types of dementia within our Harmony Memory Care Community at Notre Dame du Lac Assisted Living Residence and Harmony Village at our Long Term Care and Rehabilitation Center.
Notre Dame Health Care is a nonprofit provider. We are honored to carry on the mission of the Sisters of Notre Dame de Namur, which is to care for the sick and vulnerable and educate families through our NDHC Educational Bridge Center.
Notre Dame Health Care
555-559 Plantation Street
Worcester, MA 01605
(508) 852-5800
www.notredamehealthcare.org